Match the following: List-I List-II a. Admission 1. Gaining ratio b. Retirement 2. Equal ratio c. Revaluation 3. Sacrificing ratio d. No partnership deed 4. Old ratio

The correct answer is: D. a-3, b-1, c-4, d-2

List-I List-II
a. Admission 3. Sacrificing ratio
b. Retirement 1. Gaining ratio
c. Revaluation 4. Old ratio
d. No partnership deed 2. Equal ratio

Explanation

• Admission: When a new partner is admitted into a partnership, the existing partners have to sacrifice a part of their profit share. The ratio in which the existing partners sacrifice their profit share is called the sacrificing ratio.
• Retirement: When a partner retires from a partnership, the remaining partners have to share the profit share of the retiring partner in the new ratio. The ratio in which the remaining partners share the profit share of the retiring partner is called the gaining ratio.
• Revaluation: When the assets and liabilities of a partnership are revalued, the profit or loss on revaluation is shared by the partners in the old ratio.
• No partnership deed: If there is no partnership deed, the partners are said to be in a partnership at will. In a partnership at will, the partners can enter or exit the partnership at any time without any notice.

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