Reconstitution of a Partnership Firm – Retirement/Death of a PartnerClass 12 Accountancy Part 1 MCQs
17 Questions
Generated by KedovoAI
Question 1 of 17
easy
What is the formula to calculate the gaining share of a continuing partner when the new profit sharing ratio is specified?
medium
Upon the retirement of a partner, the firm's General Reserve of Rs. 90,000 is to be distributed among partners Inder, Gajender, and Harinder in their old ratio of 3:2:1. What is the correct journal entry?
hard
Deepa, Neeru, and Shilpa were partners (5:3:2). Neeru retired, and the new ratio between Deepa and Shilpa became 2:3. How is Neeru's share of goodwill (Rs. 36,000) and Deepa's sacrifice (Rs. 12,000) compensated?