Partnership

Retirement/Death

Medium

common

" A creditor of Rs. 100 is not likely to claim his money and is to be written off (creditors of 99,000 were appearing in the balance sheet) at the time of death of a partner"

Journal entry for this would be :

Revaluation A/c Dr 100

To Sundry Creditors A/c 100

Sundry Creditors A/c Dr. 98,900

To Revaluation A/c 98,900

Sundry Creditors A/c Dr. 100

To Revaluation A/c 100

Sundry Creditors A/c Dr. 99,100

To Revaluation A/c 99,100

✅ Correct Option: 3

A liability no longer payable is written back as a gain on revaluation. Only the creditor of 100 is written off, so Sundry Creditors A/c is debited by 100 and Revaluation A/c credited by 100. The balance of creditors remains untouched, so the 99,000 figure is only contextual.

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:

2026: 11 May Shift 2

On retirement/death of a partner, the remaining partner(s) who have gained due to change in profit sharing ratio should compensate the:

2022: 15 July Shift 2

A, B and C are partners in a firm sharing profits in the ratio 7:4:4. B retires and on the day of his retirement Goodwill existed in the books at 30,000. B's Capital A/c will be debited by

2025: 22 May Shift 2

Match List-I with List-II

At the time of retirement following Transactions took place. Chose the correct treatment

List-I	List-II
(Particulars )	(Treatment )
(A) Asset taken over by the partner	(I) Debit side of Revaluation A/C
(B) Increase in Assets	(II) Written off amongst old partners in old ratio
(C) Unrecorded Liability	(III) Debit side of Partners Capital A/C
(D) Goodwill Appearing in books	(IV) Credit side of Revaluation A/C

Choose the correct answer from the options given below:

2022: 30 Aug Shift 2

Rani, Sandhya and Kangana are partners sharing profits in the ratio of 4:3:2 Rani retires. Sandhya and Kangana decided to share profits in future in the ratio of 5:3. Gaining ratio of Sandhya and Kangana will be

2025: 31 May Shift 1

On the death of an existing partner, in case the value of a Liability decreases then which account will be debited?

" A creditor of Rs. 100 is not likely to claim his money and is to be written off (creditors of 99,000 were appearing in the balance sheet) at the time of death of a partner" Journal entry for this would be :

Solution

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CUET Accountancy Past Year Questions (Topic-Wise)

" A creditor of Rs. 100 is not likely to claim his money and is to be written off (creditors of 99,000 were appearing in the balance sheet) at the time of death of a partner"

Journal entry for this would be :