On retirement/death of a partner, the remaining partners who have gained due to change in profit sharing ratio should compensate the :

Naveen, Suresh and Tarun are partners sharing profits and losses in the ratio of 5:3:2. Suresh retires from the firm and his share was acquired by Naveen and Tarun in the ratio 2:1. The new profit sharing ratio is

The major difference between Retirement and Death is

On retirement/death of a partner, the retiring/deceased partner's capital account will be credited with:

What will be the sequence of events in case of death of a partner in a partnership firm?

(A) Prepare Deceased Partner's Executor's A/c

(B) Prepare Deceased Partner's Capital A/c

(C) Calculate share of Profit upto date of death for the deceased partner

(D) Revaluation of assests and liabilities

Choose the correct answer from the options given below:

Akash, Bhupesh, and Charan are partners in a firm sharing profits in the ratio of 3:2:1. Bhupesh retired and goodwill of the firm was valued at Rs. 60,000. Akash and Charan continue the business, sharing profits in the ratio of 3:1. What will be the journal entry for adjustment of goodwill in this case?

Steps involved in various accounting aspects of retirement or death of a partner -

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

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

(C) Adjustment of capital, if required

(D) Revaluation of assets and liabilities

Choose the correct answer from the options given below: