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Retirement and Death of a Partner - Two Marks Study Materials

12th Standard EM

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Accountancy

Time : 00:45:00 Hrs
Total Marks : 30
    15 x 2 = 30
  1. Vivin, Hari and Joy are partners sharing profits and losses in the ratio of 3:2:1. On 31.3.2017, Hari retired. On the date of retirement, the books of the firm showed a general reserve of Rs. 60,000. Pass the journal entry to transfer the general reserve.

  2. Mary, Meena and Mariam are partners of a firm sharing profits and losses equally. Mary retired from the partnership on 1.1.2019. On that date, their balance sheet showed accumulated loss of Rs. 75,000 on the asset side of the balance sheet. Give the journal entry to distribute the accumulated loss.

  3. Kiran, Vinoth and Vimal are partners sharing profits in the ratio of 5:3:2. Kiran retires and the
    new profit sharing ratio between Vinoth and Vimal is 2:1. Calculate the gaining ratio.

  4. Rahul, Ravi and Rohit are partners sharing profits and losses in the ratio of 5:3:2. Rohit retires
    and the share is taken by Rahul and Ravi in the ratio of 3:2. Find out the new profit sharing ratio and gaining ratio.

  5. What is meant by retirement of a partner?

  6. What is gaining ratio?

  7. Navin, Ravi and Kumar are partners sharing profits in the ratio of 1/2, 1/4 and 1/4 respectively. Kumar retires and his share is taken up by Navin and Ravi equally. Calculate the new profit sharing ratio and gaining ratio.

  8. Mani, Gani and Soni are partners sharing the profits and losses in the ratio of 4:5:6. Mani retires from the firm. Calculate the new profit sharing ratio and gaining ratio.

  9. What is New profit sharing ratio?

  10. Who is an outgoing partner?

  11. How can a partner retire from the firm? (Any two)

  12. If the retiring partner is not paid the full amount due to him immediately on retirement, how should his capital account be shown in subsequent balance sheet?

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

  14. For which share of goodwill, a partner is entitled at the time of his retirement?

  15. Raji, Mohana, Sonu were partners in a firm sharing profits in the ration of 4;3;2 Mohana retired. Her share was taken over equally by Raji and Sonu. In which ratio will be profit or loss on revaluation of assets and liabilities on the retirement of Mohana be transferred to the capital accounts of the partners.

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