Questions Ask question Search Order By: ActiveCategoryClear Filter 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. 12.31K viewsAnurag Pathak Changed status to publish June 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Raju, Amit and Chander were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Goodwill appeared in their books at a value of ₹ 1,50,000. Amit decided to retire form the firm. On the date of his retirement, goodwill of the firm was valued at ₹ 6,00,000. New profit sharing ratio decided between Raju and Chander was 2 : 3. Pass the necessary Journal entries for goodwill by raising and writing off goodwill to the extent of retiring partner’s share. 5.66K 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 sharing profits in the ratio of 3 : 2 : 1. Goodwill is appearing in the books at a value of ₹ 60,000. Y retires and at the time of Y’s retirement, goodwill is valued at ₹ 84,000. X and Z decided to share future profits in the ratio of 2 : 1. Pass the necessary Journal entries through Goodwill Account. 5.38K viewsAnurag Pathak Changed status to publish June 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Arti, Bharti and Seema were partners sharing profits equally. Bharti retired and goodwill of the firm was valued at ₹ 9,00,000. Arti and Seema decided to share future profits in the ratio of 3 : 1. Pass the necessary Journal entries for adjustment of goodwill, if goodwill is raised at its current value on Bharti’s retirement. 6.22K 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 in a firm sharing profits in the ratio of 6 : 5 : 4. Their capitals were A – ₹ 1,00,000; B – ₹ 80,000 and C – ₹ 60,000 respectively. On 1st April, 2009, A retired from the firm and the new profit sharing ratio between B and C was decided as 1 : 4. On A’s retirement, the goodwill of the firm was valued at ₹ 1,80,000. Showing your calculations clearly, pass the necessary Journal entry for the treatment of goodwill on A’s retirement. 6.92K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans A, B, C and D are partners in a firm sharing profits, in the ratio of 2 : 1 : 2 : 1. On the retirement of C, Goodwill was valued ₹ 1,80,000. A, B and d decide to share future profits equally. Pass the necessary Journal entry for the treatment of goodwill. 6.01K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans M, N and O are partners in a firm sharing profits in the ratio of 3 : 2 : 1. Goodwill has been valued at ₹ 60,000. On N’s retirement, M and O agree to share profits equally. Pass the necessary Journal entry for treatment of N’s share of goodwill. 6.00K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Shivam, Kapil and Deepak are partners sharing profits in the ratio of 3 : 1 : 2. On 31st March, 2022, Kapil retired and his capital account after adjustments of reserve and profit on revaluation was ₹ 3,50,000. Shivam and Deepak paid him ₹ 4,20,000 in settlement of his claim. To settle his account, a computer of ₹ 4,20,000 was given to Kapil. Pass the necessary Journal entries in the books of the firm. 11.85K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans A, B and C are partners sharing profits in the ratio of 4/9 : 3/9 : 2/9. B retires and his capital after making adjustments for reserves and gain (profit) on revaluation stands at ₹ 1,39,200. A and C agreed to pay him ₹ 1,50,000 in full settlement of his claim. Record necessary Journal entry for adjustment of goodwill if the new profit sharing ratio is decided at 5 : 3. 8.56K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Aman, Bimal and Deepak are partners sharing profits in the ratio of 2 : 3 : 5. The goodwill of the firm has been valued at ₹ 37,500. Aman retired, Bimal and Deepak decided to share profits equally in future. Calculate gain/sacrifice of Bimal and Deepak on Aman’s retirement and also pass necessary Journal entry for the treatment of goodwill. 7.04K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans A, B and C are partners sharing profits in the ratio of 3 : 2 : 1. B retired and the new profit sharing ratio between A and C was 2 : 1. On B’s retirement, the goodwill of the firm was valued at ₹ 90,000. Pass necessary Journal entry for the retirement of goodwill on B’s retirement. 6.77K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Aparna, Manisha and Sonia are partners sharing profits in the ratio of 3 : 2 : 1. Manisha retired and goodwill of the firm is valued at ₹ 1,80,000. Aparna and Sonia decided to share future profits in the ratio of 3 : 2. Pass necessary Journal entries. 5.85K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans P, Q, R and S were partners in a firm sharing profits in the ratio of 5 : 3 : 1 : 1. On 1st January, 2023, S retired from the firm. On S’s retirement, goodwill of the firm was valued at ₹ 4,20,000. New Profit sharing ratio among P, Q and R will be 4 : 3 : 3. Showing your working notes clearly, pass necessary Journal entry for the treatment of goodwill in the books of the firm on S’s retirement. 