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:

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

The amount of interest payable at the end of fourth year will be

When a Partner dies in the Middle of the Year, which accounting adjustment / calculation is not done for the intervening period?

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

Consider the following and select the correct statements

(A) The ratio in which the continuing partners acquire the outgoing partner's share is called the Gaining Ratio.

(B) The ratio in which the continuing partners acquire the outgoing partner's share is called the Sacrificing Ratio.

(C) In the event of the death of a partner, the amount of general reserve is transferred to partners' capital accounts in the new profit sharing ratio.

(D) On the admission of a new partner, the old partnership is dissolved.

Choose a pair of correct statements from the given options below.

Sonu, Monu and Gopal are partners in a firm sharing profits and losses in the ratio of 3:2:1. Balance sheet shows workmen compensation reserve of Rs. 48,000. On retirement of Sonu, liability for workmen compensation reserve Rs. 24,000 is to be accounted. What amount of workmen compensation reserve is to be shown in the balance sheet of the reconstituted firm?