CUET Preparation Today
| At the time of retirement of a partner "Loss on Revaluation" is debited to which account? |
Only to the Capital account of the retiring partner. To the Capital account of all the partners in their old profit sharing ratio. To the Capital account of remaining partners in their new profit sharing ratio. To the Capital accounts of remaining partners in their old profit sharing ratio. |
| To the Capital account of all the partners in their old profit sharing ratio. |
| Since Loss is incurred for the period when retiring partner was also a partner of the firm, therefore, loss on revaluation will be debited to capital accounts of all the partners in their old profit sharing ratio. |
