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question_answer1) Directions (Q. Nos. 1-5): Each of the following questions consists of two statements, one is Assertion (A) and the other is Reason (R). Give answer: Assertion (A): At the time of admission, if profit sharing ratio among old partners does not change then sacrificing ratio will be old profit sharing ratio. Reason (R): Old profit sharing ratio plus new profit sharing ratio is scientific ratio
question_answer2) Directions (Q. Nos. 1-5): Each of the following questions consists of two statements, one is Assertion (A) and the other is Reason (R). Give answer: Assertion (A): Increase in value of asset is debited to revaluation account Reason (R): Revaluation account is credited on increase in value of plant and machinery.
question_answer3) Directions (Q. Nos. 1-5): Each of the following questions consists of two statements, one is Assertion (A) and the other is Reason (R). Give answer: Assertion (A): Revaluation account is debited to transfer gain on revaluation to old partners' capital accounts in their old profit sharing ratio. Reason (R): Partner's capital account is credited with his share of gain on revaluation account.
question_answer4) Directions (Q. Nos. 1-5): Each of the following questions consists of two statements, one is Assertion (A) and the other is Reason (R). Give answer: Assertion (A): Profit or loss on revaluation is not transferred to incoming partner's capital account. Reason (R): Profit or loss on revaluation at the time of admission of a partner belongs to pre admission period and thus belongs to old partners.
question_answer5) Directions (Q. Nos. 1-5): Each of the following questions consists of two statements, one is Assertion (A) and the other is Reason (R). Give answer: Assertion (A): At the time of admission of a partner, new profit sharing ratio is calculated even for old partners. Reason (R): A new partner acquires his share in profits from old partners which reduces old partner's share in profits.
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