The partners of a firm decide to change their existing profit sharing ratio. This results in a:

Share of revaluation profit of Amrita and Kalyani is :

Arrange the following steps in the correct accounting sequence when hidden goodwill is adjusted through capital accounts:

A. Calculate the actual total capital of all the partners including the new partner.

B. Calculate the firm's total capital on the basis of new partners share

C. Determine the difference between the two capitals.

D. Determine new profit sharing ratio

Choose the correct answer from the options given below:

A and B are partners in a firm sharing profits in the ratio of 3:2. They admitted M as a new partner for 1/4 share. The new profit sharing ratio between A and B will be 2:1. Calculate their sacrificing ratio.

At the time of admission, credit balance of Profit and Loss account appearing in books will be transferred to :

In the case of guarantee of profit ,the sequence of Steps to be followed are.

(A) divide the profit in the given ratio.

(B) prepare profit and loss appropriation account as usual.

(C) deduct the deficiency from guaranteeing partner and add the same to guaranteed partner.

(D) find the deficiency.

Choose the correct answer from the options given below:

If the furniture is shown as Rs. 15,000 in the balance sheet and is revalued at Rs. 12,000, then the journal entry for the same will be: