Commerce Exam  >  Commerce Notes  >  DK Goel Solutions - Class 12 Accountancy  >  DK Goel Solutions: Retirement or Death of a Partner

DK Goel Solutions: Retirement or Death of a Partner | DK Goel Solutions - Class 12 Accountancy - Commerce PDF Download

Q1:  X, Y, and Z are associates sharing profits and losses in the ratio 3:2: 1. Calculate the new ratios when (i) X retires (ii) Y retires (iii) Z retires
Ans: 
The new ratio of the left partners will be calculated by striking out the share of the retiring partners. Therefore,
(i) When X retires, the new ratio between Y and Z is 2:1
(ii) When Y retires, the new ratio between X and Z is 3:1
(III) When Z retires, the new ratio between X and Y is 3:2

Q2: A, B, and C are associates in a company sharing profits in the ratio 5:4:3. B retired and his share was distributed evenly between A and C. Determine the new profit-sharing ratio of A and C.
Ans:
B’s share will be divided between A and C in the ratio of 1:1.
DK Goel Solutions: Retirement or Death of a Partner | DK Goel Solutions - Class 12 Accountancy - Commerce

Q3: A, B, C, and D are associates sharing profits in the ratio of 3:4:3:2. On the retirement of C, the goodwill was valued at ₹6,00,000. A, B and D decided to show future profits equally. Pass the necessary journal entry for the retirement of goodwill.
Ans:
Calculation of Gaining Ratio:

DK Goel Solutions: Retirement or Death of a Partner | DK Goel Solutions - Class 12 Accountancy - Commerce

DK Goel Solutions: Retirement or Death of a Partner | DK Goel Solutions - Class 12 Accountancy - Commerce


Q4: A, B and C were partners sharing profits in the ration of 5:4:3. C retired and his share was taken up by A and B in the ratio of 3:2. Find out the new ratio.
Ans: 
C’s share will be divided between A and B in the ratio of 3:2
DK Goel Solutions: Retirement or Death of a Partner | DK Goel Solutions - Class 12 Accountancy - Commerce
The document DK Goel Solutions: Retirement or Death of a Partner | DK Goel Solutions - Class 12 Accountancy - Commerce is a part of the Commerce Course DK Goel Solutions - Class 12 Accountancy.
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