CUET Accountancy - On the death of an existing partner, in case the value of a Liability decreases then which account will be debited? | PYQs + Solutions

CUET Accountancy 2025 31 May Shift 1

Partnership

Easy

common

Deceased Partner Capital Account.

Profit and Loss Adjustment Account.

Realisation Account.

Liability Account.

✅ Correct Option: 4

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In the event of the death of a partner, the ratio in which the continuing partners acquire the share from the deceased partner is called .......

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In the absence of any information, it is assumed that the remaining partners acquire the share of profit of the retiring/deceased partner in:

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Arrange the following steps involved in various accounting aspects of retirement/death of a partner in a sequence -

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

(D) Revaluation of assets and liabilities

Choose the correct answer from the options given below:

CUET Accountancy 2025 31 May Shift 1 PYQs