Class XII

A and B are partners in a firm sharing profits in the ratio of 2 : 1. They admit C as a new partner for 1/5 share. New Ratio will be 8:4:3. Sacrificing ratio will be:
  1. 2 : 1
  2. 1 : 2
  3. 1 : 7
  4. 3 : 5
If partners capitals are fixed, premium for goodwill will be:
  1. Credited to the current A/cs of the Sacrificing partners
  2. Credited to the P/L Adjustment A/c
  3. Credited to the P/L A/c
  4. Credited to the Partners’ Capital A/cs
Revaluation Profit is only for:
  1. Old partners
  2. All partners (excluding gainer partner)
  3. All partners
  4. Sacrificing Partners
Revaluation account is A
  1. Personal Account
  2. Real Account
  3. Asset Account
  4. Nominal Account
In case of undistributed accumulated losses whose account should be debited
  1. Goodwill A/c
  2. New partner’s A/c
  3. Old partner’s Capital A/c
  4. Gaining Partner’s A/c
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