In the absence of any information regarding acquisition of share of the retiring partner by the remaining partners, it is assumed that the share will be acquired in the..............
Answer & explanation
Correct answer: option 1
The correct answer is option 1- Old Profit Sharing Ratio.
In the absence of any information regarding profit sharing ratio in which the remaining partners acquire the share of retiring/deceased partner, it is assumed that they will acquire it in the old profit sharing ratio.