A and B are partners sharing profits 3:2. C is admitted for 1/5th share, which he acquires equally from A and B. The new profit-sharing ratio is: MCQ with Answer and Explanation

Explanation:
If the firm cannot pay cash immediately, the retiring partner's dues are transferred to a Loan Account, carrying an interest of 6% p.a.

Explanation:
Extraordinary items are unusual and infrequent, e.g., loss from natural disaster, expropriation.

Explanation:
The Gross Profit Ratio is indeed (Gross Profit / Net Sales) x 100. A higher ratio indicates that the cost of goods sold is lower relative to sales, implying better operational efficiency and cost control. Both are correct.