9.51K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Sunil, Shahid and David are partners sharing profits and losses in the ratio of 4 : 3 : 2. Shahid retires and the goodwill is valued at ₹ 72,000. Calculate Shahid’s share of goodwill and pass the Journal entry for Goodwill. Sunit and David decided to share future profits and losses in the ratio of 5 : 3. 9.90K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans P, Q and R are partners sharing profits in the ratio of 7 : 5 : 3. P retires and it is decided that profit sharing ratio between Q and R will be same as existing between P and Q. Calculate New Profit sharing ratio and Gaining Ratio. 6.77K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Murli, Naveen, and Omprakash are partners sharing profits in the ratio of 3/8, 1/2 and 1/8. Murli retires and surrenders 2/3rd of his share in favor of Naveen and the remaining share in favour of Omprakash. Calculate the new profit sharing ratio and gaining ratio of the remaining partners. 6.75K viewsAnurag Pathak Changed status to publish June 14, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans A, B and C are partners sharing profits in the ratio of 5 : 3 : 2. C retires and his share is taken by A. Calculate new profit sharing ratio of A and B. 5.76K viewsAnurag Pathak Changed status to publish June 14, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans A, B and C were partners in a firm sharing profits in the ratio of 8 : 4 : 3. B retires and his share is taken up equally by A and C. Find the new profit sharing ratio. 5.64K viewsAnurag Pathak Changed status to publish June 14, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Kumar, Lakshya, Manoj and Naresh are partners sharing profits in the ratio of 3 : 2 : 1 : 4. kumar retires and his share is taken by Lakshya and Manoj in the ratio of 3 : 2. Calculate new profit sharing ratio and gaining ratio of the remaining partners. 6.95K viewsAnurag Pathak Changed status to publish June 14, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans W, X, Y and Z are partners sharing profits and losses in the ratio of 1/3, 1/6, 1/3 and 1/6 respectively. Y retires and W, X and Z decide to share the profits and losses equally in future. Calculate gaining ratio. 8.15K viewsAnurag Pathak Changed status to publish June 14, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Sarthak, Vansh and Mansi were partners sharing profits in the ratio of 4 : 3 : 2. Sarthak retires, Vansh and Mansi will share future profits in the ratio of 2 : 1. Determine the gaining ratio. 10.37K viewsAnurag Pathak Changed status to publish June 14, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans X, Y and Z are partners sharing profits in the ratio of 1/2, 3/10, and 1/5. Calculate the gaining ratio of remaining partners when Y retires from the firm. 6.09K viewsAnurag Pathak Changed status to publish June 14, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans R, S and M are partners sharing profits in the ratio of 2/5, 2/5, and 1/5. M decides to retire from the business and his share is taken by R and S in the ratio of 1 : 2. Calculate the new profit-sharing ratio. 6.63K viewsAnurag Pathak Changed status to publish June 14, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans From the following particulars, calculate new profit sharing ratio of the partners: a) Shiv, Mohan and Hari were partners in a firm sharing profits in the ratio of 5 : 5 : 4. Mohan retired and his share was divided equally between Shiv and Hari. b) P, Q and R were partners sharing profits in the ratio of 5 : 4 : 1. P retires from the firm. 9.08K viewsAnurag Pathak Changed status to publish June 14, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Gita, Radha, and Garv were partners sharing profits in the ratio of 1/2, 2/5, and 1/10. Find the new ratio of the remaining partners if Garv retires. 9.35K viewsAnurag Pathak Changed status to publish June 14, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner « Previous 1 2 … 169 170 171 172 173 … 188 189 Next » Search questions Search Questions Sahaj and Nimish entered into partnership on 1st April, 2025 without a partnership deed. They introduced capital of 5,00,000 and 3,00,000 respectively 1 Answer | 0 Votes Taran and Deep are partners sharing the profits and losses in the ratio of 2 : 3 with capitals of ₹ 3,00,000 and ₹ 2,00,000 respectively 1 Answer | 0 Votes Puneet and Sahil are partners sharing profits and losses equally. They had opening credit balance in their Loan Accounts of ₹ 9,00,000 each 1 Answer | 0 Votes Raman and Pawan are partners sharing profits and losses in the ratio of 3 : 2. 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