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Lata, Richa and Madhuri are partners sharing profits in the ratio of 5:3:2. Richa retires. Lata and Madhuri decide to share the profits of the new firm in the ratio of 3:2. Calculate the gaining ratio of Lata and Madhuri.

A, B and C are partners in a firm sharing profits in the ratio of 3:2:1. B retired and the value of goodwill of the firm in valued at Rs. 60,000. A and C continued the business sharing profits in the ratio of 3:1. B's share of goodwill adjusted between A and C will be:

X, Y and Z are partners sharing the profits in the ratio of 6:3:1. Y retires from the firm and his share is taken up by X and Z in the ratio of 3:2. The new profit sharing ratio of X and Z will be

Alka, Bijoy and Chaman 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. Bijoy died on June 30, 2025. Alka and Chaman decided to share future profits equally. What will be Bijoy's share of profits from the date of last balance sheet till his date of death if profits have accrued similar to the profits of previous year.

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:

Which of the following deduction may be made from the sum due to the retiring partner?

Match the LIST-I with LIST-II

Choose the correct answer from the options given below:

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.

A, B and C were partners in a firm sharing profits in the ratio of 5:3:2. On March 31, 2025, the balance sheet showed capital balances of Rs. 30,000; Rs. 25,000; and Rs. 15,000 for A, B and C respectively. A died on 1st October 2025. It was agreed between his executors and the remaining partners that interest on capital be provided at 10% p.a. Calculate interest on A's capital.

Arun, Barun and Chaitanya are partners in a firm sharing profits in the ratio of 3:2:1. Arun retired and the value of goodwill of the firm is valued at Rs. 1,80,000. Barun and Chaitanya continue sharing business profits in the ratio of 2:1. The journal entry for adjustment of goodwill will be:

Which account would be debited for being deceased partner's share of loss for the intervening period in the books of account?

Aditya, Biral and Mukul are partners in a firm. On the date of retirement of Mukul, Rs. 6,00,000 becomes due to him. Aditya and Biral promised to pay him the amount due. Payment is made in three yearly installments of Rs. 2,00,000 each including interest @ 12% p.a. on the outstanding balance during the first three years and the balance including interest in the fourth year. Opening balance of Mukul's loan account in the beginning of second year, third year, and fourth year would be:

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:

Balance Sheet of A, B & C as on 31st March, 2025

C retires and following revaluations took place.

Patents be valued at Rs.8,000; Machinery at Rs.28,000; and Buildings at Rs.25,000.

Find Revaluation Profit/Loss

Select the correct sequence of accounts prepared in case of death of a partner.

(A) Prepare the deceased partner's executor's account.

(B) Determine the gaining ratio and new profit sharing ratio among the remaining partners.

(C) Prepare the deceased partner's capital account.

(D) Prepare the Revaluation account, if required.

Choose the correct answer from the options given below:

In case of death of a partner, for deceased partner's share of profits for the intervening period (from the closing of last year account till the date of death) in the books of accounts, the following journal entry is recorded:

Profit and Loss Supense A/c Dr.

To Deceased Partner's Capital A/c

Which of the following entry is to be made later to close the Profit and Loss Suspense Account?

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

At the time of retirement of a partner, arrange the following accounts in the correct sequence.

(A) Partners' Current A/c

(B) Revaluation A/c

(C) Balance Sheet

(D) Partners' Capital A/c

Choose the correct answer from the options given below:

The ratio in which the continuing partners have acquired the share from the deceased partner is known as .......

From the following options, select the deductions to be made from the share of a partner at the time of his/her retirement.

(A) Debit balance of his current account

(B) Share of goodwill to be written off

(C) Share of accumulated losses

(D) Share of loss on revaluation of assets and liabilities

Choose the correct answer from the options given below:

At the time of retirement of a partner, accumulated Profits or Losses are available. To whom these accumulated profits or losses belong to ?

A, B and C were partners in a firm sharing profits and losses in the ratio of 5:4:1. B died on June 30, 2025. The profit for the previous three years were Rs 68,000 (For 2022-23), Rs 77,000 (For 2023-24), Rs 50,000 (2024-25) while the sales during the year 2024-25 were Rs. 4,00,000 and the sales from April 1, 2025 to June 30, 2025 were Rs. 75,000. Find the profits that the firm must have earned from the date of closing of last year's balance sheet till the date of death of B.

Which of the following statements are correct ?

(A) Retirement of a partner does not results into reconstitution of a firm.

(B) If the amount of any asset is understated, then the change, will be shown on the debit side of revaluation account.

(C) Profit or loss on the revaluation of assets and liabilities is distributed and transferred to capital account.

(D) Revaluation of asset is necessary because present value of assets may be different from book value.

Choose the Correct Combinations :

Manav, Nath and Narayan were partners in a firm sharing profits in the ratio of 1 : 2 : 1. The firm closes its books on 31st March every year. On 30th September, 2025 Nath died.

Match List-I with List-II

Choose the correct answer from the options given below:

Anil, Bhanu and Chandu were partners in a firm sharing profits in the ratio of 5:3:2. Anil died on May 1, 2025. Half of the amount due to Anil is paid immediately. Choose the correct order of the following entries/ adjustments in the books of account:

(A) Pay half of the amount due to Anil's executor.

(B) Pay remaining half of the amount due with interest to Anil's executor in the next year.

(C) Preparation of Balance Sheet as on March 31, 2025

(D) Provide for interest on capital and share of profit/loss till the date of death.

Choose the correct sequence of above adjustments from the options given below:

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 ?

Hanny, Pammy and Sunny are partners sharing profits in the ratio of 3 : 2 : 1 and Pammy retires. In the absence of any information regarding the acquisition of share in profit of the retiring partner (Pammy) by the remaining partners, it is assumed that they will acquire his/her share in ____________.

Asha, Deepa and Lata are partners in a firm sharing profits in the ratio of 5 : 2 : 3. Deepa retires. After making all adjustments relating to revaluation, goodwill and accumulated profit etc., the capital accounts of Asha and Lata showed a credit balance of Rs. 2,60,000 and Rs. 1,00,000 respectively. It was decided to adjust the capitals of Asha and Lata in their new profit sharing ratio. Calculate the amount brought in or withdrawn by Asha.

A, B and C partners in a firm sharing profits & losses in the ratio of 3:2:1. C died on 13th June 2025, C's share of profit till the date of his death will be debited to ?

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.