Question

The profit or loss from revaluation on retirement of partner is shared by ________. (Fill in the blank by choosing correct option)
(a) all the partners
(b) the remaining partners
(c) only retiring partner
(d) none of these

Answer 1

I THINK B IS THE ANSWER ....

IT IS. SHARE IN REMAINING PARTNER

Answer 2

Answer:

(a) all the partners

Explanation:

The profit or loss from revaluation on retirement of partner is shared by all the partners.

To determine net profit or loss on the revaluation of assets and liabilities and bring unrecorded items into the books, a Revaluation Account is prepared. In the old profit-sharing ratio, the revaluation profit or loss is moved to the capital account of all partners including the retired or deceased partners.