Revaluation A/c is a

(a)

Real A/c

(b)

Nominal A/c

(c)

Personal A/c

(d)

Impersonal A/c

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

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

When the value of an asset increases, it 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

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

(a)

Capital

(b)

Partners

(c)

Revaluation

(d)

None of these

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

(a)

capital

(b)

revaluation

(c)

cash

(d)

bank

________ ratio is the proportion of the profit which is sacrificed or foregone by the old partners in favour of the new partner.

(a)

Old

(b)

New

(c)

Sacrifice

(d)

Agreed

At the time of admission of a new partner, ________ profit ratio should be find out.

(a)

old

(b)

new

(c)

both (a) and (b)

(d)

none of these

The new partner does not bring in cash for his share of goodwill under _______ method.

(a)

Memorandum revaluation

(b)

Revaluation

(c)

Premium

(d)

None of these