Fill in the Blanks
Select the most appropriate answer from the alternatives given below :
The profit or loss from revaluation on retirement of partners is shared by _____________
all the partners
the remaining partners
only the retiring partners
none of these
The profit or loss from revaluation on the retirement of partners is shared by all the partners.
Explanation: Revaluation profit arising from the retirement of a partner is shared by all the partners in their old profit sharing ratio (including the retiring partner).
Concept: Retirement Or Death of a Partner - Revaluation of Assets and Liabilities
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