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Ans – a) Goodwill is the expected future profits that would be earned in future on the basis of efforts made till date. If a partner sacfices his share, he will get less share out of it equal to the…
Ans – d) Explanation:- The retiring partner is entitled to his share in firm’s goodwill as goodwill is expected future profits that is expected on the efforts made by all the partners till date.
Ans – a) All accumulated profit and losses and on reassessment of assets and liabilities are of the past activities of the firm. Thus retiring partner also get profit and bear loss if any in its old profit share.
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.