Partnership

Retirement/Death

Medium

common

A, B, and C were in partnership, sharing profits in the ratio of 3:2:1 respectively, B retires and the new profit sharing ratio between A and C is 3:2 . The gaining ratio is .

3:7.

7:3

3:2.

2:3.

✅ Correct Option: 1

Old Profit Sharing Ratio: A:B:C = 3:2:1

Converting to fractions:

A's old share = $\frac{3}{6}$ = $\frac{1}{2}$
B's old share = $\frac{2}{6}$ = $\frac{1}{3}$
C's old share = $\frac{1}{6}$

New Profit Sharing Ratio (after B retires): A:C = 3:2

Converting to fractions:

A's new share = $\frac{3}{5}$
C's new share = $\frac{2}{5}$

Calculating Gain for each partner:

Gain = New share - Old share

A's gain = $\frac{3}{5}$ - $\frac{1}{2}$ = $\frac{6}{10}$ - $\frac{5}{10}$ = $\frac{1}{10}$

C's gain = $\frac{2}{5}$ - $\frac{1}{6}$ = $\frac{12}{30}$ - $\frac{5}{30}$ = $\frac{7}{30}$

Gaining Ratio:

A:C = $\frac{1}{10}$ : $\frac{7}{30}$

Multiplying both sides by 30 to remove fractions:

A:C = 3 : 7

Correct Option: 1

2022: 8 Aug Shift 2

X, Y and Z are partners in the ratio of $\frac{1}{2}:\frac{2}{5}:\frac{1}{10}$ . What will be the new ratio of the remaining partner if X retires?

2025: 4 June Shift 2

In case of retirement, the profit and loss suspense account is closed by transferring the amount to the _________.

2025: 24 May Shift 1

When the deceased partner's share in the estimated loss is calculated for a period from the date of the latest Balance Sheet to the date of death of the partner, then :

2026: 29 May Shift 2

Sonu, Monu and Gopal are partners in a firm sharing profits and losses in the ratio of 3:2:1. Balance sheet shows workmen compensation reserve of Rs. 48,000. On retirement of Sonu, liability for workmen compensation reserve Rs. 24,000 is to be accounted. What amount of workmen compensation reserve is to be shown in the balance sheet of the reconstituted firm?

2026: 12 May Shift 1

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?

Particulars	Dr. Amount	Cr. Amount
Akash's Capital A/c Dr.	15,000
Charan's Capital A/c Dr.	5,000
To Bhupesh's Capital A/c		20,000

Date	Particulars	L.F.	Dr. Amount	Cr. Amount
	Goodwill A/c Dr.		20,000
	To Bhupesh's Capital A/c			20,000

Particulars	Dr. Amount	Cr. Amount
Bhupesh's Capital A/c Dr.	20,000
To Akash's Capital A/c		15,000
To Charan's Capital A/c		5,000

Date	Particulars	L.F.	Dr. Amount	Cr. Amount
	Bhupesh's Capital A/c Dr.		20,000
	To Goodwill A/c			20,000

2025: 31 May Shift 1

Murli, Naveen and Omprakesh are partners sharing profits in the ratio of 3 /8 , 1/2 and 1/8 . Murli retires and surrenders 2/3rd of his share in favour of Naveen and the remaining share in favour of Omprakesh. The gaining ratio of the remaining partners is-

A, B, and C were in partnership, sharing profits in the ratio of 3:2:1 respectively, B retires and the new profit sharing ratio between A and C is 3:2 . The gaining ratio is .

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