A and B are partners sharing profit in the ratio of 3:2. They admit C as a partner by giving him 1/3rd share in future profits. The new ratio will be:

a.

5:5:12

b.

None of these

c.

12:8:5

d.

8:12:5

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When a new partner is admitted, the balance of General Reserve appearing In the Balance sheet at the time of admission is credited to:

a.

Revaluation account

b.

Capital accounts of all the partners

c.

Capital accounts of old partners

d.

Profit & Loss appropriation account