What will be the share of deceased partner, whose ratio was $\frac{1}{4}$, if the turnover in year of death till the date of death was Rs. 8,00,000 and in previous year was Rs. 20,00,000? Profit in previous year was Rs. 4,00,000

In case of death of a partner, for deceased partner's share of profits for the intervening period (from the closing of last year account till the date of death) in the books of accounts, the following journal entry is recorded:

Profit and Loss Supense A/c Dr.

To Deceased Partner's Capital A/c

Which of the following entry is to be made later to close the Profit and Loss Suspense Account?

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:

From the following options, which one should be deducted in ascertaining the amount due to retiring or deceased partner?

At the time of retirement of a Partner the remaining gaining partners should compensate the ______

Rakesh (an existing partner) has been retired from partnership firm and the amount payable to him after all adjustments, works out to be Rs. 1,80,000 but the remaining partners Param and Qaireshi, agreed to pay him Rs. 2,25,000 in full settlement of his claim. What does this extra ₹45,000 paid to Rakesh represent?

During retirement, the revaluation results in a loss. Which partner(s) should bear the loss?