Joint life policy gets matured on __________ of a partner.
Admission
Retirement
Death
None of these
Change in relationship among the partners amount to __________ of the partnership firm.
Reconstitution
Dissolution
Wind up
The ratio in which the old partners have agreed to sacrifice their shares in profit in favour of a new partner is called the ___________.
Gaining Ratio
Sacrificing Ratio
Old Ratio
On retirement of a partner, the profit on revaluation of assets should be created in the capital accounts of ______ partners.
Continuing partners
Retiring partner alone
All partners in the old ratio
___________ is the value of reputation of a firm.
Registration certificate
Partnership Deed
Good will
Change in Profit sharing ratio of the existing partners results in __________ to some partners and sacrifice of other.
Loss
Gain
Both a & b
General Reserve account shows ________ balance.
Debit
Credit
If the incoming partner does not bring in his share of goodwill in cash, then _______ method, is followed.
Premium
Revaluation
Good will is a /an ___________.
Tangible asset
Intangible asset
Liability
Share of goodwill brought in cash by the new partner is called _________.
Discount
Profit