Z's share is \(\frac{7}{15}\). His share will be divided between X and Y ratio = 3:2
\(X=\frac{3}{5} \times \frac{7}{15}=\frac{21}{15}\) \(X=\frac{1}{5}+\frac{21}{75}=\frac{15+21}{75}=\frac{36}{75}\) 
\(\mathrm{Y}=\frac{2}{5} \times \frac{7}{15}=\frac{14}{15}\) \(\mathrm{Y}=\frac{2}{5}+\frac{14}{75}=\frac{25+14}{75}=\frac{39}{15}\) 
Ratio = 12 : 13

No, Goodwill cannot be sold separately. It can be sold along with sale of the business itself. i.e. the excess of purchase consideration of its net assets (assets - liabilities). Sometimes, Goodwill has more value than tangible assets.

Excess of assets over liabilities is called "Capital Fund" or "General Fund". It is similar to capital account at Commercial organisation. It is shown on the liabilities side of Balance sheet.

It refers to the amount paid to a person to reimburse the actual expenses incurred for delivering a lecture or giving his performance as an artist. It is a usually payment side of Receipts and Payment side & expenditure side of Income and expenditure Account.

A partner may retire from the firm:
(i) With the consent of all the partners.
(ii) In accordance with an express agreement by the partners.

(a) Debit account
(b) Debit account
(c) Debit account
(d) Credit account

Sacrificing ratio is the proportion of the profit which is sacrificed or foregone by the old partners in favour of the new partner. The purpose of finding the sacrificing ratio is to share the goodwill brought in by the new partner. 
Share sacrificed = Old share - New share
Sacrificing ratio = Ratio of share sacrificed by the old partners

Gaining Ratio is the proportion of the profit which is gained by the continuing partner.
Gaining ratio = Ratio of share gained by the Conitinuing partners.
Share gained = New share - Old share

Average profit = \(\frac{Total \ profit}{Number\ of\ years}\)
Average profit = \(\frac{8,000+10,000+9,000}{3}\)
Average profit: Rs. 9,000

Goodwill acquired by making payment in cash or kind is called acquired or purchased Goodwill when a firm purchase an existing business the price paid for purchase of such business may exceed the net assets (Assets - liabilities) of the business acquired.

(i) The profit and loss appropriation account is an extension of profit and loss account prepared for the purpose of adjusting the transactions relating to amounts due to and amount due from partners. It is a nominal account in nature
(ii) The balance being the profit or loss is transferred to the partner's capital or current account in the profit sharing ratio.

Partnership deed is a document in writing that contains the terms of the agreement among the partners. It is not compulsory for a partnership to have a partnership deed as per the Indian Partnership Act, 1932. But, it is desirable to have a partnership deed as it serve as an evidence of the terms of the agreement among the partners.

i. Life membership fees
ii. Legacies
iii. Specific donation
iv. Sale of fixed asset
v. Special funds
vi. Prize fund
vii. Tournament fund.

It is the amount given to a non-trading concern as per the will. It is like a donation. It appears as the debit side of receipts and payments account. But is not treated income because it is not of recurring nature. It is a capital receipt.

(i) Receipts and Payments account is a summary of cash and bank transactions of not-for-profit organisations prepared at the end of each financial year.
(ii) It is a real account in nature. The receipts and payments account begins with the opening balances of cash and bank and ends with closing balances of cash and bank

Generally cash account and the personal accounts of customers and creditors are maintained by small sized sole trader. When double entry accounting system is not followed.

(i) When accounting records are not strictly maintained according to double entry system, these records are called as incomplete accounting records.
(ii) Generally, cash account and the personal accounts of customers and creditors are maintained fully and other accounts are maintained based on necessity.