A, B and C are partners sharing profits in the ratio 2:2:1. B retires from the firm. After making all adjustments relating to revaluation, goodwill and accumulated profit etc., the capital account of A, B and C showed a credit balance of ₹60,000; ₹70,000; and ₹50,000 respectively. It was decided that the amount payable to B will be brought by A and C in such a way as to make their capitals proportionate to their profit sharing ratio. Calculate the amount to be brought in by A and C.

Arrange the following steps in correct sequence in case of retirement of a partner:

(A) Adjustment of Capital, if required

(B) Ascertain new profit sharing ratio and gaining ratio

(C) Distribution of Revaluation/Accumulated profits and losses

(D) Undertake revaluation of assets and liabilities

Choose the correct answer from the options given below:

In the case of a re-constitution of a partnership firm, if the value of decrease in investment exceeds the Investment Fluctuation Fund, the :-

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 :

If a partner retires in the middle of the year his/her share of profit from the date of last balance sheet till the date of retirement will be transferred to : ____

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. Find which of the following is not correct?

On the death of a partner, the deceased partner's capital account will not be credited with :-