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Question
The profit or loss on revaluation of assets and liabilities is transferred to the capital account of ___________.
Options
the old partners
the new partner
all the partners
the Sacrificing partners
Solution
The profit or loss on revaluation of assets and liabilities is transferred to the capital account of the old partners.
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RELATED QUESTIONS
Answer in one sentence only.
In what proportion is general reserve distributed amongst the old partners?
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Profit and Loss Account appearing on the asset side of a balance sheet.
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Change in the relationship between the partners.
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Old ratio - New ratio =
State True or False with reason.
A new partner can bring capital in cash or kind.
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Sacrifice ratio = ______ - ______
Answer in one sentence.
What is sacrifice ratio?
