Admission of a Partner

The premium paid by the new partners is shared by the old partners

• in the gaining ratio

• Profit

• in the sacrificing ratio

   

• in the capital ratio

A and B are sharing profits in the ratio of 2:5

 

 'C' is admitted for 1/4the share. Then the new ratio is:

• 6:15:7

   

• 2:5:4

• 15:7:6

• 12:6:7

Revaluation A/c is:

• a nominal A/c

• a real A/c

• a personal A/c

• an impersonal A/c

Goodwill is:

•  an intangible asset

   

   

•  a tangible asset

• a fictitious asset

• a hidden asset

Revaluation A/c profit & loss balance must be transferred to

• Revaluation A/c

   

• Partner's capital A/c

• Current Account

• None of the above

The profit or loss on revaluation of assets at the time of admission must be transferred to the partners in the

• Capital ratio

•  New profit sharing ratio

• Old profit sharing ratio

• Sacrificing ratio

Old profit sharing ratio minus new profit sharing ratio is equal to.

• Sacrificing ratio

•  Capital ratio

• Gaining ratio

• None of these

On admission of a new partner, decrease in value of asset is debited to:

• Revaluation A/c

   

• Balance sheet

• Trading A/c

• None of the above

Any amount to be written off after admission of a partner is transferred to the capital

 

 accounts of the partners in:

 

• Old ratio

• New ratio

• Capital ratio

• None of these

On the admission of a new partner, the balance of the Revaluation A/c should be

 

 transferred to the capital account of:

• all partners in their new profit-sharing ratio

• Old partners in their old profit-sharing ratio

• Old partners in their new profit-sharing ratio

• None of these