Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board
Chapter 4: Reconstitution of Partnership (Retirement of Partner) [Latest edition]
Fill in the blank and rewrite the following sentence:
New Ratio (less) Old ratio = Gain ratio
Retiring Partner’s share of goodwill is debited to the remaining partner’s capital account.
Revaluation A/c is also known as Profit and Loss Adjustment account.
On retirement, the balance at a current Account of a partner is transferred to his Capital account.
A proportion in which the continuing partners get the share of retiring partner is known as Gain ratio
