During retirement, the revaluation results in a loss. Which partner(s) should bear the loss?

In case of retirement of a partner from a firm, any lump sum amount paid to a retiring partner in excess of what is due to him, shall be treated as his share of __________.

What will be the sequence of events in case of death of a partner in a partnership firm?

(A) Prepare Deceased Partner's Executor's A/c

(B) Prepare Deceased Partner's Capital A/c

(C) Calculate share of Profit upto date of death for the deceased partner

(D) Revaluation of assests and liabilities

Choose the correct answer from the options given below:

Which account would be debited for being deceased partner's share of loss for the intervening period in the books of account?

Certain sequence is followed at the time of death of a partner and settlement of his account. Arrange them in proper order:

A. Ascertain his/ her adjusted capital, after all adjustments.

B. Opening balance of his/ her capital account.

C. Transfer adjusted amount payable to his /her legal executors.

D. Amount paid to legal executors.

Choose the correct answer from the options given below:

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:

Monu, Sonu and Golu are partners in a firm sharing profits in the ratio of 2 : 2 : 1. Golu died on 5th November 2021. Under the partnership deed, the executors of the deceased partner are entitled to his share of profit to the date of death, calculated on the basis of last year's profit. Profit for the year ended 31st March 2022 was Rs. 3,00,000. Golu's share of profit will be :