Profit and loss on revaluation is shared among the partners in old profit sharing ratio or new profit sharing ratio..??
pls reply...!!
14 Replies
Santhosh Poojary
(SIEMPRE AHÍ PARA TI)
(15607 Points)
Replied 25 September 2010
Old Profit Sharing Ratio.
Sunshine
(Helping All)
(10575 Points)
Replied 25 September 2010
old ratio....only goodwill is adjusted in gaining or sacrificing ratio....
ReevCA
(Absolute Carnage )
(145 Points)
Replied 25 September 2010
Old profit sharing ratio only.. Becoz the assets and liabilities already exist before the revaluation...
CA. Abhishek K. Pandey
(Manager (Advance))
(901 Points)
Replied 25 September 2010
Yup.........old profit sharing ratio.
CA SURENDRA KUMAR RAKHECHA
(Practising CA at Surat)
(26263 Points)
Replied 26 September 2010
Better if participants can also give their answer - Why Old Ratio ? It will make the concept clear. In professional courses; it is a must. Because specially in CA; questions are not asked straightforward.
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