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Detailed Solution for Test: Retirement Of A Partner - 3 - Question 1

Test: Retirement Of A Partner - 3 - Question 2

A, B and C are partners with profits sharing ratio 4:3:2. B retires and Goodwill Rs. 10,800 shown in books of account. If A & C shares profits of B in 5:3, then find the new profit sharing ratio.

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 2

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Test: Retirement Of A Partner - 3 - Question 3

A, B and C are partners with profits sharing ratio 4:3:2. B retires and Goodwill Rs. 10,800 was shown in books of account. If A & C shares profits of B in 5:3, then find the value of goodwill shared between A and C.

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 3

Test: Retirement Of A Partner - 3 - Question 4

C, D and E are partners sharing profits and losses in the proportion of ½, 1/3 and 1/6. D retired and the new profit sharing ratio between C and E is 3:2 and the Reserve of Rs. 12,000 is divided amount the partners in the ratio:

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 4

Test: Retirement Of A Partner - 3 - Question 5

The capitals of A, B and C are Rs. 1,00,000; Rs. 75,000 and Rs. 50,000, profits are shared in the ratio of 3:2:1. B retires on the basis that his shares is purchased by other partners keeping the total capital intact. The new ratio between A and C is 3:1. Find the capital of A and C after purchasing B’s share..

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 5

Test: Retirement Of A Partner - 3 - Question 6

Outgoing partner is compensated for parting with firm’s future profits in favour of remaining partners. In what ratio do the remaining partners contribute to such compensation amount?

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 6

Test: Retirement Of A Partner - 3 - Question 7

Joint Life Policy is taken by the firm on the life(s) of ………

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 7

Test: Retirement Of A Partner - 3 - Question 8

At the time of retirement of a partner, firm gets ……… from the insurance company against the Joint Life Policy taken jointly for all the partners.

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 8

Test: Retirement Of A Partner - 3 - Question 9

At the time of retirement of a partner, firm gets ……… from the insurance company against the Joint Life Policy taken severely for each partner.

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 9

Test: Retirement Of A Partner - 3 - Question 10

A, B and C takes a Joint Life Policy, after five years B retires from the firm. Old profit sharing ratio is 2:2:1. After retirement A and C decides to share profits equally. They had taken a Joint Life Policy of Rs. 2,50,000 with the surrender value Rs. 50,000. What will be the treatment in the partner’s capital account on receiving the JLP amount if joint life premium is fully charged to revenue as and when paid?

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 10

Test: Retirement Of A Partner - 3 - Question 11

A, B and C takes a Joint Life Policy, after five years, B retires from the firm. Old profit sharing ratio is 2:2:1. After retirement A and C decides to share profits equally. They had taken a Joint Life Policy of Rs. 2,50,000 with the surrender value Rs. 50,000. What will be the treatment in the partner’s capital account on receiving the JLP amount if joint life policy is maintained at the surrender value?

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 11

Test: Retirement Of A Partner - 3 - Question 12

A, B and C takes a Joint Life Policy, after five years B retires from the firm. Old profit sharing ratio is 2:2:1. After retirement A and C decides to share profits equally. They had taken a Joint Life Policy of Rs. 2,50,000 with the surrender value Rs. 50,000. What will be the treatment in the partner’s capital account on receiving the JLP amount if joint life policy is maintained at surrender along with the reserve?

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 12

Test: Retirement Of A Partner - 3 - Question 13

A, B and C are partners sharing profits in the ratio 2:2:1. On retirement of B, goodwill was valued as Rs. 30,000. Find the contribution of A and C to compensate B.

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 13

Test: Retirement Of A Partner - 3 - Question 14

Claim of the retiring partner is payable in the following form.

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 14

Test: Retirement Of A Partner - 3 - Question 15

A, B and C were partners in a firm sharing profits and losses in the ratio of 2:2:1 respectively with the capital balance of Rs. 50,000 for A and B, for C Rs. 25,000. B declared to retire from the firm and balance in reserve on the date was Rs. 15,000. If goodwill of the firm was valued as Rs. 30,000 and profit on revaluation was Rs. 7,050 then what amount will be transferred to the loan account of B.

