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

Choose the correct combination related to death of a partner:

(A) In case of death of a partner his claim is transferred to his executors.

(B) Deceased partner's share of profit may be calculated on the basis of last year's profit or on the basis of sales.

(C) Deceased partner's share of general reserve shall be calculated till the date of his death only.

(D) Deceased partner's claim shall include his interest on capital, interest on drawings (if any) till the date of his death.

A, B and C are partners in a firm sharing profits in the ratio of 3:2:1. B retired and the value of goodwill of the firm in valued at Rs. 60,000. A and C continued the business sharing profits in the ratio of 3:1. B's share of goodwill adjusted between A and C will be:

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, arrange the following accounts in the correct sequence.

(A) Partners' Current A/c

(B) Revaluation A/c

(C) Balance Sheet

(D) Partners' Capital A/c

Choose the correct answer from the options given below:

At the time of retirement of a partner, accumulated Profits or Losses are available. To whom these accumulated profits or losses belong to ?

Ram, Karan and Shyam are partners. On retirement of Ram, the goodwill already appears in the Balance Sheet at Rs. 32,000. The goodwill will be written-off.