Lata, Shivangi and Vineeta are partners in a firm sharing profits in the ratio of 5 : 3 : 2. Shivangi retires. After making all adjustments relating to revaluation, goodwill and accumulated profit etc., the capital accounts of Lata and Vineeta showed a credit balance of Rs. 3,20,000 and Rs. 2,40,000 respectively. It was decided to adjust the capitals of Lata and Vineeta in their new profit sharing ratio. What would be the journal entries for bringing in or withdrawal of the necessary amounts involved?

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.

Gaining ratio among remaining partners Preeti and Shershah is

Share of loss of deceased partner, calculated on the basis of previous years profit is

Karan, Neha and Pankaj are partners sharing profits and losses in the ratio of 4 : 3 : 2. Neha retires and goodwill of the firm is valued at Rs. 72,000. Karan and Pankaj decided to share future profits and losses in the ratio of 5 : 3. The journal entry for adjustment of goodwill will be:

On retirement/death of a partner, the remaining partner(s) who have gained due to change in profit sharing ratio should compensate the:

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.