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

(a)

Gain

(b)

Loss

(c)

Expense

(d)

None of these

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

Select the odd one out

(a)

Revaluation profit

(b)

Accumulated loss

(c)

Goodwill brought by new partner

(d)

Investment fluctuation fund

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

Undistributed profits will appear on the _______ side of the balance sheet

(a)

assets

(b)

liabilities

(c)

both 'a' and 'b'

(d)

none of these

Undistributed loss will appear on the  side of the Balance sheet.

(a)

Assets

(b)

Liabilities

(c)

Both (a) & (b)

(d)

None of these

The accumulated profits, losses and reserves _________ admission are to be distributed to the existing partners.

(a)

After

(b)

Before

(c)

Later 

(d)

Future

In partnership accounting, capital accounts are prepared under following method __________

(a)

Fluctuating

(b)

Fixed

(c)

Both (a) & (b)

(d)

None of these

When a new partner is admitted under bonus method capital method of the firm increase by __________

(a)

the new investment

(b)

less than the new investment

(c)

Zero

(d)

More than the new investment

Goodwill is a(n):

(a)

Tangible Fixed Assets

(b)

Tangible Current Assets

(c)

Intangible Fixed Assets

(d)

Intangible Current Assets