Gaining Ratio is not calculated at the........

The correct answer is option 1- Admission of a partner.

Gaining Ratio is not calculated at the Admission of a partner.

At the time of  Admission of a partner, sacrificing ratio is calculated. The existing partners decide how the profits will be shared in the future. The sacrificing ratio is calculated to determine how much profit the old partners are giving up for the new partner. The ratio in which the old partners agree to sacrifice their share of profit in favour of the incoming partner is called sacrificing ratio.