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

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.


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