CBSE Class 12 Accountancy Retirement or Death of a Partner Worksheet Set A

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Part 1 Chapter 4 Reconstitution of a Partnership Firm Retirement/Death of a Partner Accountancy Worksheet for Class 12

Class 12 Accountancy students should refer to the following printable worksheet in Pdf in Class 12. This test paper with questions and solutions for Class 12 Accountancy will be very useful for tests and exams and help you to score better marks

Class 12 Accountancy Part 1 Chapter 4 Reconstitution of a Partnership Firm Retirement/Death of a Partner Worksheet Pdf

 Retirement or Death of a Partner
 
Retirement of a Partner
 
1 X, Y and Z are partners sharing profits and losses in the ratio 5:4:3. Calculate the new ratios when (i)X retires, (ii)Y retires and (iii)Z retires.
(Ans : (i)Y:Z=4:3; X:Z=5:3; Z=5:4)
 
2 A, B and C are partners in a firm sharing profits in the ratio of 5:4:3. B retired and his share was divided equally between A and C. Calculate the new profit sharing ratio of A and C.
(Ans : A : C = 7:5)
 
3 A, B and C are partners sharing profits in the ratio of 1/4 : 2/5 :7/20. A retires and his share is taken up by B and C in the ratio of 1:2. Calculate the new ratio.
(Ans : B:C = 29:31)
 
4 M, N and O are partners, sharing profits in the ratio 2:1:2. O retires. O’s share is entirely taken by N. Calculate new ratio.
(Ans : M:N = 2:3)
 
5 Madhu, Surabhi and Nikhil are partners without any partnership deed. Madhu retires. Calculate the future ratio of continuing partners if they agreed to acquire her share
(i)in the ratio of 5:3
(ii)equally.
Also mention their gaining ratio.
(Ans : (i)New Ratio of Surabhi and Nikhil is 13:11; Gaining Ratio is 5:3
(ii)New Ratio of Surabhi and Nikhil is 1:1; Gaining Ratio is 1:1)
 
6 A, B and C were partners sharing profits in the ratio of 2/6, ½ and 1/6. A retires and surrenders 2/3 of his share in favour of B and remaining in favour of C. Calculate new ratio and gaining ratio.
(Ans : New Ratio of B and C is 13:5; Gaining Ratio is 2:1)
 
7 A, B, C and D were partners sharing profits in the ratio of 2:1:3:4. B retires and his share is acquired by A and C in the ratio of 4:1. Calculate the new ratio and the gaining ratio.
(Ans : A, C and D is 7:8:10 ; Gaining Ratio is 4:1)
 
8 Bharti, Kirti and Priti are partners sharing profits in the ratio of 2:3:4. Priti retires and for this purpose goodwill is valued at one and half year’s purchase of average super profits of last three years, which are as under :
First Year                   Rs 50,000
Second Year               Rs 55,000
Third Year                  Rs 75,000
The normal profits for similar firms is                Rs 45,000
Record the necessary journal entries.
(Hint : Priti’s share of Goodwill Rs 10,000)
 
9 X, Y and Z are partners sharing profits in the ratio of 2:3:5. Goodwill is appearing in their books at a value of `60,000. X retires and on the day of X’s retirement goodwill is valued at `45,000. Y and Z decided to share future profits equally. Pass the necessary Journal entries.
(Hint: Y gains 2/10)
 
10 A, B and C are partners sharing profits in the ratio of 4:3:2. B decides to retire and surrenders his share to A and C in the ratio of 3:1. The goodwill of the firm is valued at 1.5 years purchase of super profits based on average profits of the last three years which were Rs 2,00,000. Rs 2,40,000 and Rs 3,10,000 respectively. The normal profits for similar firms are Rs 1,70,000. Goodwill already appears in the books of the firm at Rs 72,000. The profit for the first year after B’s retirement was Rs 5,40,000. Give the necessary journal entries to adjust goodwill and to distribute profits.
(Ans : New Ratio of A and B is 25:11; B’s share of Goodwill is Rs 40,000)
 
11 Ramesh, Naresh and Suresh were partners in a firm sharing profits in the ratio of 5:3:2. Naresh retired and the new profit sharing ratio between Ramesh and Suresh was 2:3. On Naresh’s retirement the goodwill of the firm was valued at Rs 1,20,000. Pass necessary journal entry for the treatment of goodwill on Naresh’s retirement without opening the goodwill account.
(Ans : Naresh Share of Goodwill is Rs 36,000 ; Suresh’s gain Rs 4/10)
 
12 A, B and C are partners sharing profits and losses in the ratio of 4:3:1 respectively. B retires selling his share of profit to A and C for Rs 8,100; Rs 3,600 being paid by A and Rs 4,500 by C. The profit for the year after B’s retirement was Rs 10,500. You are required (i)to give necessary journal entries to record the above said sale of B’s share to A and C, (ii)to calculate the new profit sharing ratio, and
(iii)distribute the profit between A and C.
(Ans : (ii)New Ratio between A & C is 2:1; (ii)A’s share `7,000 ; C’s share Rs 3,500)
 
13 P, Q and R are partners in a firm sharing profits in the ratio of 2:2:1. R retires and Balance Sheet of the firm as at that date was as under :
 
Balance Sheet
as at 31st March 2018

CBSE Class 12 Accountancy Retirement or Death of a Partner Worksheet Set A 1

It was agreed that stock is to be brought down to `82,000 and plant is reduced by `20,000. Patents were found valueless. There was no liability on account of
workmen’s compensation reserve.
 
