What is the need for treatement of goodwill on the death of a partner ?

Name the account which is opened to credit the share of profit of the deceased partner, till the time of his death to his Capital account.

Why heirs of a retiring/deceased partner are entitled to a share of goodwill of the firm ?

A,T and R were partners in a firm sharing profits in the ratio of 5:6:7 respectively. State the ratio in which the goodwill of the firm amounting to Rs.16,00,000 will be adjusted in the capital accounts of A and T in case of R's death.

Kumar,Verma and Naresh were partners in a firm sharing profit and loss in the ratio of 3:2:2. On 23rd January, 2015, Verma died. Verma's share of profit till the date of his death was calculated Rs.2,350.

Pass necessary journal entry for the same in the books of the firm.

(a) K, L and Z are partners sharing profit in the ratio of 4:3:2 respectively. L retired and surrendered 1/9th of his share of profit to K and remaining in favour of Z. Calculate the new profit sharing ratio of K and Z.
(b) Arun, Varun and Charan are partners sharing profits in the ratio of 1/2, 3/10 and 1/5 respectively. Varun retired from the firm and Arun and Charan decided to share future profits in 3:2 ratio. Calculate gaining ratio of Arun and Charan.

On the above date, raman retired and following were agreed:
(i) The assets and liabilities were valued as Stock Rs.24,000, Debtors Rs.21,000, Building Rs.45,200, Plant Rs.50,000 and creditors Rs.28,000.
(ii) Amount due to Raman will be transferred to Raman's Loan Account.
Prepare Revaluation Account and Raman's Capital Accounts.