Write the word/phrase/term, which can substitute each of the following

1.	Write the word/phrase/term, which can substitute each of the following statements.i. The method under which calculation of goodwill is done on the basis of extra profit earned above the normal profit.ii. An account is opened to adjust the value of assets and liabilities at the time of admission of a partner.iii. The reputation of a business is measured in terms of money.iv. The ratio in which general reserve is distributed to the old partners.v. Name the method of the treatment of goodwill where a new partner will bring his share of goodwill in cash.vi. The proportion in which old partners make a sacrifice.vii. Capital employed × NRR/100 = ________viii. An Account is debited when the partner takes over the asset.ix. Profit and Loss Account balance appearing on the liability side of the Balance Sheet.x. Old ratio – New ratio = ________
Answer» i. Super Profit Method ii. Revaluation A/c or Profit and Loss A/c iii. Goodwill iv. Old Ratio v. Premium Method vi. Sacrifice Ratio vii. Normal Profit viii. Partner’s Capital A/c or Partner’s Current A/c ix. Undistributed Profit or Accumulated Profit x. Sacrifice Ratio

Write the word/phrase/term, which can substitute each of the following statements.i. The method under which calculation of goodwill is done on the basis of extra profit earned above the normal profit.ii. An account is opened to adjust the value of assets and liabilities at the time of admission of a partner.iii. The reputation of a business is measured in terms of money.iv. The ratio in which general reserve is distributed to the old partners.v. Name the method of the treatment of goodwill where a new partner will bring his share of goodwill in cash.vi. The proportion in which old partners make a sacrifice.vii. Capital employed × NRR/100 = viii. An Account is debited when the partner takes over the asset.ix. Profit and Loss Account balance appearing on the liability side of the Balance Sheet.x. Old ratio – New ratio =

Answer»

i. Super Profit Method

ii. Revaluation A/c or Profit and Loss A/c

iii. Goodwill

iv. Old Ratio

v. Premium Method

vi. Sacrifice Ratio

vii. Normal Profit

viii. Partner’s Capital A/c or Partner’s Current A/c

ix. Undistributed Profit or Accumulated Profit

x. Sacrifice Ratio