Question

Gain/loss on revaluation at the time of change in profit sharing ratio of existing partners is shared by ______ whereas in case of admission of a partner it is shared by ______.

Options

• Remaining Partners, All Partners

• All Partners, Old partners

• New Partner, All partner

• Sacrificing Partner, Incoming partner

Answer 1

Gain/loss on revaluation at the time of change in profit sharing ratio of existing partners is shared by all partners whereas in case of admission of a partner it is shared by old partners.