At the time of admission of a new partner, general reserve is:
A) debited to capital of old partners
B) credited to capital of old partners
C) allowed to remain is balance sheet
D) debited to current account
Correct Answer:
Verified
Q6: At the time of admission an incoming
Q7: Goodwill is valued as two years purchase
Q8: Value of goodwill agreed upon Rs. 30000
Q9: Goodwill of the firm is valued Rs.
Q10: An incoming partner pays his share of
Q12: A new partner may be admitted to
Q13: At the time of a new partner
Q14: In the revaluation account a decrease in
Q15: In the revaluation account an increase in
Q16: The partnership may come to an end
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