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

If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called

(a)

Capital ratio

(b)

Sacrificing ratio

(c)

Gaining ratio

(d)

None of these

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

Which of the following statements is not true in relation to admission of a part _________.

(a)

Generally mutual rights of the partners change

(b)

The profits and losses of the previous years are distributed to the old partners

(c)

The firm is reconstituted under a new agreement

(d)

The existing agreement does not come to an end

Match List I with List II and select the correct answer using the codes given below:

List I	List II
(i) Sacrificing ratio	1. Investment fluctuation fund
(ii) Old profit sharing ratio	2. Accumulated profit
(iii) Revaluation Account	3. Goodwill
(iv) Capital Account	4. Unrecorded liability

(a)

(i)	(ii)	(iii)	(iv)
1	2	3	4

(b)

(i)	(ii)	(iii)	(iv)
3	2	4	1

(c)

(i)	(ii)	(iii)	(iv)
4	3	2	1

(d)

(i)	(ii)	(iii)	(iv)
3	1	4	2

Select the odd one out

(a)

Revaluation profit

(b)

Accumulated loss

(c)

Goodwill brought by new partner

(d)

Investment fluctuation fund

James and Kamal are sharing profits and losses in the ratio of 5:3. They admit Sunil as a partner giving him 1/5 share of profits. Find out the sacrificing ratio.

(a)

1:3

(b)

3:1

(c)

5:3

(d)

3:5

Balaji and Kamalesh are partners sharing profits and losses in the ratio of 2:1. They admit Yogesh into partnership. The new profit sharing ratio between Balaji, Kamalesh and Yogesh is agreed to 3:1:1. Find the sacrificing ratio between Balaji and Kamalesh.

(a)

1:3

(b)

3:1

(c)

2:1

(d)

1:2