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:

Puja, Priya, Pratistha are partners sharing profits and losses in the ratio of 5 : 3 : 2. Priya retires. Her share is taken by Puja and Pratistha equally. Calculate the gaining ratio.

The sum due to the retiring partner includes:

A. His share of accumulated profits

B. Amount due to the third party

C. His share of goodwill

D. Credit balance of his capital account

Choose the correct answer from the options given below:

Match List-I with List-II

Choose the correct answer from the options given below:

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

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

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

Choose the correct answer from the options given below:

In the absence of any information regarding the acquisition of share in profits of the retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share in________.

Amitabh, Deepika and Lara are partners in a firm sharing profits in the ratio of 3:2:1. Deepika retires. After making all adjustments relating to revaluation, goodwill and accumulated profit etc., the capital accounts of Amitabh and Lara showed a credit balance of Rs. 1,60,000 and Rs. 80,000 respectively. It was decided to adjust the capitals of Amitabh and Lara in their new profit sharing ratio. Calculate the actual cash to be paid off or to be brought in by the continuing partners.