CUET Accountancy - A, B and C are partners in a firm sharing profits in the ratio 7:4:4. B retires and on the day of his retirement Goodwill existed in the books at 30,000. B's Capital A/c will be debited by | PYQs + Solutions

CUET Accountancy 2022 15 July Shift 2

Partnership

Medium

Nil

Rs. 2000

Rs. 8000

Rs. 14,000

✅ Correct Option: 3

Related questions:

20 Aug Shift 2

If X share of profit was to be calculated on the basis of Average Profit of the last three years, which were Rs. 1,36,000 for 2018-19, Rs. 1,54,000 for 2019-20 and Rs. 1,00,000 for 2020-21. X share of profit for the period from April 01, 2020 to June 30, 2020 shall be calculated on the basis of Average Profit. The profit sharing ration is 4 : 5 : 1 between X, Y and Z.

His share of profit will be:

31 May Shift 1

At the time of retirement of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:

3 June Shift 1

Steps involved in accounting treatment at the time of death/retirement of a partner -

(A) Adjustment of capital, if required

(B) Preparation of revaluation account, if required

(D) Settlement of the amounts due to retired / deceased partner

Choose the correct answer from the options given below:

CUET Accountancy 2022 15 July Shift 2 PYQs

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