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
Contribution of the goodwill by the new partner can be shared by the old partners.
Old ratio
Capital ratio
Sacrificing ratio
None of these
Goodwill is an ____________.
Tangible asset
Intangible asset
Only an imagination
On admission of a partner,good will brought in cash has to be credited to the existing partners in the ____________ ratio.
Profit sharing
Old
Sacrificing
New
Share of goodwill brought in cash by the new partner is called ____________.
Capital
Profit
Premium
Loss
____________ account is credited with increase in the value of assets.
Revaluation
Profit and Loss
Trading
Revaluation profit or loss is shared by_________.
New partner
All partner
Old partner
Super profit is equal to ______
Average profit - Normal profit
Reasonable profit - Average profit
Average profit itself
Capital can be contributed the new partner in terms of ___________
Cash and assets
Cash only
Assets only
A ___________ is a nominal account.
Balance sheet
Receipts and Payments account
Revaluation account