Partnership

Retirement/Death

Medium

common

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-

3:1

2:1

2:3

3:4

✅ Correct Option: 2

Initial profit sharing ratio of Murli, Naveen and Omprakesh = 3/8 : 1/2 : 1/8

Converting to common denominator (8):

= 3/8 : 4/8 : 1/8 = 3 : 4 : 1

When Murli retires, his share (3/8) is distributed as follows:

Naveen gains = $\frac{2}{3}$ of Murli's share = $\frac{2}{3} \times \frac{3}{8} = \frac{6}{24} = \frac{1}{4}$

Omprakesh gains = $\frac{1}{3}$ of Murli's share = $\frac{1}{3} \times \frac{3}{8} = \frac{3}{24} = \frac{1}{8}$

Gaining Ratio = Share gained by Naveen : Share gained by Omprakesh

= $\frac{1}{4} : \frac{1}{8}$

= $\frac{2}{8} : \frac{1}{8}$

= 2 : 1

The correct answer is Option 2: 2:1

2026: 29 May Shift 2

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 _____

2026: 21 May Shift 2

Match the LIST-I with LIST-II

LIST-I		LIST-II
A.	Profit and loss Suspense A/c	I. Admission or Retirement of a partner
B.	The outgoing partner has an option to receive either interest @ 6% p.a. till the date of payment or such share of profits which has been earned with his/her money (i.e. based on capital ratio)	II. Hidden Goodwill
C.	Revaluation A/c	III. Section 37 of the Indian Partnership Act 1932
D.	It has to be inferred from the arrangement of the capital and profit sharing ratio	IV. Death of a partner

Choose the correct answer from the options given below:

2026: 19 May Shift 1

ABC Ltd. is a firm with Amit, Ankit and Arjit as partners. The profit sharing ratio is 1:1:1. Ankit retires in the middle of the year from the firm, which of the following amount will not be considered in calculation of amount due to Ankit ?

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

2025: 3 June Shift 1

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

(A) Adjustment of capital, if required

(B) Preparation of revaluation account, if required

(D) Settlement of the amounts due to retired / deceased partner

Choose the correct answer from the options given below:

2026: 19 May Shift 1

Which of the following statements are correct ?

(A) Retirement of a partner does not results into reconstitution of a firm.

(B) If the amount of any asset is understated, then the change, will be shown on the debit side of revaluation account.

(D) Revaluation of asset is necessary because present value of assets may be different from book value.

Choose the Correct Combinations :

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-

Solution

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