Question : Gain (profit) or loss on revaluation of assets and reassessment of llabilities is transferred to Partner Capital Accounts in their
Option 1: Capital Ratio
Option 2: Equal ratio
Option 3: Old Profit-sharing Ratio
Option 4: Gaining ratio
Correct Answer: Old Profit-sharing Ratio
Solution : Answer = Old Profit-sharing Ratio
Profit and loss on revaluation of assets and liabilities is transferred to the partner's capital account in their old profit-sharing ratio. Hence, the correct option is 3.
Question : In the event of change in profit-sharing ratio, profit and loss (Dr) existing in the Balance Sheet is transferred to Capital Accounts of partners in their
Question : In the event of change in profit-sharing ratio, profit and loss (credit balance) existing in the Balance Sheet is transferred to Capital Accounts of partners in their
Question : At the time of admission of a partner, the balance of the Investments Fluctuation Reserve, after meeting the loss on revaluation of investments is transferred to _____________of __________in their_____________.
Question : When goodwill existing in the books is written off at the time of admission of a partner it is transferred to Partners' Capital Accounts in their
Question :
At the time of retirement of a partner, profit (gain) on revaluation will be credited to the Capital Accounts of
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