At the time of retirement undistributed profit (Profit & Loss account) and General Reserve must be transferred to:

a.

Both Revaluation & Capital account of partners

b.

None of these are correct.

c.

Revaluation account

d.

Partners Capital account

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The image signifies which of the following advantage of partnership business:

a.

Flexible working and cover for holidays and illness

b.

Decreased capital

c.

Increased knowledge and specialist skills

d.

Shared risk