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
New profit sharing ratio means
  1. Partners will share future profits equally
  2. Two partner(including new) share future profit and losses
  3. All partner(including new) share future profit and losses in this new ratio
  4. All partner(excluding old) share future profit and losses
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
__________ means good name, good reputation earned by a firm through the hard work and honesty of its owners
  1. Goodwill
  2. Revaluation Profit
  3. Negative Super Profit
  4. Low Average profit
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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