In the absence of any information regarding the acquisition of share in the profit of retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share in the:

On the retirement of an existing partner, an increase in the value of a liability will be credited to :-

Anil, Bhanu and Chandu were partners in a firm sharing profits in the ratio of 5:3:2. Anil died on May 1, 2025. Half of the amount due to Anil is paid immediately. Choose the correct order of the following entries/ adjustments in the books of account:

(A) Pay half of the amount due to Anil's executor.

(B) Pay remaining half of the amount due with interest to Anil's executor in the next year.

(C) Preparation of Balance Sheet as on March 31, 2025

(D) Provide for interest on capital and share of profit/loss till the date of death.

Choose the correct sequence of above adjustments from the options given below:

Arun, Bijay and Harish are partners in a firm sharing profits in the ratios of 8:5:3. It is felt that Bijay will no more be able to actively participate in the affairs of the firm. Hence, with effect from April 1, 2025, they decided that, in future they will share the profits in the ratio of 2:1:2. Bijay will:

What is not included in the sum due to the retiring partner?

Lalit, Pankaj and Rahul are partners sharing profits in the ratio of 4 : 3 : 3. After all adjustments, on Lalit's retirement with respect to general reserve, goodwill and revaluation etc., the balances in their capital accounts stood at Rs. 70,000, Rs. 60,000 and Rs. 50,000 respectively. It was decided that the amount payable to Lalit will be brought by Pankaj and Rahul in such a way as to make their capitals proportionate to their profit sharing ratio. After Lalit's retirement, the new profit sharing ratio between Pankaj and Rahul is 1:1. New Capital of the firm will be-

When the deceased partner's share in the estimated loss is calculated for a period from the date of the latest Balance Sheet to the date of death of the partner, then :