CUET Accountancy Partnership > Retirement/Death PYQs

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

In the event of retirement of partner, following deduction has to be made from his/her share.:

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:

P, Q and R share profits equally. At the time of P's retirement, goodwill appears in the books at Rs. 3000. P will be credited with ___ amount for Goodwill share.

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

Rohan, Bharti and Leela are partners. On the retirement of Rohan, the goodwill already appears in the balance sheet at Rs. 24,000. The goodwill will be written-off:

On retirement/death of a partner, the retiring/deceased partner's capital account will be credited with:

At the time of retirement of a partner, the difference between the Old Profit Sharing Ratio and the New Profit Sharing Ratio is a negative outcome for a remaining partner. It indicates that :-

Steps involved in accounting treatment at the time of death/retirement of a partner - (A) Adjustment of capital, if required (B) Preparation of revaluation account, if required (C) Ascertainment of new profit sharing ratio and gaining ratio (D) Settlement of the amounts due to retired / deceased partner Choose the correct answer from the options given below:

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

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

Naveen, Suresh and Tarun are partners, sharing profits and losses in the ratio of 5:3:2. Suresh retires from the firm and his share was acquired by Naveen and Tarun in the ratio of 2:1. Calculate the new share of profit :

Naveen, Suresh and Tarun are partners sharing profits and losses in the ratio of 5:3:2. Tarun retires from the firm and his share was taken over by Naveen and suresh in the ratio 2:1. In such a case, the new share of profit will be .

On the death of an existing partner, in case the value of a Liability decreases then which account will be debited?

Murli, Naveen and Omprakesh are partners sharing profits in the ratio of 3 /8 , 1/2 and 1/8 . Murli retires and surrenders 2/3rd of his share in favour of Naveen and the remaining share in favour of Omprakesh. The gaining ratio of the remaining partners is-

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:

At the time of retirement of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:

Keshav, Nirmal and Pankaj are partners sharing profits and losses in the ratio of 4 : 3 : 2. Nirmal retires and the goodwill is valued at Rs. 72,000. Keshav and Pankaj decided to share future profits and losses in the ratio of 5 : 3. Gaining Ratio of Keshav and Pankaj is:

Ranjana, Sadhna and Kamana are partners, sharing profits in the ratio 4:3:2. Ranjana retires; Sadhna and Kamana decide to share profits in the future at the ratio of 5:3. Calculate the Gaining Ratio:

A, B and C are partners in a firm. If B is being retired from the firm, what would be its effect?

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

On the retirement of an existing partner, an increase in the value of a liability will be credited to :-

Match List-I with List-II | List-I | List-II | |---|---| | (Name of ratios.) | (used for) | | (A) old ratio. | (I)distribution of premium for goodwill. | | (B) new ratio. | (II) for adjustment of goodwill in death of partner. | | (C) sacrificing ratio. | (III) sharing revaluation profits. | | (D) gaining ratio. | (IV) sharing future profits. | Choose the correct answer from the options given below:

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

Executor account is prepared on

Various accounting aspects involved on retirement or death of a partner are as follows (A) Adjustment in respect of unrecorded assets and liabilities (B) Treatment of goodwill (C) Preparation of Realization A/c (D) Preparation of Executor's A/c Choose the correct answer from the options given below:

When a partner retires in the middle of the year and his share of profit is calculated based on previous years' profit. Which of the following account is to be debited?

A, B, and C were in partnership, sharing profits in the ratio of 3:2:1 respectively, B retires and the new profit sharing ratio between A and C is 3:2 . The gaining ratio is .

At the time of death of a partner, undistributed Losses appearing in the balance sheet of the old firm is transferred to the capital account of:

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. Identify the correct journal entry in this scenario.

