14 Dec 2020 6:56 am
Chapter 4, Reconstitution of Partnership, (Retirement of Partner), Balbharati, Solutions, for, Book-keeping, and, Accountancy, 12th, Standard, HSC, Maharashtra, State, Board,
Write the Word/ Term/ Phrase which can substitute of the following statement
Credit balance of Profit and Loss Adjustment Account. – Profit on revaluation Accounts.
The ratio in which the continuing partners are benefited due to the retirement of the partner. – Gain Ratio.
Debit balance of revaluation Account. – Loss on revaluation.
The ratio which is obtained by deducting the Old Ratio from New Ratio. – Gain Ratio
Money value of business reputation earned by the firm over a number of years. – Goodwill.
Partner’s Account where Loss or Profit on revaluation is transferred. – Capital/Current Account.