which can substitute | Aster Classes

Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board 

Chapter 3 – Reconstitution of Partnership (Admission of Partner) [Latest edition]

Write a word/phrase/term which can substitute the following statement.

Method under which calculation of goodwill is done on the basis of extra profit earned above the normal profit – Super Profit Method

An account opened to adjust the value of assets and liabilities at the time of admission of a partner – Revaluation A/c or Profit and Loss A/c

Reputation of business measured in terms of money – Goodwill

The ratio in which general reserve is distributed to the old partners. – Old Ratio 

Name the method of the treatment of goodwill where new partner will bring his share of goodwill in cash. – Premium Method

The proportion in which old partners make a sacrifice. – Sacrifice Ratio

Capital employed × NRR/100 = Normal Profit

An account that is debited when the partner takes over the asset. – Partner’s Capital A/c or Partner’s Current A/c

Profit and Loss Account balance appearing on the liability side of the Balance Sheet. – Undistributed Profit or Accumulated Profit

Old ratio – New ratio = Sacrifice Ratio


Users Today : 629
Total Users : 192693
Views Today : 1669
Total views : 686189

Browse Categories