Revaluation A/c is a

(a)

Real A/c

(b)

Nominal A/c

(c)

Personal A/c

(d)

Impersonal A/c

On revaluation, the increase in the value of assets leads to 

(a)

Gain

(b)

Loss

(c)

Expense

(d)

None of these

The profit or loss on revaluation of assets and liabilities is transferred to the capital account of 

(a)

The old partners

(b)

The new partner

(c)

All the partners

(d)

The Sacrificing partners

At the time of admission, the goodwill brought by the new partner may be credited to the capital accounts of

(a)

all the partners

(b)

the old partners

(c)

the new partner

(d)

the sacrificing partne

Revaluation account is also called

(a)

Accumulation profit and loss account

(b)

Profit and loss adjustment account

(c)

Profit and loss appropriation account

(d)

None of these

When the value of an asset increases, it results in

(a)

profit

(b)

loss

(c)

income

(d)

expense

When an unrecorded liabilities is brought into books, is results in

(a)

profit

(b)

loss

(c)

income

(d)

expense

In order to maintain fair dealings, at the time of admission, it is necessary to revalue assets and liabilities of the firm to their _______

(a)

Cost price

(b)

True value

(c)

Selling price

(d)

None of these

On admission of a partner if goodwill account is to be raised this should be debited to __________

(a)

Partner's capital account

(b)

Partner's capital account

(c)

Revaluation account

(d)

None of these

The old partners share all the accumulated profits and reserve in their ___________

(a)

new profit sharing ratio

(b)

old profit sharing ratio

(c)

capital ratio

(d)

sacrificing ratio