CUET Accountancy - On R's retirement, the amount payable to him after all adjustments, work out to be Rs. 60,000 but the remaining partners P and Q agreed to pay him Rs. 75,000 in full settlement of his claim. Identify the term which represent Rs. 15,000 extra, that is paid to R. | PYQs + Solutions

CUET Accountancy 2023 29 May Shift 2

Partnership

Easy

Share in Profits

Hidden Goodwill

Interest on his Capital

Compensation for Past work

✅ Correct Option: 2

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.

29 May Shift 2

A, B, and C are partners with equal profit sharing ratio. Their fixed capitals are Rs. 30,000, Rs. 25,000 and Rs. 30,000 respectively. C decided to take retirement. A and B decided to continue the partnership firm and change their profit sharing ratio into Capital Ratio. What is the gaining Ratio of A and B?

15 May Shift 1

Various accounting aspects involved on death of a partner are as follows:

(A) Adjustment in respect of unrecorded assets and liabilities

(B) Treatment of goodwill

(D) Preparation of Executor's loan A/c

Choose the correct answer from the options given below:

CUET Accountancy 2023 29 May Shift 2 PYQs

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