Chapter 4, Reconstitution of Partnership, (Retirement of Partner),

Balbharati, Solutions, for, Book-keeping, and, Accountancy, 12th, Standard, HSC, Maharashtra, State, Board,

Fill in the blank and rewrite the following sentence,

1. New Ratio (less) Old ratio = Gain ratio

2. Retiring Partner’s share of goodwill is debited to the remaining partner’s capital account.

3. Revaluation A/c is also known as Profit and Loss Adjustment account.

4. On retirement, the balance at a current Account of a partner is transferred to his Capital account.

5. A proportion in which the continuing partners get the share of retiring partner is known as Gain ratio

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