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Category Retirement of Partner

Retirement of Partner 73 Questions

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Assertion Reason (Retirment)(8)

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Amit, Balan and Chander were partners in a firm sharing profits in the proportion of 1/2, 1/3 and 1/6 respectively. Chander retired on 1st April, 2014. The Balance Sheet of the firm on the date of Chander’s retirement was as follows:

5.03K viewsAnurag Pathak Changed status to publish July 6, 2024[CBSE] TS Grewal Solutions Accountancy Class 12th Retirement of Partner

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The Partnership Deed of Aman, Bharat and Chetan has a clause that any partner may retire from the firm on the following terms by giving six months’ notice in writing. The retiring partner shall be paid

4.34K viewsAnurag Pathak Changed status to publish May 3, 2024[CBSE] TS Grewal Solutions Accountancy Class 12th Retirement of Partner

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X, Y and Z are partners sharing profits and losses in the ratio of 3 : 2 : 1. Balance Sheet of the firm as at 31st March, 2022 was as follows:

5.92K viewsAnurag Pathak Changed status to publish March 20, 2024[CBSE] TS Grewal Solutions Accountancy Class 12th Retirement of Partner

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Sangeeta, Saroj and Shanti are partners sharing profits and losses in the ratio of 5 : 3 : 2. Shanti retired and on the date of her retirement

3.97K viewsAnurag Pathak Changed status to publish March 19, 2024[CBSE] TS Grewal Solutions Accountancy Class 12th Retirement of Partner

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Suraj, Pawan and Kamal are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2023 is:

6.83K viewsAnurag Pathak Posted new comment March 17, 2024[CBSE] TS Grewal Solutions Accountancy Class 12th Retirement of Partner

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Following is the Balance sheet of Kusum, Sneh and Usha as on 31st March, 2023, who have agreed to share profits and losses in proportion of their capitals:

5.80K viewsAnurag Pathak Posted new comment March 17, 2024[CBSE] TS Grewal Solutions Accountancy Class 12th Retirement of Partner

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Lal, Bal and Pal are partners sharing profits in the ratio of 5 : 3 : 7. Lal retired from the firm. Bal and Pal decided to share future profits in the ratio of 2 : 3

5.04K viewsAnurag Pathak Changed status to publish November 12, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Retirement of Partner

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Ram, Manohar and Joshi were partners in a firm. Manohar retired and his claim including his capital and share of goodwill was ₹ 1,80,000

4.53K viewsAnurag Pathak Changed status to publish September 6, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Retirement of Partner

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Partnership Deed of C and D, who are equal partners, has a clause that any partner may retire from the firm on the following terms by giving a six month notice in writing:

3.85K viewsAnurag Pathak Changed status to publish August 14, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Retirement of Partner

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Lisa, Monika and Nisha were partners in a firm sharing profits & Losses in the ratio of 5 : 3 : 2. On 31st March 2023, their Balance Sheet was as follows:

3.07K viewsAnurag Pathak Changed status to publish July 11, 2023Accountancy Class 12th Retirement of Partner

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Aditi, Bhavya and Cris are partners in a firm sharing profits in the ratio of 3 : 2 : 1. Bhavya retires from the firm on 31st March 2023. For the purpose of Bhavya’s retirement, goodwill of the firm has been valued at ₹ 10,800. Aditi and Cris decide to share future profits equally.

1.88K viewsAnurag Pathak Changed status to publish July 11, 2023Accountancy Class 12th Retirement of Partner

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X, Y and Z are partners in a firm sharing profits in the ratio of 2 : 2 : 1 respectively. Y retires and X and Z decide to share future profit & Losses in the ratio of 3 : 5.

1.89K viewsAnurag Pathak Changed status to publish July 11, 2023Accountancy Class 12th MCQs (Retirement)Retirement of Partner

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Amar, Akash and Arvind are partners. on the retirement of Akash, Workmen Compensation Reserve has a balance of ₹ 1,50,000. There is a claim of ₹ 37,500 against it. How much amount will be transferred to Akash’s Capital in respect of Workmen Compensation Reserve? a) Nil

1.47K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12th MCQs (Retirement)Retirement of Partner

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The retirement of a partner is a situation for the continuing partners which is known as

934 viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12th MCQs (Retirement)Retirement of Partner

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Assertion (A): At the time of retirement of a partner, the remaining partners may decide to adjust their capital in their new profit sharing ratio.

1.45K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12th MCQs (Retirement)Retirement of Partner

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At the time of retirement of a partner, if there is undistributed profit in the Balance Sheet of the firm, it

928 viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12th MCQs (Retirement)Retirement of Partner

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Assertion (A): At the time of retirement of a partner, if the retiring partner is paid more amount than due to him, the difference amount is goodwill paid based on valuation.

1.48K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th Assertion Reason (Retirment)Retirement of Partner

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Assertion (A): Amount due to the retiring partner is always transferred to his loan account.

1.38K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th Assertion Reason (Retirment)Retirement of Partner

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Assertion (A): At the time of retirement of a partner, assets are revalued and liabilities are reassessed to ensure that the retiring partner is neither at an advantage nor at loss due to change in values of assets and liabilities.

1.27K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th Assertion Reason (Retirment)Retirement of Partner

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Assertion (A): At the time of retirement of a partner, the combined profit share of the remaining or continuing partners increases.

1.64K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th Assertion Reason (Retirment)Retirement of Partner

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Assertion (A): At the time of retirement of a partner, besides the Retiring partner, if a continuing partner also sacrifices his profit share, he along with the retiring partner will get share in firm’s goodwill equal to the profit share sacrificed.

1.25K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th Assertion Reason (Retirment)Retirement of Partner

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Assertion (A): Retiring partner will not get share in firm’s goodwill on his retirement from the firm.

1.26K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th Assertion Reason (Retirment)Retirement of Partner

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Assertion (A): Retiring partner will get his share in firm’s gain (profit) on revaluation of assets and reassessment of liabilities and will bear loss on revaluation.

1.33K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th Assertion Reason (Retirment)Retirement of Partner

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Assertion (A): Retirement of partner means partnership comes to an end and new partnership becomes operative.

934 viewsAnurag Pathak Changed status to publish July 2, 2023Assertion Reason (Retirment)

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Amit, Bunty and Charan are partners sharing profits and losses in the ratio of 2 : 2 : 1. Charan retired on 30th June, 2023. The Balance Sheet of the firm on 31st March, 2023 was as follows:

5.04K viewsAnurag Pathak Changed status to publish June 25, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Retirement of Partner

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