Write the Word/ Term/ Phrase which can substitute of the following statement:
1) Credit balance of Profit and Loss Adjustment Account.
Ans- Profit on revaluation Accounts.
2) The ratio in which the continuing partners are benefited due to the retirement of the partner.
Ans- Gain Ratio
3) Debit balance of revaluation Account.
Ans- Loss on revaluation
4) The ratio which is obtained by deducting the Old Ratio from New Ratio.
ans- Gain Ratio
5) Money value of business reputation earned by the firm over a number of years.
6) Partner’s Account where Loss or Profit on revaluation is transferred.
Ans- Capital/Current Account.