Important Questions of Class 12 Accountancy Ch-5 Retirement of Partner
Question 1: [2024C]
Anu, Bina, and Roy were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Roy retired and his share was acquired by Anu. The new profit-sharing ratio between Anu and Bina after Roy’s retirement will be:
(A) 3 : 2
(B) 3 : 1
(C) 1 : 1
(D) 2 : 1
Answer
(A) 3 : 2
Important Questions of Class 12 Accountancy Ch-5 Retirement of Partner
Question 2: [2024C]
Asha, Yug, and Zubin were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. Zubin retired. Zubin’s share was acquired equally by Asha and Yug. The new profit-sharing ratio between Asha and Yug after Zubin’s retirement was:
(A) 3 : 2
(B) 5 : 4
(C) 4 : 3
(D) 2 : 1
Answer
(C) 4 : 3
Important Questions of Class 12 Accountancy Ch-5 Retirement of Partner
Question 3: [2024C]
Falak, Girdhar, and Hemang were partners in a firm sharing profits and losses in the ratio of 6 : 3 : 1. Girdhar retired. Falak and Hemang decided to share profits in future in the ratio of 3 : 2. On the day of Girdhar’s retirement, goodwill of the firm was valued at ₹1,00,000.
Calculate the gaining ratio and pass the necessary journal entry to record the treatment of goodwill on Girdhar’s retirement.
Important Questions of Class 12 Accountancy Ch-5 Retirement of Partner
Question 4: [2024C]
Diya, Esha and Fila were partners in a firm sharing profits and losses in the ratio of 4 : 5 : 1. Fila retired. Diya and Esha decided to share profits in future in the ratio of 3 : 7. On the day of Fila’s retirement, goodwill of the firm was valued at ₹ 3,00,000.
Calculate gaining ratio and pass necessary journal entry to record the treatment of goodwill on Fila’s retirement.
Important Questions of Class 12 Accountancy Ch-5 Retirement of Partner
Question 5: [2024C]
Trisha, Udit, and Varsha were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. Their Balance Sheet as of 31st March 2023 was as follows:
Balance Sheet of Trisha, Udit, and Varsha as at 31st March 2023
| Liabilities | Amount (₹) | Assets | Amount (₹) |
|---|---|---|---|
| Capitals: | Fixed Assets | 4,00,000 | |
| Trisha – 2,00,000 | Stock | 1,00,000 | |
| Urvi – 1,30,000 | Debtors | 1,50,000 | |
| Varsha – 1,00,000 | 4,30,000 | Cash | 2,00,000 |
| General Reserve | 1,50,000 | ||
| Creditors | 2,70,000 | ||
| 8,50,000 | 8,50,000 |
Trisha retired on 1st April, 2023 and the partners agreed to the following terms:
(i) Fixed Assets were found overvalued by ₹ 80,000.
(ii) Stock was taken over by Trisha at ₹ 80,000.
(iii) Goodwill of the firm was valued at ₹ 1,00,000 on Trisha’s retirement and Trisha’s share by goodwill was adjusted through the Capital Accounts of remaining partners.
(iv) New profit sharing ratio between the remaining partners was agreed at 2 : 3.
(v) Trisha was paid ₹ 50,000 on retirement and the balance was transferred to her loan account.
Pass necessary journal entries in the books of the firm on Trisha’s retirement.
Important Questions of Class 12 Accountancy Ch-5 Retirement of Partner