In case, deceased partner's share of profit is calculated during the intervening period, the following Journal Entry will be passed :-

A, B and C are partners in a firm. If C retires/dies, his capital account is credited with:

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

Murli, Naveen and Omprakash are partners sharing profits in the ratio of 3 /8 , 1/2 and 1/8 . Murli retires and surrenders 2/3rd of his share in favour of Naveen and the remaining share in favour of Omprakash. The gaining ratio of the remaining partners is-

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 -

Lalit, Pankaj and Rahul are partners sharing profits in the ratio of 4 : 3 : 3. After all adjustments, on Lalit's retirement with respect to general reserve, goodwill and revaluation etc., the balances in their capital accounts stood at Rs. 70,000, Rs. 60,000 and Rs. 50,000 respectively. It was decided that the amount payable to Lalit will be brought by Pankaj and Rahul in such a way as to make their capitals proportionate to their profit sharing ratio. After Lalit's retirement, the new profit sharing ratio between Pankaj and Rahul is 1:1. New Capital of the firm will be-

Gaining share of Continuing Partner =

Sindhu, Neha and Priya are partners, sharing profits in the ratio of 5:3:2. Calculate the new profit sharing ratio and gaining ratio if Neha retires:

R, S and K are partners sharing profits in the ratio 4:3:2. R retires; S and K decided to share profits in future in the ratio of 5:3. Calculate the Gaining Ratio.

Rohan, Bharti and Leela are partners. On the retirement of Rohan, the goodwill already appears in the balance sheet at Rs. 24,000. The goodwill will be written-off:

On retirement or death of a partner, the remaining partners who have gained due to change in the profit sharing ratio should compensate the:

A, B and C are partners sharing profits in the ratio of 3:2:1. A retires and his share is taken up by B and C in the ratio of 3:2. Calculate the new profit sharing ratio.

In the absence of any information, it is assumed that the remaining partners acquire the share of profit of the retiring/deceased partner in:

In case there is no information regarding the acquisition of a share in profit of the retiring/deceased partner by the remaining partners, the assumption is that they will acquire his/her share in the:

When the deceased partner's share in the estimated loss is calculated for a period from the date of the latest Balance Sheet to the date of death of the partner, then :

Ram, Karan and Shyam are partners. On retirement of Ram, the goodwill already appears in the Balance Sheet at Rs. 32,000. The goodwill will be written-off.

A, B and C are partners in a firm. On retirement/death of C, his capital account will be credited with:

Section 49, of the Indian Partnership Act 1932, deals with

The major difference between Retirement and Death is

Share of loss of deceased partner, calculated on the basis of previous years profit is

Naveen, Suresh and Tarun are partners sharing profits and losses in the ratio of 5:3:2. Tarun retires from the firm and his share was taken over by Naveen and suresh in the ratio 2:1. In such a case, the new profit sharing ratio will be:

Match List-I with List-II At the time of retirement following Transactions took place. Chose the correct treatment | List-I | List-II | |---|---| | (Particulars ) | (Treatment ) | | (A) Asset taken over by the partner | (I) Debit side of Revaluation A/C | | (B) Increase in Assets | (II) Written off amongst old partners in old ratio | | (C) Unrecorded Liability | (III) Debit side of Partners Capital A/C | | (D) Goodwill Appearing in books | (IV) Credit side of Revaluation A/C | Choose the correct answer from the options given below:

R, S and K are partners sharing profits in the ratio 8:6:4. On the retirement of R, the new profit sharing ratio between S and K was decided to be 5:3. The Gaining ratio is -

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

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

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?

At the time of retirement of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:

In the event of retirement of partner, following deduction has to be made from his/her share.:

In the event of the death of a partner, the ratio in which the continuing partners acquire the share from the deceased partner is called .......

If nothing is mentioned, the amount due to retiring partner is transferred to _______.

Gaining Ratio is not calculated at the______.

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.......

Rana, Sana and Kamana are partners, sharing profits in the ratio 4:3:2. Rana retires; Sana and Kamana decided to share profits in the future in the ratio of 5:3. The Gaining Ratio of Sana and Kamana will be

The sum due to the retiring partner includes : (A) His share of profits up to the date of retirement. (B) His share of goodwill; (C) His share of accumulated profits ; (D) His share in the gain of revaluation of assets and liabilities; Choose the correct answer from the options given below:

Various accounting aspects involved on death of a partner are as follows: (A) Adjustment in respect of unrecorded assets and liabilities (B) Treatment of goodwill (C) Preparation of Realization A/c (D) Preparation of Executor's loan A/c Choose the correct answer from the options given below:

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.

Hanny, Pammy and Sunny are partners sharing profits in the ratio of 3 : 2 : 1. Goodwill is appearing in the books at a value of Rs. 60,000. Pammy retires and at the time of Pammy's retirement, goodwill is valued at Rs. 84,000. Hanny and Sunny decided to share future profits in the ratio of 2:1. Pammy's share of current value of goodwill is-

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 .....?

