Fill in the blanks with appropriate words: (i) A, B and C share profits and losses in the ratio of 1/2, 1/3 and 1/6 respectively. D, a new partner, is given 1/8th share. Then new profit-sharing ratio will be ________. (ii) The rati in which the old partners are surrendering their share of profit in favour of the new partner is called _________. (iii) Calculation of sacrificing ratio is necessary when the new partner will bring _______ in cash. (iv) The capital balance of A and B are Rs 25,000 and Rs 20,000 respectively after making all the adjustments. If C, the incoming partner, is to bring 1/3rd of the total capital of the firm, then his share of capital will be _______ (v) For any decrease in the value of liability, the Revaluation Account is ________. (vi) C, the incoming partner is to bring Rs 6,000 as goodwill for 1.5th share in the firm's profit. Total goodwill of the firm will be _________. (vii) Investment Fluctuation Reserve is a reserve set aside out of profit to adjust the difference between _________ and _______ of investments. (viii) In case of admission of a new partner, the Accumulated Profit, Reserves, Losses and Fictitious Assets should be transferred to _________ Partner's Capital/Current Accounts in their _______ profit-sharing ratio. (ix) If goodwill is appearing in the Balance Sheet at the time of admission of a new partner, the existing goodwill is written -off among _________ partners in ________ ratio.

Fill in the blanks with appropriate words: (i) A, B and C share profi

1.	Fill in the blanks with appropriate words: (i) A, B and C share profits and losses in the ratio of 1/2, 1/3 and 1/6 respectively. D, a new partner, is given 1/8th share. Then new profit-sharing ratio will be ________. (ii) The rati in which the old partners are surrendering their share of profit in favour of the new partner is called _________. (iii) Calculation of sacrificing ratio is necessary when the new partner will bring _______ in cash. (iv) The capital balance of A and B are Rs 25,000 and Rs 20,000 respectively after making all the adjustments. If C, the incoming partner, is to bring 1/3rd of the total capital of the firm, then his share of capital will be _______ (v) For any decrease in the value of liability, the Revaluation Account is ________. (vi) C, the incoming partner is to bring Rs 6,000 as goodwill for 1.5th share in the firm's profit. Total goodwill of the firm will be _________. (vii) Investment Fluctuation Reserve is a reserve set aside out of profit to adjust the difference between _________ and _______ of investments. (viii) In case of admission of a new partner, the Accumulated Profit, Reserves, Losses and Fictitious Assets should be transferred to _________ Partner's Capital/Current Accounts in their _______ profit-sharing ratio. (ix) If goodwill is appearing in the Balance Sheet at the time of admission of a new partner, the existing goodwill is written -off among _________ partners in ________ ratio.
Answer» Solution :(i) `21 : 14 : 7 : 6`, (ii) SACRIFICING ratio, (iii) PREMIUM for goodwill, (iv) Rs 22,500, (V) credited ; (vi) Rs 30,000; (vii) book value, MARKET value, (viii) OLD, old; (ix) old, old

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