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Question
Match the following items:
| (i) | At the time of retirement of a partner, profit on revaluation is credited to: | (a) | Capital Account of retiring partner |
| (ii) | At the time of retirement of a partner, loss on revaluation is debited to: | (b) | Capital Accounts of all partners in old ratio |
| (iii) | At the time of retirement of a partner, goodwill appearing in Balance Sheet is debited to | (c) | Capital Accounts of remaining partners in new ratio |
| (d) | Capital Accounts of remaining partners in old ratio |
Match the Columns
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Solution
| (i) | At the time of retirement of a partner, profit on revaluation is credited to: | (b) | Capital Accounts of all partners in old ratio |
| (ii) | At the time of retirement of a partner, loss on revaluation is debited to: | (b) | Capital Accounts of all partners in old ratio |
| (iii) | At the time of retirement of a partner, goodwill appearing in Balance Sheet is debited to | (b) | Capital Accounts of all partners in old ratio |
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