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

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:

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 : ____