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

Creditors to be shown in Balance sheet after admission of partner will be :

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

Determine the value of firm's goodwill by capitalization of the super profit method if the average profits are Rs 1,00,000, super profits are Rs 18,000 and the normal rate of return is 10%.

Which among the following is NOT true for New Profit Sharing Ratio:

A and B are partners sharing profits in the ratio of 3:2. They admit C for 1/5th share in the future profits which he gets equally from both A and B. The new profit sharing ratio will be:

Rajinder and Surinder are partners in a firm sharing profits in the ratio of 4:1. On April 15, 2017, they admitted Narender as a new partner. On that date, there was a balance of Rs. 20,000 in general reserve and a debit balance of Rs. 10,000 in the profit and loss account of the firm. Which among the following statements is correct for transferring profit and loss account?