Who is an outgoing partner?

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

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?

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. 

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

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.

A, B and C are partners sharing profit and losses ratio of 3:2: 1. C retires and his share gained by A and B as 1/24 and 1/8. Calculate the new profit sharing of A,B.

P, Q and R are partners sharing profit in the ratio of 2:2:1, P retires and his share is entirely taken by R. Find out New profiit sharing ratio of Q, R.

P, Q and Rare partners sharing profits and losses ratio 5:3:2 respectively. Q retries Q's share of profit is taken up by P and R in their profit sharing ratio. Calculate the new ratio.

A, Band Care partners sharing profit in the ratio of 1/2, 1/3, 1/6 respectively. C' retires,and his share was taken up by A and B in the ratio of 2 : 1. Find out the new ratio.

A, B and C were partners ratio of 3:2:5. 'C' retires on that date firm's goodwill is valued at Rs. 80,000. Necessary Journal entry to adjust goodwill at the time of retirement. 

What is meant by Lump sum payment method?

Short note on Instalment Payment method?

Short note on Annuity method?

X, Y and Z were partner's ratio 1/5, 1/3 and 7/15. Z retires and his share was taken up by X and Y ratio of 3:2. Find out the new ratio.