Archives Answers

Ans – a) Explanation:- Retirement of a partner means reconstitution of the partnership, where partnership comes to and end but firm continues.

Ans – b) Solution:- Amount Due to Mohan = Opening Capital + Loan Account Balance + Accrued Interest on loan + share in goodwill + Share in Revaluation Profit Amount Due to Mohan = 1,50,000 + 1,25,500 + 4,000 +…

Ans – b) Solution:- Old Profit sharing ratio of Akhil, Vipul, and Ritvik is 5 : 3 : 2 Akhil Retired the gaining ratio of Vipul and Ritvik is 3 : 2 Goodwill of the firm = ₹ 5,00,000 Akhil…

Ans – a) Solution:- Goodwill of the firm = ₹ 1,00,000 Anil’s share in goodwill = 1,00,000 × 1/4 = ₹ 25,000 Old Profit sharing ratio of Dev, Anil and Aman is 2 : 1 : 1 Anil retired New…

Ans – d) Solution:- Old ratio of Harish, Girish and Paresh is 2 : 1 : 1 Paresh retired New ratio of Harish and Girish is 1 : 1 Harish gain = 1/2 – 2/4 = 2 – 2/4 =…

Ans – a) Explanation:- C’s share in goodwill = 3,22,000 – 2,50,000 = ₹ 72,000

Ans – a) Explanation:- The share of the retiring partner is acquired by the continuing partner in their gaining ratio. Thus the retiring partner is compensated in gaining ratio.

Ans – b) Solution:- B’s share in General Reserve = 15,000 × 2/5 = ₹ 6,000 B’s share in Goodwill = 30,000 × 2/5 = ₹ 12,000 B’s share in Revaluation Profit = 7050 × 2/5 = ₹ 2820 B’s…

Ans – c) Solution:- Goodwill of the firm = ₹ 30,000 B’s share in goodwill = 30,000 × 2/5 = ₹ 12,000 A and C would compensate it in their gaining ratio i.e. 2 : 1 A would compensate =…

Ans – c) Solution:- C’s share in goodwill of the firm is ₹ 9,000 it will be compensated by A and B in their gaining ratio that is 5 : 4 Thus A would be debited by 9,000 × 5/9 =…