Capital can be contributed the new partner in terms of
Cash and assets
Cash only
Assets only
None of these
Share of goodwill brought in cash by the new partner is called ____________.
Capital
Profit
Premium
Loss
____________ account is credited with increase in the value of assets.
Revaluation
Profit and Loss
Trading
Unrecorded assets is
Gain on revaluation
Loss on revaluation
None of the above
On decreasing the amount of provision for doubtful debts, the __________ account is credited.
Balance sheet
On admission of a partner, good will brought in cash has to be credited to the existing partners in the ____________ ratio.
Profit sharing
Old
Sacrificing
New
__________ enables a business concern to earn more profit on the capital employed by attracting more customers.
Goodwill
Realisation
___________ account is debited with increase in the amount of liabilities.
Income and Expenditure account
Profit and Loss account
Sacrificing ratio is
Old ratio - new ratio
New ratio - old ratio
Old ratio itself
New partner have the right to receive ___________.
5% interest on capital p.a
4% interest on capital p.a
6% interest on capital p.a
