Write a word/phrase/term which can substitute each of the following st

1.	Write a word/phrase/term which can substitute each of the following statements.i. The account is credited when goodwill is withdrawn by old partners.ii. Profit and Loss Account appearing on the Asset side of a balance sheet.iii. The account is opened to record the gains and losses on revaluation.iv. Change in the relationship between the partners.v. An account is credited when a new partner brings cash for his share of goodwill.
Answer» i. Cash/Bank Account ii. Undistributed Loss iii. Profit and Loss Adjustment Account iv. Reconstitution of a Partnership v. Goodwill A/c

Write a word/phrase/term which can substitute each of the following statements.i. The account is credited when goodwill is withdrawn by old partners.ii. Profit and Loss Account appearing on the Asset side of a balance sheet.iii. The account is opened to record the gains and losses on revaluation.iv. Change in the relationship between the partners.v. An account is credited when a new partner brings cash for his share of goodwill.

Answer»

i. Cash/Bank Account

ii. Undistributed Loss

iii. Profit and Loss Adjustment Account

iv. Reconstitution of a Partnership

v. Goodwill A/c