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 15

Test: Retirement Of A Partner - 3 - Question 16

A, B and C are partners sharing profits and losses in the ratio of 3:2:1. C retires on a decided date and Goodwill of the firm is to be valued at Rs. 60,000. Find the amount payable to retiring partner on account of goodwill.

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 16

Test: Retirement Of A Partner - 3 - Question 17

A, B and C were partners sharing profits and losses in the ratio of 3:2:1. A retired and Goodwill of the firm is to be valued at Rs. 24,000 and Goodwill Account is to be raise which is not appearing in the balance sheet. What will be the treatment for goodwill?

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 17

Test: Retirement Of A Partner - 3 - Question 18

A, B and C were partners sharing profits and losses in the ratio of 3:2:1. A retired and firm received the joint life policy as Rs. 7,500 appearing in the balance sheet at Rs. 10,000. JLP is credited and cash debited with Rs. 7,500, what will be the treatment for the balance in Joint Life Policy?

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 18

Test: Retirement Of A Partner - 3 - Question 19

Balances of M/s. Ram, Rahul and Rohit sharing profits and losses in proportionate to their capitals, stood as follows: Capital Accounts: Ram Rs. 3,00,000; Rahul Rs. 2,00,000 and Rohit Rs. 1,00,000. Ram desired to retire form the firm and the remaining partners decided to carry on, Joint life policy of the partners surrendered and cash obtained Rs. 60,000. What will be the treatment for JLP?

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 19

Test: Retirement Of A Partner - 3 - Question 20

Balances of A, B and C sharing profits and losses in proportionate to their capitals, stood as follows: Capital Accounts: A Rs. 2,00,000; B Rs. 3,00,000 and C Rs. 2,00,000; JLP Reserve Rs. 80,000 and JLP Rs. 80,000. A desired to retire form the firm and the remaining partners decided to carry on in equal ratio, Joint life policy of the partners surrendered and cash obtained Rs. 80,000. What will be the treatment for JLP?

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 20

Test: Retirement Of A Partner - 3 - Question 21

Balances of A, B and C sharing profits and losses in proportionate to their capitals, stood as follows: Capital Accounts: A Rs. 2,00,000; B Rs. 3,00,000 and C Rs. 2,00,000. A desired to retire form the firm, B and C share the future profits equally, Goodwill of the entire firm be valued at Rs. 1,40,000 and no Goodwill account being raised.

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 21

Test: Retirement Of A Partner - 3 - Question 22

Balances of A, B and C sharing profits and losses in proportionate to their capitals, stood as follows: Capital Accounts: A Rs. 2,00,000; B Rs. 3,00,000 and C Rs. 2,00,000. JLP Reserve and JLP at Rs. 80,000. A desired to retire form the firm, B and C share the future profits equally. Joint life policy of the partners surrendered and cash obtained Rs. 80,000. Goodwill of the entire firm be valued at Rs. 1,40,000 and no Goodwill account being raised.

Revaluation Loss was Rs. 10,000. Amount due to A is to be settled on the following basis: 50% on retirement and the balance 50% within one year. The total capital of the firm is to be the same as before retirement. Individual capitals in their Profit sharing ratio. Find the balances of Partner’s Capital Account

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 22

Test: Retirement Of A Partner - 3 - Question 23

Balances of Ram, Hari & Mohan sharing profits and losses in the ratio 2:3:2 stood as follows: Capital Accounts: Ram Rs. 10,00,000; Hari Rs. 15,00,000; Mohan Rs. 10,00,000; Joint Life Policy Rs. 3,50,000. Hari desired to retire from the firm and the remaining partners decided to carry on with the future profit sharing ratio of 3:2. Joint Life Policy of the partners surrendered and cash obtained Rs. 3,50,000. What would be the treatment for JLP?

Detailed Solution for Test: Retirement Of A Partner - 3 - Question 23

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