Select appropriate alternatives from those given below and rewrite the sentences.
i. In case of admission of a partner, the profit or loss on revaluation of assets and liabilities is shared by _________partners.
(a) all
(b) old
(c) new
(d) none of these
ii. When the reserve funds is distributed to old partners, the _________Account is debited.
(a) Capital
(b) Current
(c) Reserve Fund
(d) Profit and Loss
iii. Goodwill brought in by a new partner is shared by the old partners in their _________ Ratio.
(a) New
(b) Gain
(c) Sacrifice
(d) Balance of 1
iv. ________ Ratio is a ratio surrendered by old partners in favour of a new partner.
(a) Sacrifice
(b) Gain
(c) New
(d) Old
v. When goodwill is written off, partners’ capital accounts are ________
(a) credited
(b) debited
(c) increase
(d) none of these
