At the time of retirement of a partner, profit (gain) on revaluation will be credited to the capital accounts of
At the time of retirement of a partner, profit (gain) on revaluation will be credited to the capital accounts of
a) retiring partner,
b) all partners in their old profit-sharing ratio
c) the remaining partners in their old profit-sharing ratio
d) the remaining partners in their new profit-sharing ratio.
Anurag Pathak Changed status to publish July 2, 2023
Ans – b)
Explanation:-
If no further information is given, the increase and decrease in the value of all assets and liabilities belong to the old partners in their old profit-sharing ratio. Thus gain on revaluation is credited to all the partners in their old profit-sharing ratio.
Anurag Pathak Changed status to publish July 2, 2023
