Question

1. (a)
State with reasons, whether the following statements are True or
False.
(i)
In case of admission of a new partner in a partnership firm, the
profit/loss on revaluation account is transferred to all partners in
their new profit sharing ratio.


In the balance sheet of X Limited, preliminary expenses
amounting to 5 lakhs and securities premium account of * 35
lakhs are appearing. The accountant can use the balance in
securities premium account to write off preliminary expenses.​

Answer 1

Answer:

true true true true true true