Partnership

Admission

Easy

Revaluation Account is :-

Real Account

Nominal Account

Personal Account

Capital Account

✅ Correct Option: 2

Revaluation Account is prepared to record gains and losses on revaluation of assets and liabilities at the time of admission, retirement, or death of a partner. Since it records profits and losses, it is classified as a Nominal Account. Its balance is transferred to partners' capital accounts in the old profit sharing ratio.

2022: 20 Aug Shift 2

Valuation of Goodwill takes place on which of the following occasions:

A. Incorporation of a new business

B. Change in profit sharing ratio

C. Amalgamation of partnership firm

D. Admission of a partner

E. Dissolution of firm or closure of business

Choose the correct answer from the options given below:

2022: 23 Aug Shift 2

Goodwill brought in by new partners would be _________.

2025: 26 May Shift 2

Vijay and Manohar share profits and losses in the ratio of 2:1. They admit Prakash as a partner with 1/4 share in profits with a guarantee that his share of profit will be at least Rs. 50,000. The net profit of the firm for the year ending March 31, 2015, was Rs. 1,60,000. Calculate the amount of profit Vijay will get:

2026: 29 May Shift 1

At the time of admission, new partner brings his share of goodwill which is distributed among old partners. This treatment is conceptually used to:

2023: 20 June Shift 2

A newly admitted partner has the right to -

2026: 23 May Shift 2

What is the correct sequence for calculating goodwill by Capitalisation of Average Profit Method?

A. Compute the value of goodwill

B. Find Capitalized value of the average profits

C. Ascertain the average profits

D. Ascertain the actual firm's capital

Choose the correct answer from the options given below:

Revaluation Account is :-

Solution

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