Sachin and Sohail, are partners, sharing profits in the ratio of 2:1. Sonam is admitted into the firm for 1/4 share of profits. Sonam brings in Rs. 20,000 in respect of his capital. The capitals of old partners, Sachin and Sohail, after all adjustments relating to goodwill, revaluation of assets and liabilities, etc., are Rs. 45,000 and Rs. 15,000 respectively. It is agreed that partners capital should be according to the new profit-sharing ratio. What would be the new profit sharing ratio of Sachin, Sohail, and Sonam?

Reconstitution of a partnership firm usually does not take place at the time of :

Which of the following is not the main factors affecting the value of Goodwill?

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

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:

"Sometimes a partner is admitted into the firm with a guarantee of a certain minimum amount by way of their share in the profits of the firm." Identify which of the following is incorrect about such assurance.

If the partners decide to withdraw the amount of premium for goodwill credited to their capital account, the following entry will be passed: