Class XII

Why new profit ratio is determined even for old partners?
  1. Change in the agreement among all partners
  2. No change in agreement
  3. Due to change in external environment
  4. Ratio keeps on changing in every six month
What adjustments are mainly done at the time of admission of a new partner? (i) Adjustment in Profit sharing ratio (ii) Goodwill (iii) Accumulated profits, Reserves and losses
  1. Only (ii)
  2. Only (i) and (ii)
  3. Only (i)
  4. All (i), (ii) and (iii)
Is admission of a new partner a reconstitution of partnership firm:
  1. Yes
  2. No
  3. It is dissolution of firm
  4. It is called merger
At the time of admission of a new partner, the new partner acquires his share from the old partners in the:
  1. Sacrificing ratio
  2. New Ratio
  3. Gaining Ratio
  4. Old ratio
Sacrifice ratio is used only for
  1. Revaluation of loss
  2. Revaluation profit
  3. Distribution of Premium for goodwill
  4. Distribution of Reserve
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