What are the answers and explanations to these multiple choice questions about partnership accounting?

Here are the solutions to the multiple-choice questions: (x) The interest on capital account in partnership is credited to: Interest on capital increases a partner's capital balance. Therefore, it is credited to the Partner's capital account. The correct answer is C (xi) In the absence of an agreement, interest on loan advanced by a partner to the firm is allowed at the rate of: According to the Partnership Act, if there is no specific agreement, interest on a partner's loan to the firm is allowed at Six percent per annum. The correct answer is A (xii) At the time of admission of a new partner, goodwill will raised should be written off in: When goodwill is raised (brought into the books) and then written off (removed from the books), it is typically written off among all partners (including the new partner) in their new profit sharing ratio. The correct answer is A (xiii) Sacrificing ratio is equal to: The sacrificing ratio represents the proportion in which old partners give up their share of profit in favor of a new partner. It is calculated as Old ratio - New ratio. The correct answer is B (xiv) Revaluation account is prepared to determine the profit or loss on the revaluation of assets and liabilities when a: A Revaluation account is prepared to adjust the values of assets and liabilities to their current market values. This is done during significant events such as the admission of a new partner, retirement or death of a partner, or a change in the profit-sharing ratio. Thus, it is prepared in All of these situations. The correct answer is D (xv) Suppose A, B and C are partners sharing profits in the ratio of 2:2:1 respectively. What will be the new ratio if C retires in the absence of an agreement? The old ratio of A, B, and C is 2:2:1. If C retires and there is no specific agreement on how C's share will be acquired, the remaining partners (A and B) will continue to share profits in their existing ratio, which is 2:2. The correct answer is A (xvi) Un-recorded liability when paid on dissolution of a firm is debited to: During the dissolution of a firm, all assets are realized and all liabilities (recorded or unrecorded) are paid. The payment of an unrecorded liability is treated as an expense of realization and is debited to the Realization account. The correct answer is A (xvii) The balance left in the capital accounts in case of dissolution is transferred to: After all assets are realized, liabilities paid, and realization profit/loss distributed, the final balances in the partners' capital accounts are settled. Any credit balance is paid to the partner, and any debit balance is brought in by the partner. This settlement is done through the Bank account. The correct answer is C (xviii) Which of the following is the value of a share as quoted on the stock exchange? The value of a share that is publicly traded and quoted on a stock exchange is known as its Market value. The correct answer is D (xix) Debenture suspense account is shown on: When debentures are issued as collateral security, a Debenture Suspense Account is opened. This account typically has a debit balance and is shown on the Asset side of balance sheet to offset the debentures shown as a liability, or as a separate asset. The correct answer is A