Match the LIST-I with LIST-II

LIST-I		LIST-II
A. Preparation of Profit & Loss Suspense A/c	I.	Admission of a partner
B. When firm requires additional capital or managerial help or both for the expansion of its business	II.	Change in the existing agreement
C. This happens on account of a change in the existing partners' role in the firm.	III.	Retirement of an existing partner
D. It means withdrawal by a partner from the business of the firm which may be due to his bad health, old age or change in business interests.	IV.	Death of a partner

Choose the correct answer from the options given below:

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 share of profit will be .

Steps involved in various accounting aspects of retirement or death of a partner -

(A) Settlement of the amounts due to retired/deceased partner

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

(C) Adjustment of capital, if required

(D) Revaluation of assets and liabilities

Choose the correct answer from the options given below:

K, N and P are partners sharing profits and losses in the ratio of 4 : 3 : 2. N retires and the goodwill is valued at Rs. 72,000. K and P decided to share future profits and losses in the ratio of 5 : 3. Identify the correct journal entry in this scenario.

Anjana, Bandana and Chandana are partners in a firm. They share profit and loss of the firm equally. Bandana died and his share is acquired by Anjana and Chandana in the ratio of 1:1. New profit sharing ratio between Anjana and Chandana would be :-

A, B and C are partners in a firm sharing profits in the ratio of 3:2:1. Firm is maintaining fixed capital accounts. B retired and the value of goodwill of the firm is valued at Rs. 1,80,000.

The journal entry for adjustment of goodwill will be :

Which of the following statement is true ?