5 Questions
What is the proportion in which old partners make a sacrifice called?
Sacrifice
When is the Profit & Loss Adjustment account credited?
Profit & Loss Adjustment
What does excess of proportionate capital over actual capital represent?
Surplus capital
When Jay, Vijay & Ajay decided to admit Sanjay and give him 1/7th share, what will be the new profit sharing ratio of partners?
3:2:1:2
What is the ratio useful for making adjustment for goodwill among the old partners?
2:1:1
Test your knowledge of accounting principles and partnership concepts with this quiz. Questions cover topics like debiting and crediting, profit sharing ratios, and adjustment accounts.
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