Arrange the following steps involved in various accounting aspects of retirement/death of a partner in a sequence - (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:

Keshav, Nirmal and Pankaj are partners sharing profits and losses in the ratio of 4 : 3 : 2. Nirmal retires and the goodwill is valued at Rs. 72,000. Keshav and Pankaj decided to share future profits and losses in the ratio of 5 : 3. Gaining Ratio of Keshav and Pankaj is:

Which combination of statements are correct about Death of a partner- (A) Ascertainment of new profit sharing ratio and gaining ratio (B) Preparation of Realization Account (C) Revaluation of assets and liabilities (D) Adjustment of capital, if required Choose the correct answer from the options given below:

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

P, Q and R share profits equally. At the time of P's retirement, goodwill appears in the books at Rs. 3000. P will be debited with _____ amount for Goodwill share.

Match List-I with List-II | List-I | List-II | |---|---| | (A) Gaining Ratio | (I) An advantage of good name, reputation and wide business connections. | | (B) New Profit Sharing Ratio | (II) The ratio in which the continuing partners have acquired the share from the retiring/deceased partner | | (C) Sacrificing Ratio | (III) The ratio in which the remaining partners will share future profits after the retirement or death of any partner | | (D) Goodwill | (IV) The ratio in which the old partners agree to sacrifice their share of profit in favour of the incoming partner | Choose the correct answer from the options given below:

Naveen, Suresh and Tarun are partners sharing profits and losses in the ratio of 5:3:2. Suresh retires from the firm and his share was acquired by Naveen and Tarun in the ratio 2:1. The new profit sharing ratio is

The sum due to the retiring partner and to the legal representatives/executors (in case of death) includes the following, in addition to credit balance of his capital/current A/c, share of goodwill, gain on revaluation of assets and liabilities.

On the Death of a Partner, which account is debited for his/her share of profit for the intervening period, i.e., the period from date of the last balance sheet till the date of the partner's death:

The old Profit Sharing ratio among M, N and P are 2:2:1. The New profit sharing ratio after N retirement is 3:2. The gaining ratio between M and P will be:

On retirement / death of a partner, the remaining partners who have gained due to the change in profit sharing ratio should compensate the:

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

Steps involved in accounting treatment at the time of death of a partner - (A) Preparation of deceased partner's capital account (B) Ascertainment of new profit sharing ratio and gaining ratio (C) Preparation of revaluation account, if required (D) Settlement by making payment to deceased partner's executor. Choose the correct answer from the options given below:

A, B and C are partners sharing profits in the ratio of 3:2:1. C died on 1st July, 2023. On this date, final accounts were prepared to ascertain profits for the period. It resulted in a profit of ₹ 1,75,000 to the firm. To give effect to the above:

On dissolution of a firm, bank overdraft is transferred to:

A, B, C were partners in a partnership firm their profit sharing ratio was 5:3:2. B retires and the new profit sharing ratio between A and C was 3:2. Calculate gaining ratio.

Select the partner(s) who will compensate the deceased partner for the share of goodwill at the time of death.

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:

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:

On R's retirement, the amount payable to him after all adjustments, work out to be Rs. 60,000 but the remaining partners P and Q agreed to pay him Rs. 75,000 in full settlement of his claim. Identify the term which represent Rs. 15,000 extra, that is paid to R.

Identify that account to which share of profit of a deceased partner is debited from the date of the last Balance Sheet to the date of his/her death

A, B, and C are partners with equal profit sharing ratio. Their fixed capitals are Rs. 30,000, Rs. 25,000 and Rs. 30,000 respectively. C decided to take retirement. A and B decided to continue the partnership firm and change their profit sharing ratio into Capital Ratio. What is the gaining Ratio of A and B?

Lisa, Monika and Nisha are partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their capital A/c stood as Rs. 50,000, Rs. 50,000 and Rs. 25,000 respectively. Monika died and balance in the reserve on that date was Rs. 15,000. If goodwill of the firm is Rs. 30,000 and profit on revaluation is Rs. 7,050. What amount will be transferred to Monika's Executors Account ?

