Unless given otherwise, the ratio of sacrifice is the same as___________.
Gaining ratio
New Profit sharing ratio
Old Profit sharing ratio
None of these
Retiring partner's share of goodwill is debited to the continuing partners capitals in the ________ ratio.
Old
New
Gaining
Share of goodwill brought in cash by the new partner is called _________.
Discount
Premium
Profit
Joint life policy gets matured on __________ of a partner.
Admission
Retirement
Death
Gaining ratio is calculated on ___________ of a partner.
Dissolution
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
Gain or loss arising from revaluation is shared by____________ partner's in ________ ratio.
New partners, new profit sharing
Old partners, new profit sharing
Old partners, old profit sharing
General Reserve account shows ________ balance.
Debit
Credit
Both a & b
Change in relationship among the partners amount to __________ of the partnership firm.
Reconstitution
Wind up
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