Accounting Principles and Partnerships Quiz
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Questions and Answers

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?

  • Profit & Loss Adjustment (correct)
  • Deficit capital
  • Sacrifice
  • When goodwill is withdrawn by old partners

    • 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?

    <p>3:2:1:2</p> Signup and view all the answers

    What is the ratio useful for making adjustment for goodwill among the old partners?

    <p>2:1:1</p> Signup and view all the answers

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