A, B and C were partners sharing profits and losses in the ratio of 3 : 2 : 1. C died on 1st August, 2022 and his share of profit from the begining of the accounting year upto the date of death amounted to Rs. 70,000. C's share of profit will be debited to :

In the absence of any information, it is assumed that the remaining partners acquire the share of profit of the retiring/deceased partner in:

Naveen, Suresh and Tarun are partners sharing profits and losses in the ratio of 5:3:2. Tarun retires from the firm and his share was taken over by Naveen and suresh in the ratio 2:1. In such a case, the new share of profit will be .

Gobind, Hari and Pratap are partners. On retirement of Gobind, the goodwill already appears in the Balance Sheet at Rs. 24,000. The goodwill will be written-off -

Lata, Shivangi and Vineeta are partners in a firm sharing profits in the ratio of 5 : 3 : 2. Shivangi retires. After making all adjustments relating to revaluation, goodwill and accumulated profit etc., the capital accounts of Lata and Vineeta showed a credit balance of Rs. 3,20,000 and Rs. 2,40,000 respectively. It was decided to adjust the capitals of Lata and Vineeta in their new profit sharing ratio. What would be the journal entries for bringing in or withdrawal of the necessary amounts involved?

The sum due to the retiring partner in case of retirement and to the legal representatives/ executors in case of death includes:

A. His share of goodwill

B. Credit balance of his current account

C. Salary/commission, if any

D. Provision for doubtful debts

Choose the correct answer from the options given below:

An existing partner of a firm passed away/died during the financial year. His share in estimated trading profits for the intervening period will be transferred to :