Manan, Naman and Sohan are partners in a firm sharing profits and losses in the ratio of 2:1:1. Naman retires and Manan and Sohan decided that the capital of the new firm will be fixed at Rs 1,80,000. The capital account of Manan and Sohan shows a credit balance of Rs 1,02,000 and Rs. 61,000 respectively after making all the adjustments. Calculate the actual cash brought in or paid off to Manan.

In case of retirement, the profit and loss suspense account is closed by transferring the amount to the _________.

Net Amount of installment payable at the end of 2nd year to Kabir is

Which of the following will be shown on the credit side of Deceased Partner A/C?

A. Revaluation Gain Share

B. Goodwill written off

C. Share of profit till date of death

D. Drawings till date of death

E. Interest on capital till date of death

Choose the correct answer from the options given below:

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:

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

A, B and C are partners sharing profits in the ratio of 2:3:1. B retries, then new profit sharing ratio between A and C will be