On retirement, the retiring partner's capital account will be credited with : (A) His/Her Capital Balance (B) His/Her share of goodwill (C) Share of goodwill of remaining partners (D) his/her share of Reserve (E) his/her drawings Choose the correct answer from the options given below :

Shweta, Shreya and Shaniya were partners sharing profits in the ratio of 3 : 2 : 1. Shaniya retired from the firm and her capital, after making adjustments for reserves and gain of revaluation amounted to Rs. 4,50,000. Shaniya took 25% of the furniture, accepted bill of exchange for Rs. 52,000. Finally Rs. 2,75,000 was transferred to her loan account. The total value of furniture was :

Identify the correct sequence to be followed at the time of Retirement of a Partner : (A) New Balance Sheet after Retirement (B) Transferring balance to Retiring partner's Loan Account (C) Calculation Gaining/Sacrificing Ratio (D) Partners' Capital Account (E) Preparation of Revaluation Account Choose the correct answer from the options given below :

On retirement/death of a partner, the remaining partners who have gained due to change in profit sharing ratio should compensate the :

On retirement of a partner, the retiring partner's capital account will be credited with _____

Journal entry to be passed for unrecorded assets for preparing Revaluation A/C at the time of Retirement of a partner will be ____

At the time of retirement of a Partner the remaining gaining partners should compensate the ______

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 : ____

Rani, Sandhya and Kangana are partners sharing profits in the ratio of 4:3:2 Rani retires. Sandhya and Kangana decided to share profits in future in the ratio of 5:3. Gaining ratio of Sandhya and Kangana will be

A, B and C are partner's sharing profits and losses in the ratio of $\frac{3}{8} : \frac{1}{2} : \frac{1}{8}$. If A dies, then the new ratio of B and C will be :

Which of the following statement is true ?

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

If X share of profit was to be calculated on the basis of Average Profit of the last three years, which were Rs. 1,36,000 for 2018-19, Rs. 1,54,000 for 2019-20 and Rs. 1,00,000 for 2020-21. X share of profit for the period from April 01, 2020 to June 30, 2020 shall be calculated on the basis of Average Profit. The profit sharing ration is 4 : 5 : 1 between X, Y and Z. His share of profit will be:

What will be the share of deceased partner, whose ratio was $\frac{1}{4}$, if the turnover in year of death till the date of death was Rs. 8,00,000 and in previous year was Rs. 20,00,000? Profit in previous year was Rs. 4,00,000

X, Y and Z are partners in the ratio of $\frac{1}{2}:\frac{2}{5}:\frac{1}{10}$. What will be the new ratio of the remaining partner if X retires?

In case of retirement or death of a partner, all accumulated profit and losses are transferred in capital account of partners in the:

A, B and C were partners sharing profits and losses in the ratio of 3 : 2 : 1. C died on 1st August, 2022 and his share of profit from the begining of the accounting year upto the date of death amounted to Rs. 70,000. C's share of profit will be debited to :

At the time of retirement of a Partner if retiring Partner's whole amount is treated as loan, then the total amount is Debited in :

Monu, Sonu and Golu are partners in a firm sharing profits in the ratio of 2 : 2 : 1. Golu died on 5th November 2021. Under the partnership deed, the executors of the deceased partner are entitled to his share of profit to the date of death, calculated on the basis of last year's profit. Profit for the year ended 31st March 2022 was Rs. 3,00,000. Golu's share of profit will be :

On the death of a partner, his share in the loss of the firm till the date of his death is transfered to :

Amit, Dinesh and Gagan are partners sharing profits in the ratio of 5:3:2 Dinesh retires, Amit and Gagan decide to share the profits of the new firm in the ratio of 3:2. The Gaining ratio between Amit and Gagan will be:-

A, B and C are partners with profit sharing ratio of 2:1 respectively. C died on 1 oct 2021. Journal entry to be passed to give C his share of profit immediately will be:-

Anand, Bahadur and Chander are partners, sharing profit equally. On Chander's retirement, his share is acquired by Anand only. Gaining percentage of Anand will be.

Ram, Mohan and Roy are Partner in the ratio of 8:6:4 Ram retires, Mohan and Roy decided to share profits in the ratio of 10:6. Calculate gaining ratio.

A, B and C are partners in a firm sharing profits in the ratio 7:4:4. B retires and on the day of his retirement Goodwill existed in the books at 30,000. B's Capital A/c will be debited by

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