Rubina and Mukta were partners sharing profits & losses equally. As per the partnership agreement, the share of profit of the deceased partner will be worked out on the basis of sales, and specified that the sales during the year 2024-25 were Rs. 9,00,000, and profit for same period was Rs.3,00,000 and the sales from April 1, 2025 - September 30, 2025 were Rs. 1,50,000 Rubina died on September 30, 2025. Calculate Rubina's share of profit.

Kumar, Lakshya, Manoj and Naresh are partners sharing profits in the ratio of 3 : 2 : 1 : 4. Kumar retires and his share is acquired by Lakshya and Manoj in the ratio of 3:2. The gaining ratio of the remaining partners is .....?

Asha, Deepa and Lata are partners in a firm sharing profits in the ratio of 3 : 2 : 1. Deepa retires. After making all adjustments relating to revaluation, goodwill, Payment to Deepa and accumulated profit etc., the capital accounts of Asha and Lata showed a credit balance of Rs. 1,60,000 and Rs. 80,000 respectively. It was decided to adjust the capitals of Asha and Lata in their new profit sharing ratio. You are required to calculate the new capitals of the partners i.e Asha and Lata.

Bhim, Swati and Adita are partners sharing profits and losses in the ratio of 5:3:2 respectively. On March 31, 2025, Swati retired. Revaluation of assets and reassessment of liabilities resulted in a loss of Rs. 1,90,000. Journal entry for this would be:

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)

Gobind, Hari and Pratap are partners. On retirement of Gobind, the goodwill already appears in the Balance Sheet at Rs. 24,000. The goodwill will be written-off -

The retiring partner is entitled to his share of goodwill at the time of retirement because goodwill has been earned by the firm through the efforts of all existing partners. If goodwill does not appear in the firm's books of accounts, the correct journal entry for treatment of goodwill in this case is: