Select appropriate alternatives from those given below and rewrite the

Select appropriate alternatives from those given below and rewrite the sentences.i. If an asset is depreciated, Revalutation Account is __________ (a) debited (b) credited (c) debited and credited (d) none of theseii. _ Account is debited when unrecorded liability is brought into business. (a) Liability (b) Revaluation (c) Capital (d) Currentiii. The proportion in which old partners make a sacrifice is called ___ Ratio. (a) Capital (b) Gaining (c) Sacrifice (d) Newiv. The _ Ratio is useful for making adjustment for goodwill among the old partners.(a) New (b) Sacrifice (c) Old (d) Profit and Lossv. Krishna and Balram, who are equal partners, admit Arjun into a partnership for 1/4th share, their new profit sharing ratio will be _______(a) 3 : 3 : 1 (b) equal (c) 3 : 3 : 2 (d) 2 : 2 : 1

Answer»

i. (a) debited

ii. (b) Revaluation

iii. (c) Sacrifice

iv. (b) Sacrifice

v. (c) 3 : 3 : 2