Manoj, Suresh and Vaibhav were partners in a firm sharing profits in the ratio of 5:1:4. Vaibhav decides to retire on June 30, 2025. Profit share of Vaibhav till the date of his retirement is to be calculated on the basis of firm's last year profit which is Rs. 1,00,000. The new profit sharing ratio is 1:1. Vaibhav's share of profit for the period from April 01 to June 30, 2025 will be:

Gaining share of Continuing Partner =

At the time of retirement of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:

A, B and C are partners with profit sharing ratio of 2:1 respectively. C died on 1 oct 2021. Journal entry to be passed to give C his share of profit immediately will be:-

Which of the following statement is true ?

In the case of retirement of a partner, the item to be deducted from partner's capital account is.

The ratio in which the continuing partners have acquired the share from the deceased partner is known as .......