Partnership

Retirement/Death

Easy

common

Which of the following item is deducted for a sum due to a legal representative of a deceased partner?

Credit balance of his/her capital account

His/her drawings upto the date of his death

Credit balance of his/her current account

His/her share in the gain of revaluation of assets and liabilities

✅ Correct Option: 2

The executor's claim is built by adding credit balances of capital and current accounts, share of goodwill, reserves, revaluation gain and profit till death. Drawings represent amounts already withdrawn by the deceased partner and are therefore deducted, along with interest on drawings and any losses.

2026: 23 May Shift 2

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.

2025: 22 May Shift 2

Naveen, Suresh and Tarun are partners sharing profits and losses in the ratio of 5:3:2. Tarun retires from the firm and his share was taken over by Naveen and suresh in the ratio 2:1. In such a case, the new profit sharing ratio will be:

2023: 11 June Shift 3

From the information provided in the case study, calculate Sonam's sacrifice or gain :

2026: 20 May Shift 1

Balance Sheet of A, B & C as on 31st March, 2025

Liabilities	Amount	Assets	Amount
Creditors	11,000	Buildings	20,000
Reserve Fund	6,000	Machinery	30,000
A Capital 30,000		Stock	10,000
B Capital 25,000		Patents	11,000
C Capital 15,000	70,000	Debtors	8,000
		Cash	8,000
Total	87,000	Total	87,000

C retires and following revaluations took place.

Patents be valued at Rs.8,000; Machinery at Rs.28,000; and Buildings at Rs.25,000.

Find Revaluation Profit/Loss

2025: 30 May Shift 2

Keshav, Nirmal and Pankaj are partners sharing profits and losses in the ratio of 4 : 3 : 2. Nirmal retires and the goodwill is valued at Rs. 72,000. Keshav and Pankaj decided to share future profits and losses in the ratio of 5 : 3. Gaining Ratio of Keshav and Pankaj is:

2025: 16 May Shift 1

If nothing is mentioned, the amount due to retiring partner is transferred to _______.

Which of the following item is deducted for a sum due to a legal representative of a deceased partner?

Solution

Related questions:

Keyboard Shortcuts

CUET Accountancy Past Year Questions (Topic-Wise)