On admission of a new partner, increase in value of assets is debited to Options: A . &nbspAsset account B . &nbspProfit & Loss adjustment account C . &nbspOld partners capital account D . &nbspNone of these

On admission of a new partner, increase in value of assets is debited to

Question

On admission of a new partner, increase in value of assets is debited to

Options:

A . Asset account

B . Profit & Loss adjustment account

C . Old partners capital account

D . None of these

Answer: Option A

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Question 1. The difference between old profit sharing ratio and new profit sharing ratio at time of admission is ________ ratio....

Question 2. In admission, profit from revaluation of assets and liabilities will be transferred to the capital accounts of the old ....to the capital accounts of the old partners in the

Question 3. At the time of admission, when goodwill is raised, the old partners capital account will be credited in the ________ ra....partners capital account will be credited in the ________ ratio

Question 4. The capital accounts of partners may be ________ or fluctuating....

Question 5. Indian Partnership Act was enacted in the year ________....

Question 6. If a firm is maintaining both ‘Capital Accounts’ and ‘Current Accounts’ of the partners A and B....

Question 7. In the absence of an agreement profits and losses are divided....

Question 8. Under fixed capital method salary payable to a partner is recorded....

Question 9. The minimum number of persons in a partnership firm is....

Question 10. The excess of average profit over normal profit is ________....

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