On the death of a partner, his share of loss in the firm till the date of his death is transferred to:

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 _____

In case of retirement or death of a partner, all accumulated profit and losses are transferred in capital account of partners in the:

Lisa, Monika and Nisha are partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their capital A/c stood as Rs. 50,000, Rs. 50,000 and Rs. 25,000 respectively. Monika died and balance in the reserve on that date was Rs. 15,000. If goodwill of the firm is Rs. 30,000 and profit on revaluation is Rs. 7,050. What amount will be transferred to Monika's Executors Account ?

In case at the time of retirement of Kabir, his share of goodwill is valued at Rs 15,000, then what will be the total value of firm valued goodwill on his retirement?

Steps involved in accounting treatment at the time of death of a partner -

(A) Preparation of deceased partner's capital account

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

(C) Preparation of revaluation account, if required

(D) Settlement by making payment to deceased partner's executor.

Choose the correct answer from the options given below:

Arrange the following steps in correct sequence in case of retirement of a partner:

(A) Adjustment of Capital, if required

(B) Ascertain new profit sharing ratio and gaining ratio

(C) Distribution of Revaluation/Accumulated profits and losses

(D) Undertake revaluation of assets and liabilities

Choose the correct answer from the options given below: