CUET Accountancy - A, B and C are partners sharing profits in the ratio of 3:2:1. C died on 1st July, 2023. On this date, final accounts were prepared to ascertain profits for the period. It resulted in a profit of ₹ 1,75,000 to the firm. To give effect to the above: | PYQs + Solutions

CUET Accountancy

Partnership

Easy

Profit and Loss Account will be debited

Profit and Loss Appropriation Account will be debited

Profit and Loss Account will be credited

Profit and Loss Appropriation Account will be credited

✅ Correct Option: 2

Related questions:

15 May Shift 1

Asha, Deepa and Lata are partners in a firm sharing profits in the ratio of 3 : 2 : 1. Deepa retires. After making all adjustments relating to revaluation, goodwill, Payment to Deepa and accumulated profit etc., the capital accounts of Asha and Lata showed a credit balance of Rs. 1,60,000 and Rs. 80,000 respectively. It was decided to adjust the capitals of Asha and Lata in their new profit sharing ratio. You are required to calculate the new capitals of the partners i.e Asha and Lata.

3 June Shift 2

Rohan, Bharti and Leela are partners. On the retirement of Rohan, the goodwill already appears in the balance sheet at Rs. 24,000. The goodwill will be written-off:

13 May Shift 1

Steps involved in accounting treatment at the time of death of a partner -

(A) Preparation of deceased partner's capital account

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

(D) Settlement by making payment to deceased partner's executor.

Choose the correct answer from the options given below:

CUET Accountancy PYQs

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