CUET Accountancy - Which of the following statement is true ? | PYQs + Solutions

CUET Accountancy 2022 23 Aug Shift 2

Partnership

Medium

Decreased partner is not given share in profit if he dies in mid of the year as he has not rendered services for the entire year.

The amount payable to decreased partner is transferred to his Loan A/c.

The balance amount in decreased Partner's Capital is credited to his Executor's A/c.

The decreased partner's share in profit is calculated on the basis of turnover method only.

✅ Correct Option: 3

Related questions:

13 May Shift 2

The sum due to the retiring partner and to the legal representatives/executors (in case of death) includes the following, in addition to credit balance of his capital/current A/c, share of goodwill, gain on revaluation of assets and liabilities.

27 May Shift 1

Arrange the various accounting aspects involved on retirement or death of a partner-

(A) Ascertainment of share of profit or loss up to the date of retirement/death

(B) Ascertainment of new profit sharing ratio and gaining ratio

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

Choose the correct answer from the options given below:

(B), (C), (D), (A)
(B), (C), (A), (D)
(B), (A), (D), (C)
(C), (B), (D), (A)

14 May Shift 2

Kumar, Lakshya, Manoj and Naresh are partners sharing profits in the ratio of 3 : 2 : 1 : 4. Kumar retires and his share is acquired by Lakshya and Manoj in the ratio of 3:2. The gaining ratio of the remaining partners is .....?

CUET Accountancy 2022 23 Aug Shift 2 PYQs

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