When the value of an asset increases, it results in

(a)

profit

(b)

loss

(c)

income

(d)

expense

The revaluation profit or loss is transferred to the old partner's capital accounts, in their __________

(a)

Old ratio

(b)

New ratio

(c)

Sacrifice ratio

(d)

Gain ratio

In order to maintain fair dealings, at the time of admission, it is necessary to revalue assets and liabilities of the firm to their _______

(a)

Cost price

(b)

True value

(c)

Selling price

(d)

None of these

The old partners share all the accumulated profits and reserve in their ___________

(a)

new profit sharing ratio

(b)

old profit sharing ratio

(c)

capital ratio

(d)

sacrificing ratio

In admission undistributed profit or loss is transferred to _________

(a)

New partner's capital A/c only

(b)

Old partner's capital A/c only

(c)

All the partner's capital accounts

(d)

None of these