CUET Accountancy: PartnershipRetirement/Death. Free, no login required.

From the following options, which one should be deducted in ascertaining the amount due to retiring or deceased partner?

During retirement, the revaluation results in a loss. Which partner(s) should bear the loss?

Choose the correct combination related to death of a partner:

(A) In case of death of a partner his claim is transferred to his executors.

(B) Deceased partner's share of profit may be calculated on the basis of last year's profit or on the basis of sales.

(C) Deceased partner's share of general reserve shall be calculated till the date of his death only.

(D) Deceased partner's claim shall include his interest on capital, interest on drawings (if any) till the date of his death.

Bhanu, Chaman and Dev were partners in a firm sharing profits in the ratio of 5:4:1. The profit of the firm for the year ending on March 31, 2025 was Rs.1,00,000. Chaman died on August 31, 2025. Bhanu and Dev decided to share future profits equally. It was decided that share of profit of the deceased partner will be worked out on the basis of sales, and it is specified that the sales during the year 2024-25 were Rs. 8,00,000 and the sales from April 1, 2025 to August 31, 2025 were Rs. 1,50,000. Chaman's share of profit for the period from April 1 to August 31, 2025 shall be:

Amitabh, Deepika and Lara are partners in a firm sharing profits in the ratio of 3:2:1. Deepika retires. After making all adjustments relating to revaluation, goodwill and accumulated profit etc., the capital accounts of Amitabh and Lara showed a credit balance of Rs. 1,60,000 and Rs. 80,000 respectively. It was decided to adjust the capitals of Amitabh and Lara in their new profit sharing ratio. Calculate the actual cash to be paid off or to be brought in by the continuing partners.

Negi, Bhagi, Tiwari and Chaman are partners in a firm sharing profits and losses in the ratio of 2 : 1 : 2 : 1. On Negi's retirement, the goodwill of the firm is valued at Rs. 36,000. Bhagi, Tiwari and Chaman decided to share future profits equally. What will be the journal entry for the treatment of goodwill without opening 'Goodwill Account' in this case?

Arrange the steps in order at the time of retirement of a partner.

A. Transfer of retired partner share of profit.

B. Calculation of goodwill.

C. Settlement of retiring partner capital.

D. Revaluation of assets & liabilities

Choose the correct answer from the options given below:

Match the LIST-I with LIST-II

Choose the correct answer from the options given below:

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

In the case of a death of a partner in a partnership firm, the share of profit of the deceased partner is calculated on the basis of:

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

Sonu, Monu and Gopal are partners in a firm sharing profits and losses in the ratio of 3:2:1. Balance sheet shows workmen compensation reserve of Rs. 48,000. On retirement of Sonu, liability for workmen compensation reserve Rs. 24,000 is to be accounted. What amount of workmen compensation reserve is to be shown in the balance sheet of the reconstituted firm?

Karan, Neha and Pankaj are partners sharing profits and losses in the ratio of 4 : 3 : 2. Neha retires and goodwill of the firm 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 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 _____

In case of retirement, if full or part of the amount payable to the retiring partner still remains to be paid and there is no agreement among the partners, then the retiring partner will get:

Puja, Priya, Pratistha are partners sharing profits and losses in the ratio of 5 : 3 : 2. Priya retires. Her share is taken by Puja and Pratistha equally. Calculate the gaining ratio.

At the time of retirement of Mahesh, value of stock is given as Rs 60,000 in the balance sheet of the firm. Pass a journal entry when stock is found undervalued by Rs 15,000.

Mita, Gita and Sita are partners in a firm sharing profits in the ratio of 1:2:3. Gita retired and the value of the goodwill of the firm is valued at Rs. 60,000. Mita and Sita continue the business sharing profits in the ratio of 1:3. What will be the journal entry for adjustment of goodwill ?

Lata, Shivangi and Vineeta are partners in a firm sharing profits in the ratio of 5 : 3 : 2. Shivangi retires. After making all adjustments relating to revaluation, goodwill and accumulated profit etc., the capital accounts of Lata and Vineeta showed a credit balance of Rs. 3,20,000 and Rs. 2,40,000 respectively. It was decided to adjust the capitals of Lata and Vineeta in their new profit sharing ratio. What would be the journal entries for bringing in or withdrawal of the necessary amounts involved?

In the absence of any information regarding the profit sharing ratio in which the remaining partners acquire the share of the retiring/deceased partner, it is acquired in __________ .

Which of the following item is deducted for a sum due to a legal representative of a deceased partner?

Vandana, Bhavna and Chandrika were partners in a firm sharing profits in the ratio of 5:3:2. Bhavna died on December 15, 2025 and Rs. 60,000 is the amount payable to her executors. 75% of amount payable is paid immediately to her executors. Pass journal entry for immediate payment being made.

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

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:

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

The following will not be deducted from the sum due to the retiring partner:

Mohit, Sohan and Rahul are partners sharing profits in the ratio of 2:2:1. Sohan died on 30th September 2025. According to the deed, his legal representatives are entitled to:

(a) Balance in Capital Account :Rs. 60,000

(b) His Share of goodwill is valued at :Rs. 19,200

(c) Share in profits up to the date of death :Rs. 3,200

(d) Interest on capital account @ 12% p.a.

Amount payable to Sohan's Executors A/c will be:

A, B and C are partners in a firm sharing profits in the ratio of 3:2:1. Firm is maintaining fixed capital accounts. B retired and the value of goodwill of the firm is valued at Rs. 1,80,000.

The journal entry for adjustment of goodwill will be :

The sum due to the retiring partner includes:

A. His share of accumulated profits

B. Amount due to the third party

C. His share of goodwill

D. Credit balance of his capital account

Choose the correct answer from the options given below:

A, B and C are partners sharing profits in the ratio of 4 : 3 : 3. After all adjustments, on A'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 A would be brought by B and C in such a way as to make their capitals proportionate to their profit sharing ratio. After A's retirement, the new profit sharing ratio between B and C is 1 : 1. Calculate the amount to be brought by B and C respectively.