Karan, Neha and Pankaj are partners sharing profits and losses in the ratio of 4 : 3 : 2. Neha retires and the goodwill is valued at Rs. 72,000. Karan and Pankaj decided to share future profits and losses in the ratio of 5 : 3. The journal entry for adjustment of goodwill will be:

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

Gaining share of Continuing Partner =

Arrange the various accounting aspects involved on retirement or death of a partner-

(A) Ascertainment of share of profit or loss up to the date of retirement/death

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

(C) Distribution of accumulated profits and losses

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

Choose the correct answer from the options given below:

1. (B), (C), (D), (A)
2. (B), (C), (A), (D)
3. (B), (A), (D), (C)
4. (C), (B), (D), (A)

Asha, Deepa and Lata are partners in a firm sharing profits in the ratio of 5 : 2 : 3. Deepa retires. After making all adjustments relating to revaluation, goodwill and accumulated profit etc., the capital accounts of Asha and Lata showed a credit balance of Rs. 2,60,000 and Rs. 1,00,000 respectively. It was decided to adjust the capitals of Asha and Lata in their new profit sharing ratio. Calculate the amount brought in or withdrawn by Asha.

S, B and T share profits and losses in the ratio of 3:2:1. On Jan. 1, 2025. S and B agreed to share profit/losses equally on retirement of T. On this date:

1. Book value of land and building and furniture was Rs. 2,60,000 and Rs. 60,000 respectively and were revalued at Rs. 3,00,000 and Rs. 50,000 respectively;
2. Rs. 4,000 included in creditors was not likely to be paid;
3. Rs. 1,000 required for bad debt reserve.

Calculate the revaluation profit or loss from the above information.

The ratio in which the continuing partners have acquired the share from the retiring/deceased partner is called the: