Ramu, Somu and Gopu are partners sharing profits in the ratio of 3:5:7

Ramu, Somu and Gopu are partners sharing profits in the ratio of 3:5:7

Question 9. Gopu retires and the share is purchased by Ramu and Somu in the ratio of 3:1. Find the new profit sharing ratio and gaining ratio. Answer:

Manju retired from the partnership firm on subject to the following adjustments: (i) Stock to be depreciated by ? 10,000 (ii) Provision for doubtful debts to be created for ? 3,000

Question 11. Mani, Gani and Soni are partners sharing the profits and losses in the ratio of 4:5:6. Mani retires from the firm. Calculate the new profit sharing ratio and gaining ratio. Answer: Since new profit sharing ratio, share gained and the proportion of share gained is not given, the new share is calculated by assuming that the share gained is in the proportion of old ratio.

Question 12. Rajan, Suman and Jegan were partners in a firm sharing profits and losses in the ratio of 4:3:2. Suman retired from partnership. The goodwill of the firm on the date of retirement was valued at ? 45,000. Pass necessary journal entries for goodwill on the assumption that the fluctuating capital method is followed. Answer: Value of Goodwill = 45,000 x \(\frac < 3>< 9>\) = 15,000 Journal Entries Adjustment for goodwill

Question 13. Balu, Chandru, and Nirmal are partners in firms sharing profits and losses in the ratio of 5:3:2. On 31st , Nirmal retires from the firm. On the date of Nirmal’s retirement, goodwill appeared in the books of the firm at Rs. 60,000. By assuming fluctuating capital account, pass the necessary journal entry if the partners ount of existing goodwill (b) write off half of the existing goodwill. Answer:

Question 14. Rani, Jaya and Rathi are partners sharing profits and losses in the ratio of 2:2:1. On 31.3.2018, Rathi retired from the partnership. Profit of the preceding years is as follows: 2014: 10,000; 2015: ? 20,000; 2016: ? 18,000 and 2017: ? 32,000 Find out the share of profit of Rathi for the year 2018 till the date of retirement if (a) Profit is to be distributed on the basis of the previous year’s profit (b) Profit is to be distributed on the basis of the average profit of the past 4 years Also pass necessary journal entries by assuming partners capitals are fluctuating. Answer: (a) If the profit is to be distributed on the basis of previous year profit (2017) Rathi’s share distributed 3 months = ? 32,000 x \(\frac < 1>< 5>\) x \(\frac < 3>< 12>\) = ? 1600

Question 15. Kavin, Madhan, and Ranjith are partners sharing profits and losses in the ratio of 4:3:3, respectively. Kavin retires from the firm on 31st . On the date of retirement, his capital account shows a credit balance of ? 1,50,000. Pass journal entries if: (a) The amount due is paid off immediately. (b) The amount due is not paid immediately. (c) ? 1,00,000 is paid and the balance in the future. Answer:

Navin, Ravi and Kumar are partners sharing profits in the ratio of 1/2,1/4 and 1/4 respectively, Kumar retires and his share is taken up by Navin and Ravi equally

Question 16. Manju, Charu and Lavanya are partners in firms sharing profits and losses in the ratio of 5:3:2. Their balance sheet as of 31st is as follows:

(iii) Buildings to be appreciated by ? 28,000 Prepare revaluation account and capital accounts of partners after retirement. Answer: Revaluation

Question 17. Kannan, Rahim, and John are partners in a firm sharing profit and losses indian singles dating sites in the ratio of 5:3:2. The balance sheet as on 31st was as follows: