___________ is the value of reputation of a firm.
Registration certificate
Partnership Deed
Good will
None of these
On death of a partner the________ receives the Joint Life Policy amount from the Insurance Company.
Executor
Firm
Deceased Partner
General Reserve account shows ________ balance.
Debit
Credit
Both a & b
Unless given otherwise, the ratio of sacrifice is the same as
Gaining ratio
New Profit sharing ratio
Old Profit sharing ratio
Change in Profit sharing ratio of the existing partners results in __________ to some partners and sacrifice of other.
Loss
Gain
In _________method goodwill is valued on the basis of excess profits earned by a firm in comparison to average profits earned by other firms.
Average profit
Super profit
Capitalisation
Credit balance in the Profit and Loss account indicates _________.
Profit
Normal Profit
Revaluation of assets on the reconstitution of partnership firm becomes necessary because their present values may be _________ from their books value.
Different
Same
One and same
Joint life policy gets matured on __________ of a partner.
Admission
Retirement
Death
Change in relationship among the partners amount to __________ of the partnership firm.
Reconstitution
Dissolution
Wind up