Good will is a /an ___________.
Tangible asset
Intangible asset
Liability
None of these
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
Credit balance in the Profit and Loss account indicates _________.
Profit
Loss
Normal Profit
Change in relationship among the partners amount to __________ of the partnership firm.
Reconstitution
Dissolution
Wind up
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
On death of a partner the________ receives the Joint Life Policy amount from the Insurance Company.
Executor
Firm
Deceased Partner
Share of goodwill brought in cash by the new partner is called _________.
Discount
Premium
Gaining ratio is calculated on ___________ of a partner.
Admission
Retirement
If from the firm of A,B,C sharing profits in 5:3:2 ratio, B retires and remaining partners share future profits in 3:2 ratio, their gaining ratio is _________.
3:2
5:2
1:2
Change in Profit sharing ratio of the existing partners results in __________ to some partners and sacrifice of other.
Gain
Both a & b