At the time of retirement of Mahesh, value of stock is given as Rs 60,000 in the balance sheet of the firm. Pass a journal entry when stock is found undervalued by Rs 15,000.

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

At the time of retirement of a partner, the difference between the Old Profit Sharing Ratio and the New Profit Sharing Ratio is a negative outcome for a remaining partner. It indicates that :-

On the Death of a Partner, which account is debited for his/her share of profit for the intervening period, i.e., the period from date of the last balance sheet till the date of the partner's death:

The sum due to the retiring partner in case of retirement and to the legal representatives/ executors in case of death includes:

A. His share of goodwill

B. Credit balance of his current account

C. Salary/commission, if any

D. Provision for doubtful debts

Choose the correct answer from the options given below:

A, B and C are partners sharing profits in the ratio of 4 : 3 : 3. After all adjustments, on A's retirement with respect to general reserve, goodwill and revaluation etc., the balances in their capital accounts stood at Rs. 70,000, Rs. 60,000 and Rs. 50,000 respectively. It was decided that the amount payable to A would be brought by B and C in such a way as to make their capitals proportionate to their profit sharing ratio. After A's retirement, the new profit sharing ratio between B and C is 1 : 1. Calculate the amount to be brought by B and C respectively.

Aditya, Biral and Mukul are partners in a firm. On the date of retirement of Mukul, Rs. 6,00,000 becomes due to him. Aditya and Biral promised to pay him the amount due. Payment is made in three yearly installments of Rs. 2,00,000 each including interest @ 12% p.a. on the outstanding balance during the first three years and the balance including interest in the fourth year. Opening balance of Mukul's loan account in the beginning of second year, third year, and fourth year would be: