Question Text
Question 2 :
Profit or loss on revaluation of assets and liabilities is transferred to __________.
Question 3 :
On the admission of a new partner, the decrease in the value of assets is debited to:<br/>
Question 4 :
If the incoming partner is to bring in premium for goodwill in cash and also balance exist, in the goodwill Account, then this Goodwill Account is written off among the old partners in _________ .
Question 5 :
State whether the following statements are True and False.<br>When goodwill is paid privately, its entry in the books of accounts is not required.
Question 6 :
According to Section $37$ of the Indian Partnership Act, 1932, the interest payable to the representative of deceased partner on the amount left by him will be ______________ .
Question 7 :
X & Associates is a partnership firm, it intends to revalue its goodwill, average profit for the past five years is Rs. 15,000 per annum and goodwill is being valued 5 years purchase of super profit. What would be the value of the goodwill of the firm if normal profit of the firm is Rs.12,000?
Question 8 :
A third party with whom a partner has agreed to share the profit accruing to him from a partnership is known as _________.<br/>
Question 9 :
How are unrecorded assets treated at the time of retirements of  partners?
Question 10 :
Decrease in assets at the time if retirement of a partner is ________.
