subject

Retirement and Death of a Partner

Commerce ⇒ Accountancy

Retirement and Death of a Partner starts at 12 and continues till grade 12. QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in Retirement and Death of a Partner. How you perform is determined by your score and the time you take. When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.
See sample questions for grade 12
A, B, and C are partners sharing profits in the ratio 2:2:1. C dies on 30th June. The profit for the year is Rs. 1,00,000. Calculate C’s share of profit till the date of death.
A, B, and C are partners sharing profits in the ratio 3:2:1. B retires. The goodwill of the firm is valued at Rs. 60,000. What is B’s share of goodwill?
A, B, and C are partners sharing profits in the ratio 3:2:1. B retires. The new ratio between A and C is 5:1. Calculate the gaining ratio.
A, B, and C are partners sharing profits in the ratio 4:3:2. C retires. The new ratio between A and B is 5:3. Calculate the gaining ratio.
A, B, and C are partners sharing profits in the ratio 5:3:2. B retires. The new ratio between A and C is 7:3. Calculate the gaining ratio.
A, B, and C are partners. B retires. The firm has a general reserve of Rs. 30,000. How much will be credited to B’s capital account if they share profits equally?
A, B, and C are partners. C retires. The firm has a Workmen Compensation Reserve of Rs. 15,000. There is no claim. How much will be credited to C’s capital account if they share profits in the ratio 2:2:1?
Explain the accounting treatment of Joint Life Policy at the time of death of a partner.
Explain the difference between retirement and death of a partner.
Explain the meaning of 'Gaining Ratio' in the context of retirement of a partner.
Explain the method of calculating the share of profit of a deceased partner up to the date of death.
Explain the need for adjustment of accumulated profits and losses at the time of retirement or death of a partner.
Explain the procedure for settlement of accounts on the death of a partner.
Explain the treatment of goodwill at the time of retirement of a partner.
State any two circumstances under which a partner may retire from a firm.
State any two rights of a retiring partner.
State the journal entry for payment of retiring partner’s dues in cash.
State the journal entry for transferring the amount due to a deceased partner to his executor’s account.
State the journal entry for transferring the share of revaluation profit to the capital accounts of partners.
What is meant by the retirement of a partner in a partnership firm?