Lata, Richa and Madhuri are partners sharing profits in the ratio of 5:3:2. Richa retires. Lata and Madhuri decide to share the profits of the new firm in the ratio of 3:2. Calculate the gaining ratio of Lata and Madhuri.

In the case of a death of a partner in a partnership firm, the share of profit of the deceased partner is calculated on the basis of:

Identify the correct sequence to be followed at the time of Retirement of a Partner :

(A) New Balance Sheet after Retirement

(B) Transferring balance to Retiring partner's Loan Account

(C) Calculation Gaining/Sacrificing Ratio

(D) Partners' Capital Account

(E) Preparation of Revaluation Account

Choose the correct answer from the options given below :

Amit, Dinesh and Gagan are partners sharing profits in the ratio of 5:3:2 Dinesh retires, Amit and Gagan decide to share the profits of the new firm in the ratio of 3:2. The Gaining ratio between Amit and Gagan will be:-

On retirement of a partner, the retiring partner's capital account will be credited with _____

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 :

Steps involved in various accounting aspects of retirement or death of a partner -

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

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

(C) Adjustment of capital, if required

(D) Revaluation of assets and liabilities

Choose the correct answer from the options given below: