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Introduction to Retirement

Profit or los...

Question

Profit or loss on revaluation of assets and liabilities is distributed in the __________ ratio.

A

Gaining

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B

Sacrificing

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C

Old profit sharing

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D

New profit sharing

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Solution

The correct option is C Old profit sharing
The balance of profit and loss on revaluation account of assets and liabilities are transferred to old partners capital account in the old profit sharing ratio.

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