Category Retirement of Partner Retirement of Partner 73 Questions 1 Sub CategoriesAssertion Reason (Retirment)(8) Ask question Search Order By: ActiveClear Filter 0 Votes 1 Ans Yogesh, Naresh and Pavesh were partners in a firm sharing profits in the ratio of 2 : 2 : 1. Naresh retired on 1st October, 2022. In terms of the Partnership Deed, financial statements were prepared as on date of retirement and profit was determined as ₹ 7,20,000. a) Pass the Journal entries for distribution of profit for the period. b) Pass the Journal entries if loss of ₹ 3,60,000 was incurred. 3.14K viewsAnurag Pathak Changed status to publish June 24, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Amar, Bhuvi and Charan were partners in a firm sharing profits equally. Bhuvi retired on 30th September, 2022. Profit or loss till the date of retirement was to be estimated based on last year’s profit. Loss for the year ended 31st March, 2022 was ₹ 1,80,000. Calculate Bhuvi’s share of loss till her retirement and pass Journal entry/entries for the same when: i) The profit sharing ratio between Amar and Charan does not change; and ii) The new profit sharing ratio between Amar and Charan changes to 3 : 2. 3.15K viewsAnurag Pathak Changed status to publish June 24, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Amrit, Bhanu and Charu were partners in a firm sharing profits equally. Bhanu retired on 30th September, 2022. Profit till the date of retirement was to be estimated based on last year’s profit. Profit for the year ended 31st March, 2022, was ₹ 3,60,000. Calculate Bhanu’s share of profit till his retirement and pass Journal entry/entries for the same when: i) The profit sharing ratio between Amrit and Charu does not change; and ii) The new profit sharing ratio between Amrit and Charu changes to 3 : 2. [Ans.: i) Dr Profit & Loss Suspense A/c by ₹ 60,000 and Cr. Bhanu’s Capital A/c by ₹ 60,000. ii) Dr. Amrit’s Capital A/c by ₹ 48,000 and Charu’s Capital A/c by ₹ 12,000; Cr. Bhanu’s Capital A/c by ₹ 60,000.] 3.66K viewsAnurag Pathak Changed status to publish June 24, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans The Balance Sheet of Asha, Deepa and Lata who were sharing profits in the ratio of 5 : 3 : 2 as at 31st March, 2023 is as follows: 7.12K viewsAnurag Pathak Changed status to publish June 24, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Sushil, Satish and Samir are partners sharing profits in the ratio of 5 : 3 : 2. Satish retires on 1st April, 2023 from the firm, on which date capitals of Sushil, Satish and Samir after all adjustments are ₹ 1,03,680, ₹ 87,840 and ₹ 26,880 respectively. The Cash and Bank Balance on that date was ₹ 9,600. Satish is to be paid through amount brought by Sushil and Samir in such a way as to make their capitals proportionate to their new profit sharing ratio which will be Sushil 3/5 and Samir 2/5. Calculate the amount to be paid or to be brought by the continuing partners if minimum Cash and Bank balance of ₹ 7,200 was to be maintained and pass the necessary Journal entries. [Ans.: Sushil and Samir will bring ₹ 25,920 and ₹ 59,520 respectively] 4.98K viewsAnurag Pathak Changed status to publish June 24, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Balance Sheet of X, Y and Z who shared profits in the ratio of 5 : 3 : 2, as on 31st March, 2023 was as follows: 5.81K viewsAnurag Pathak Changed status to publish June 24, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans N, S and B were partners in a firm sharing profits and losses in proportion of 1/2, 1/6 and 1/3 respectively. The Balance Sheet of the firm as at 31st March, 2017 was as follows: 5.46K viewsAnurag Pathak Changed status to publish June 23, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans X, Y and Z were in partnership sharing profits in proportion to their capitals. Their Balance Sheet as on 31st March, 2018 was as follows: 5.83K viewsAnurag Pathak Changed status to publish June 23, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans On 31st March, 2023, the Balance Sheet of A, B and C who were sharing profits and losses in proportion to their capitals stood as: 5.21K viewsAnurag Pathak Changed status to publish June 23, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Lisa, Monika and Nisha were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31st March, 2019, their Balance Sheet was as follows: 6.86K viewsAnurag Pathak Changed status to publish June 23, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans X, Y and Z are partners in a firm sharing profits in the ratio of 3 : 2 : 1. On 1st April, 2009, Y retires from the firm. X and Z agree that the capital of the new firm shall be fixed at ₹ 2,10,000 in the profit sharing ratio. The Capital Accounts of X and Z after all adjustments on the date of retirement showed balance of ₹ 1,45,000 and ₹ 63,000 respectively. State the amount of actual cash to be brought in or to be paid to the partners. [Ans.: New Capitals: X – ₹ 1,57,000; Z – ₹ 52,500: Cash brought in by X – ₹ 12,500; Cash withdrawn by Z – ₹ 10,500.] 