The excess of average profit over normal profit is ________.

The minimum number of persons in a partnership firm is

In the absence of an agreement profits and losses are divided

X and Y are partners sharing the profits and losses in the ratio of 2:3 with capitals of Rs.1,20,000 and Rs.60,000 respectively. Profits for the year are Rs.9,000. If the partnership deed is silent as to interest on capital. Show how profit is shared among X and Y

Under fixed capital method salary payable to a partner is recorded

If a firm is maintaining both ‘Capital Accounts’ and ‘Current Accounts’ of the partners A and B. Additional capital introduced by B will be recorded in

The capital accounts of partners may be ________ or fluctuating.

Indian Partnership Act was enacted in the year ________.

At the time of admission, when goodwill is raised, the old partners capital account will be credited in the ________ ratio.

The difference between old profit sharing ratio and new profit sharing ratio at time of admission is ________ ratio.

In admission, profit from revaluation of assets and liabilities will be transferred to the capital accounts of the old partners in the

In admission, profit from revaluation of assets and liabilities will be transferred to the capital accounts of the old partners in the

On admission of a new partner, increase in value of assets is debited to

The old partners share all the accumulated profits and reserves in their

_________ ratio is computed at the time of admission of a new partner

At the time of admission of a new partner, ________ of assets and liabilities should be taken up.

On admission of a new partner balance of General Reserve Account should be transferred to the capital account of

Revaluation is a

When the balance sheet is prepared after the new partnership agreement, the assets and liabilities are recorded at