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