State whether the following statement are true or false with reasons.O

1.	State whether the following statement are true or false with reasons.On retirement of a partner, sacrifice ratio is considered.
Answer» This statement is False. On retirement of a partner, his share is acquired by continuing partners in certain proportion and it is nothing but gain for them. Therefore, on retirement of a partner instead of sacrifice ratio gain ratio is considered.

State whether the following statement are true or false with reasons.On retirement of a partner, sacrifice ratio is considered.

Answer»

This statement is False.

On retirement of a partner, his share is acquired by continuing partners in certain proportion and it is nothing but gain for them.

Therefore, on retirement of a partner instead of sacrifice ratio gain ratio is considered.