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Questions and Answers
What is the proportion in which old partners make a sacrifice called?
What is the proportion in which old partners make a sacrifice called?
- Ratio
- Capital
- Sacrifice (correct)
- Revaluation
When is the Profit & Loss Adjustment account credited?
When is the Profit & Loss Adjustment account credited?
- Profit & Loss Adjustment (correct)
- Deficit capital
- Sacrifice
- When goodwill is withdrawn by old partners
What does excess of proportionate capital over actual capital represent?
What does excess of proportionate capital over actual capital represent?
- Capital
- Sacrifice
- Revaluation
- Surplus capital (correct)
When Jay, Vijay & Ajay decided to admit Sanjay and give him 1/7th share, what will be the new profit sharing ratio of partners?
When Jay, Vijay & Ajay decided to admit Sanjay and give him 1/7th share, what will be the new profit sharing ratio of partners?
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What is the ratio useful for making adjustment for goodwill among the old partners?
What is the ratio useful for making adjustment for goodwill among the old partners?
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