Accumulated profit is
Reserve and undistributed profit
Capital profit
Undistributed profit only
None of the above
Under revaluation method goodwill is raised by__________.
All partners
New partners
Old partners
None of these
Unrecorded assets is
Gain on revaluation
Loss on revaluation
Capital
___________ is created in its full value by crediting the amount in the old partner's capital account in their old ratio.
Revaluation
Trading
Goodwill
Accumulated profits at the time of admission of a partner is __________ to capital accounts of old partners.
Credited
Omitted
Debited
There are ____________ main methods of treatment of goodwill.
Two
Three
Four
Five
The ratio in which the old partners lose or sacrifice their profit is called
Sacrificing ratio
Gaining ratio
Old ratio
New ratio
On decreasing the amount of provision for doubtful debts, the __________ account is credited.
Profit and Loss
Balance sheet
The amount of premium brought in by the new partner is shared amongst the old partners in their ____________.
Sacrificing ratio is
Old ratio - new ratio
New ratio - old ratio
Old ratio itself