ABC Ltd. is a firm with Amit, Ankit and Arjit as partners. The profit sharing ratio is 1:1:1. Ankit retires in the middle of the year from the firm, which of the following amount will not be considered in calculation of amount due to Ankit ?

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)

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

In the absence of any information regarding the acquisition of share in profit of the deceased partner by the remaining partners, an assumption is made that they will acquire his share in-

From the following identify the items which are payable to retiring partner, if mentioned in deed:

A. Credit balance of his/her Capital/Current Account

B. Share of goodwill

C. Goodwill of the firm

D. Share in revaluation gain/loss

E. Share in accumulated profits (Reserves)

Choose the correct answer from the options given below:

L, N and T are partners sharing profits in the ratio of 5:3:2. If N retires, the gaining ratio of L & T would be.......

If at the time of retirement of a partner, the Balance Sheet of a firm shows accumulated profits in the form of general reserve and/or accumulated losses in the form of profit and loss account debit balance, retiring partner is:

(A) Entitled to His/Her share in the accumulated profits.

(B) Not Entitled to His/Her share in the accumulated profits.

(C) Not liable to share the accumulated losses.

(D) Liable to share the accumulated losses.

Choose the correct answer from the options given below: