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CUET Accountancy 2025 PYQs30 May Shift 2. Free, no login required.

Partnership

past year questions, CUET Accountancy 2025 30 May Shift 2

Retirement/Death

past year questions, Partnership, CUET Accountancy 2025 30 May Shift 2

Medium

common

Keshav, Nirmal and Pankaj are partners sharing profits and losses in the ratio of 4 : 3 : 2. Nirmal retires and the goodwill is valued at Rs. 72,000. Keshav and Pankaj decided to share future profits and losses in the ratio of 5 : 3. Gaining Ratio of Keshav and Pankaj is:

Solution

✅ Correct Option: 1

Old Profit Sharing Ratio:

Keshav : Nirmal : Pankaj = 4 : 3 : 2

Keshav's old share = 49\frac{4}{9}

Pankaj's old share = 29\frac{2}{9}

New Profit Sharing Ratio (after Nirmal's retirement):

Keshav : Pankaj = 5 : 3

Keshav's new share = 58\frac{5}{8}

Pankaj's new share = 38\frac{3}{8}

Gaining Ratio = New Share - Old Share

Keshav's gain = 58−49\frac{5}{8} - \frac{4}{9}

Converting to common denominator (LCM of 8 and 9 = 72):

= 4572−3272=1372\frac{45}{72} - \frac{32}{72} = \frac{13}{72}

Pankaj's gain = 38−29\frac{3}{8} - \frac{2}{9}

= 2772−1672=1172\frac{27}{72} - \frac{16}{72} = \frac{11}{72}

Gaining Ratio = 1372:1172\frac{13}{72} : \frac{11}{72} = 13 : 11 = 13/24 : 11/24

The gaining ratio represents the share in which Keshav and Pankaj acquire Nirmal's share. Since their combined gain must equal Nirmal's share of 39\frac{3}{9}, we express it as parts of the total: Keshav gains 13 out of 24 parts and Pankaj gains 11 out of 24 parts.

Related questions:

2025: 22 May Shift 1

G, H and P are partners. On retirement of G, the goodwill already appears in the Balance Sheet at Rs. 24,000. The goodwill will be written-off

2026: 29 May Shift 1

Which of the following item is deducted for a sum due to a legal representative of a deceased partner?

2023: 28 May Shift 1

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 :

2025: 30 May Shift 1

In the absence of any information regarding the acquisition of share in profit of the retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share in:

2023: 11 June Shift 3

Using the information given in the case study, calculate Deepali's amount of sacrifice or gain in Goodwill.

2025: 15 May Shift 1

The sum due to the retiring partner includes :

(A) His share of profits up to the date of retirement.

(B) His share of goodwill;

(C) His share of accumulated profits ;

(D) His share in the gain of revaluation of assets and liabilities;

Choose the correct answer from the options given below:

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