2.92K viewsAnurag Pathak Changed status to publish June 23, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Harish, Paresh and Mahesh were three partners sharing profits and losses in the ratio of 5 : 4 : 1. Paresh retired on 31st March, 2022. His capital as on 1st April, 2021, was ₹ 80,000. During the year 2021-22, he withdrew ₹ 5,000. He was to be charged interest of ₹ 100 on drawings. The Partnership Deed provides that on the retirement of a partner, he will be entitled to: i) His share of capital. ii) Interest on capital @ 10% per annum. iii) His share of profit in the year of retirement. iv) His share of goodwill of the firm. v) His share in the profit/loss on revaluation of assets and liabilities. Additional Information: a) Paresh’s share in the profit of the firm for the year 2021-22 was ₹ 20,000. b) Goodwill of the firm was valued at ₹ 24,000. c) The firm incurred loss of ₹ 12,000 on the revaluation of assets and liabilities. d) Paresh was to be paid ₹ 7,700 in cash and the balance was to be transferred to his loan account bearing interest @ 6% p.a. Loan was to be repaid in two equal annual installments, the first installment to be paid on 31st March 2023. You are required to prepare: (i) Paresh’s Capital Account. (ii) Paresh’s Loan Account till it is finally closed. [Ans.: Paresh’s Loan – ₹ 1,00,000] 5.71K viewsAnurag Pathak Changed status to publish June 23, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Rakesh retired from the firm. The amount due to his was determined at ₹ 90,000. It was decided to pay the due amount as follows: On the date of retirement – ₹ 30,000 Balance in three yearly instalments – First two instalments being of ₹ 26,000, including interest; and Balance amount as last instalment. Interest was payable @ 10% p.a. Prepare Retiring Partner’s Loan Account. [Ans.: Interest payable at the end ofyear 1 – ₹ 6,000; Year 2 – ₹ 4,000; Year 3 – ₹ 1,800; Last instalment – ₹ 19,800.] 4.58K viewsAnurag Pathak Changed status to publish June 23, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Kanika, Disha and Kabir were partners sharing profits in the ratio of 2 : 1 : 1. On 31st March, 2016, their Balance Sheet was as under: 5.26K viewsAnurag Pathak Changed status to publish June 22, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Ashok, Bhaskar and Chaman were in partnership sharing profits and losses equally. ‘Bhaskar’ retires from the firm. After adjustments, his Capital Account shows a credit balance of ₹ 3,00,000 as on 1st April, 2019. Balance due to ‘Bhaskar’ is to be paid in three equal annual instalments along with interest @ 10% p.a. Prepare Bhaskar’s Loan Account until he is paid the amount due to him. The firm closes its books on 31st March every year. 4.80K viewsAnurag Pathak Changed status to publish June 22, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans A, B and C are partners sharing profits and losses in the ratio of 4 : 3 : 3. Their Balance sheet as at 31st March, 2023 is: 5.66K viewsAnurag Pathak Changed status to publish June 22, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Chintan, Ayush and Sudha were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. on 31st March, 2019, their Balance Sheet was as follows: 6.64K viewsAnurag Pathak Changed status to publish June 22, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Ashok, Bhaskar and Chaman are partners in a firm, sharing profits and losses as Ashok 1/3, Bhaskar 1/2, and Chaman 1/6 respectively. The Balance sheet of the firm as at 31st March, 2023 was: 7.58K viewsAnurag Pathak Changed status to publish June 22, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans N, S and G were partners in a firm sharing profits and losses in the ratio of 2 : 3 : 5. on 31st March, 2016 their Balance sheet was as under: 5.91K viewsAnurag Pathak Changed status to publish June 22, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Alfa, Beta and Gama are in partnership sharing profits in the ratio of 5 : 3 : 2. Their Balance Sheet on 1st April, 2022, the day Beta decided to retire from firm, was as follows: 6.76K viewsAnurag Pathak Changed status to publish June 22, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans X, Y and Z were equal partners in a firm. On 31st March, 2023, their Balances Sheet was as follows: 4.60K viewsAnurag Pathak Changed status to publish June 22, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Asha, Naveen and Shalini were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Goodwill appeared in their books at a value of ₹ 80,000 and General Reserve at ₹ 40,000. Naveen decided to retire from the firm. On the date of his retirement, goodwill of the firm was valued at ₹ 1,20,000. The new profit sharing ratio decided among Asha and Shalini is 2 : 3. Record necessary Journal entries on Naveen’s retirement. 2.50K viewsAnurag Pathak Changed status to publish June 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans A, B and C were partners, sharing profits and losses in the ratio of 2 : 2 : 1. B retired on 31st March, 2023. on the date of his retirement, some of the assets and liabilities appeared in the books as follows: Creditors ₹ 70,000; Building ₹ 1,00,000; Plant and Machinery ₹ 40,000; Stock of Raw Materials ₹ 20,000; Stock of Finished Goods ₹ 30,000 and Debtors ₹ 20,000. 4.29K viewsAnurag Pathak Changed status to publish June 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans X, Y and Z are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Z retired from the firm on 1st April, 2022. On the date of Z’s retirement, following existed in the books of the firm: General Reserve – ₹ 1,80,000 Profit & Loss Account (Dr.) – ₹ 30,000 Workmen Compensation Reserve – ₹ 24,000 which was no more required Employee’s Provident Fund – ₹ 20,000. Pass necessary Journal entries for the adjustment of these items on Z’s retirement. 2.70K viewsAnurag Pathak Changed status to publish June 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Punit, Ramit and Akshit were partners sharing profits equally. Akshit retired on 1st April, 2022. Punit and Ramit decided to continue the business and share profits in the ratio of 3 : 2. They also decided to give effect to the change in values of assets and liabilities without changing their book values. 5.25K viewsAnurag Pathak Changed status to publish June 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner « Previous 1 2 3 Next » Question and answer is powered by anspress.net
