Question : If partners decided not to change book value of assets and liabilities on admission of new partners, then account prepared to adjust profit and loss arising on account of change in value of assets and liabilities is

Option 1: Profit and loss adjustment account

Option 2: Revaluation account

Option 3: Memorandum revaluation account

Option 4: None of the above

Question : -----------------account is prepared at the time of dissolution of the partnership while ------------------account is prepared at the time of dissolution of the partnership firm.

Option 1: revaluation account and realisation account

Option 2: realisation account and revaluation account

Option 3: revaluation account and revaluation account

Option 4: Realisation account and realisation account

Question : -----------------account is prepared at the time of dissolution of the partnership while ------------------account is prepared at the time of dissolution of the partnership firm.

Option 1: revaluation account and realisation account

Option 2: realisation account and revaluation account

Option 3: revaluation account and revaluation account

Option 4: Realisation account and realisation account

Question : If Memorandum revaluation account is prepared, Assets and liabilities will appear in balance sheet at

Option 1: New values

Option 2: Old values

Option 3: Cost

Option 4: None of the above

Question : Which of the following statements is correct?

Option 1: Assets = Funds of outsiders

Option 2: Assets = Liabilities + Shareholders funds

Option 3: Assets = Total funds

Option 4: None of the above