Kavita and Lalita are partners, sharing profits in the ratio of 2:1. They decide to admit Mohan for 1/4th share in profits with a guaranteed amount of ₹ 25,000. Both Kavita and Lalita undertake to meet the liability arising due to the guaranteed amount to Mohan in their respective profit sharing ratio. The firm earned profits of ₹ 76,000 for the year 2022-23. The deficiency borne by Kavita is:

Goodwill is -

Match List I with List II

Choose the correct answer from the options given below:

At the time of admission of a new partner, general reserve appearing in the old balance sheet is transferred to:

L and M are partners sharing profits in the ratio 3:2. N is admitted as a partner for 1/5th of the share which is acquired from L. Goodwill of the firm is valued at Rs. 40,000 on N's admission. N will have to pay for Goodwill:

Read the following facts about admission of a partner.

A. A new partner acquires his share from the old partners that reduces the old partners share in profits.

B. The partner's capital must be adjusted so as to be proportionate to their new profit sharing ratio.

C. Assets and Liabilities may be revalued and reassessed on admission of a partner.

D. Adjustment for Reserves and Accumulated profits/loss is done.

E. Profit sharing ratio of existing partners may change on admission of a new partner.

Choose the correct answer from the options given below:

Which is the correct statement, in respect of the Revaluation Account :-