Goodwill is an ____________.
Tangible asset
Intangible asset
Only an imagination
None of these
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
None of the above
Revaluation account is__________
Nominal A/c
Real A/c
Personal A/c
___________ 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
Sacrificing ratio is __________.
Old ratio - new ratio
New ratio - old ratio
Old ratio itself
A ___________ is a nominal account.
Balance sheet
Receipts and Payments account
Revaluation account
___________ account is debited with increase in the amount of liabilities.
Income and Expenditure account
Profit and Loss account
Share of goodwill brought in cash by the new partner is called ____________.
Profit
Premium
Loss
The amount of premium brought in by the new partner is shared amongst the old partners in their ____________.
Gaining ratio
Sacrificing ratio
Old ratio
New ratio
Unrecorded assets is __________
Gain on revaluation
Loss on revaluation
