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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
Fill in the Blanks
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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