Admission of Partner Objectives

1. The account which shows change in the value of assets.
2. Credit balance on revaluation account.
3. The proportion in which old partners make a sacrifice.
4. Excess of actual capital over proportionate capital.
5. Name of intangible asset having value.
6. Account which is debited when new partner brings cash for his share of goodwill.
7. Account which is credited when goodwill is withdrawn by old partners.
8. Profit and Loss Account appearing on the assets side of a Balance Sheet.
9. Account which is opened to record the gains and losses on revaluation.
10. Change in the relationship between the partners.
11. Debit balance of revaluation account
12. Account opened for revaluation of assets and liability.
13. Excess of average profit over normal profit.
14. Ratio which is surrendered by old partners in favour of new partner.

Answer:

1. Revaluation or Profit and Loss Adjustment A/c
2. Profit on Revaluation of A/c
3. Ratio of Sacrifice
4. Surplus Capital
5. Goodwill
6. Cash/Bank A/c
7. Cash/Bank A/c
8. Undistributed loss
9. Profit and Loss Adjustment A/c
10. Reconstitution of Partnership
11. Loss on revaluation
12. Revaluation A/c or Profit and Loss Adjustment A/c
13. Super Profit
14. Sacrifice ratio