A person may join as a new partner in an existing

(a)

Partnership firm

(b)

Sole proprietorship

(c)

Hindu undivided Family

(d)

None of these

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

The revaluation profit or loss is transferred to the old partner's capital accounts, in their __________

(a)

Old ratio

(b)

New ratio

(c)

Sacrifice ratio

(d)

Gain ratio

When A and B sharing profits and losses in the ratio of 3:2, they admit C as a partner giving him 1/3 share of profits. This will 'be given by A and B.

(a)

Equality

(b)

In the ratio of their capitals

(c)

In the ratio of their profits

(d)

None of these

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

Old ratio of profit minus sacrifice ratio will be __________

(a)

New ratio

(b)

Old profit sharing ratio

(c)

Sacrifice ratio

(d)

None of these

__________ created out of profit to adjust the reduction in the market value of the investments.

(a)

Invest fluctuation fund

(b)

Capital fund

(c)

Fixed capital method

(d)

Fluctuating capital fund

_______ is created out of profit to adjust the reduction in the market value of the investments.

(a)

Invest fluctuation fund

(b)

Capital fund

(c)

Fixed capital method

(d)

Fluctuating capital fund

A ________ account is opened to record the increase or decrease in assets and liabilities

(a)

Capital

(b)

Partners

(c)

Revaluation

(d)

None of these

Revaluation account is a___________account

(a)

real

(b)

nominal

(c)

personal

(d)

capital

The net result of revaluation is adjusted through the ___________ accounts of the partners

(a)

capital

(b)

revaluation

(c)

cash

(d)

bank