A new partner is admitted ___________.
For an additional capital or for managerial help
As an employee
For sharing profit or loss
None of the above
Under revaluation method goodwill is raised by__________.
All partners
New partners
Old partners
None of these
___________ is created in its full value by crediting the amount in the old partner's capital account in their old ratio.
Revaluation
Trading
Capital
Goodwill
Unrecorded liability is available
From the balance sheet
From the profit and loss a/c
From the past records
Share of goodwill brought in cash by the new partner is called ____________.
Profit
Premium
Loss
Goodwill is an ____________.
Tangible asset
Intangible asset
Only an imagination
A ___________ is a nominal account.
Balance sheet
Receipts and Payments account
Revaluation account
Revaluation account is a ___________ account.
Real
Nominal
Personal
Super profit is equal to
Average profit - Normal profit
Reasonable profit - Average profit
Average profit itself
____________ is the excess of old share over the new share of the old partners.
Gaining ratio
Sacrificing ratio
New ratio
