Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board
Chapter 4: Reconstitution of Partnership (Retirement of Partner) [Latest edition]
Write the Word/ Term/ Phrase which can substitute of the following statement:
Credit balance of Profit and Loss Adjustment Account. - Profit on revaluation Accounts.
The ratio in which the continuing partners are benefited due to the retirement of the partner. - Gain Ratio
Debit balance of revaluation Account. - Loss on revaluation
The ratio which is obtained by deducting the Old Ratio from New Ratio. - Gain Ratio
Money value of business reputation earned by the firm over a number of years. - Goodwill.
Partner’s Account where Loss or Profit on revaluation is transferred. - Capital/Current Account.
