Shweta, Shreya and Shaniya were partners sharing profits in the ratio of 3 : 2 : 1. Shaniya retired from the firm and her capital, after making adjustments for reserves and gain of revaluation amounted to Rs. 4,50,000. Shaniya took 25% of the furniture, accepted bill of exchange for Rs. 52,000. Finally Rs. 2,75,000 was transferred to her loan account. The total value of furniture was :

Question

Option 1: Rs. 2,58,000

Option 2: Rs. 3,60,000

Option 3: Rs. 3,68,000

Option 4: Rs. 4,92,000

AfterBoards · Accepted Answer

The answer is 'Rs. 4,92,000'. View full solution:

List-I	List-II
(A) Gaining Ratio	(I) An advantage of good name, reputation and wide business connections.
(B) New Profit Sharing Ratio	(II) The ratio in which the continuing partners have acquired the share from the retiring/deceased partner
(C) Sacrificing Ratio	(III) The ratio in which the remaining partners will share future profits after the retirement or death of any partner
(D) Goodwill	(IV) The ratio in which the old partners agree to sacrifice their share of profit in favour of the incoming partner

CUET Accountancy 2023 28 May Shift 1 PYQs

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