Any gain or loss arising from Adjustments for Revaluation of Assets and Reassessment of Liabilities shall be distributed among:

Calculate the amount of adjusted profit for the year ended 31 March 2021 for the purpose of valuation of Goodwill from the following information:

Profit for the year ended 31 March 2021: Rs. 80,000

On 1 July, 2020, a major plant repair was undertaken for Rs. 10,000 which was charged to Revenue. The said sum is to be capitalised for Goodwill valuation subject to adjustment of depreciation @ 10 % p.a. on reducing balance method.

A and B are partners sharing profits in the ratio of 2:1. C is admitted into the firm for 1/4 share of profits. C brings in Rs. 20,000 in respect of his capital. The capitals of old partners A and B, 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' capitals should be according to the new profit sharing ratio. Determine the new profit sharing ratio

Sameer and Yasmin are partners with capitals of Rs 15,00,000 and Rs 10,00,000 respectively. They agreed to share profits in the ratio of 3:2. The books are closed on March 31, every year. They admit Ravi on October 1, 2019 in the partnership, who bring Rs 12,00,000 as capital and Sameer also introduced additional capital Rs 3,00,000 on that date. Interest on partner's capital is provided @5% p.a. The amount of interest on the capital of Sameer for the year 2019-20 is-

The ratio in which the old partners agree to sacrifice their share of profit in favour of the incoming partner is called sacrificing ratio. Identify the correct statements regarding sacrificing ratio.

(A) Sacrifice by a Partner = New Share of Profit – Old Share of Profit

(B) This ratio is calculated for all the partners i.e. old and incoming

(C) The ratio is normally clearly given as agreed among the partners, which could be the old ratio, equal sacrifice, or a specified ratio

(D) Sacrifice by a Partner = Old Share of Profit – New Share of Profit

Choose the correct answer from the options given below:

On the admission of a new partner increase in the value of assets is debited to:

In case of admission of a partner, any accumulated losses appearing in the form of a debit balance of profit and loss account and/or deferred revenue expenditure appearing in the balance sheet of the firm, should be transferred to __________.