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At the time of retirement of a partner 'Loss on Revaluation' is debited ______. -

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Question

At the time of retirement of a partner 'Loss on Revaluation' is debited ______.

Options

  • only to the capital account of the retiring partner

  • to the capital accounts of all the partners in their old profit sharing ratio

  • to the capital accounts of the remaining partners in their new profit sharing ratio

  • to the capital accounts of remaining partners in their old profit sharing ratio

MCQ
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Solution

At the time of retirement of a partner 'Loss on Revaluation' is debited to the capital accounts of all the partners in their old profit sharing ratio.

Explanation:

A loss on revaluation is a loss for the company, meaning that the obligations or assets have increased or decreased.

shaalaa.com
Retirement or Death of a Partner - Revaluation of Assets and Liabilities
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