Record necessary entries at the time of retirement.
 
14 A, B and C were partners sharing profits and losses in the ratio of 5:3:2. Their Balance Sheet as at 1st April, 2011 was as follows.

CBSE Class 12 Accountancy Retirement or Death of a Partner Worksheet Set A 2

C retires on above date and the partners agreed that :
(i)Goodwill is to be valued at two years’ purchase of the average profits of last four yea` Profits for the years ending 31st March were : 2008 Rs 14,000; 2009 Rs20,000; 2010 Rs 10,000 (Loss); 2011 Rs 15,600.
(ii)5% provision for doubtful debts to be made on debtors.
(iii)Stock to appreciated by 10%.
(iv)Patents are valueless.
(v)Buildings be appreciated by 20%
(vi)Sundry creditors to be paid Rs 2,000 more than book value.
Pass journal entries and prepare Revaluation Account, Capital Accounts and the Balance Sheet of new firm.
 
(Ans : Revaluation Profit Rs 9,600; Capital A/C balances : A Rs 53,300 ; B Rs 36,980; C’s
Loan A/C Rs 31,320; Balance Sheet Total Rs 1,38,600)
 
15 A and B are partners sharing profits in the ratio of A 3/6, B 2/6 and transfer to reserve 1/6.Their Balance Sheet as at 30th September, 2014 was as follows :

CBSE Class 12 Accountancy Retirement or Death of a Partner Worksheet Set A 3

B retires on 1st October, 2014. The terms were :
(i)Goodwill is to be valued at Rs 50,000.
(ii)Value of patents is to be increased by Rs 3,000 but Plant was found over-valued by Rs 15,000.
(iii)Provision for doubtful debts should be 5% on Debtors and provision for discount also be made on Debtors and Creditors at 3%.
(iv)Out of insurance which was entirely debited to Profit & Loss A/C Rs 870 be carried forward as unexpired insurance.
(v)Investments be revalued at Rs 16,000. Half of these investments were taken over by B.
(vi)There is a claim for workmen’s compensation to the extent of Rs 5,000.
B was paid off in full. A borrowed the necessary money from the bank on security of plant and stock to pay off B. B decided to donate the entire money due to him to Jammu & Kashmir Chief Minister’s Fund to meet the loss caused by flood in the state.
 
Prepare revaluation Account, Capital Accounts and Balance Sheet of A. Also identify the values involved in the question.
(Ans : Revaluation Loss Rs 21,000; A’s Capital A/C `60,000; Balance Sheet Total Rs1,39,700)
 

Please click on below link to download CBSE Class 12 Accountancy Retirement or Death of a Partner Worksheet Set A

Part 1 Chapter 01 Accounting for Not-for-Profit Organisation
CBSE Class 12 Accountancy Accounting For Not For Profit Organisation Worksheet
CBSE Class 12 Accountancy Not For Profit Organisation Worksheet Set A
CBSE Class 12 Accountancy Not For Profit Organisation Worksheet Set B
Part 1 Chapter 02 Accounting for Partnership Basic Concepts
CBSE Class 12 Accountancy Accounting For Partnership Firms Worksheet Set A
CBSE Class 12 Accountancy Accounting For Partnership Firms Worksheet Set B
CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set A
CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set B
CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set C
CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set D
CBSE Class 12 Accountancy Fundamentals Worksheet Set A
CBSE Class 12 Accountancy Fundamentals Worksheet Set B
CBSE Class 12 Accountancy Partnership Volume Worksheet
Part 1 Chapter 03 Reconstitution of a Partnership Firm Admission of a Partner
CBSE Class 12 Accountancy Admission of A Partner Worksheet Set A
CBSE Class 12 Accountancy Admission of A Partner Worksheet Set B
CBSE Class 12 Accountancy Admission of A Partner Worksheet Set C
CBSE Class 12 Accountancy Change in Profit Sharing Worksheet Set A
CBSE Class 12 Accountancy Change in Profit Sharing Worksheet Set B
CBSE Class 12 Accountancy Change in Profit Sharing Worksheet Set C
CBSE Class 12 Accountancy Goodwill Nature And Valuation Worksheet Set A
CBSE Class 12 Accountancy Goodwill Nature And Valuation Worksheet Set B
CBSE Class 12 Accountancy Goodwill Nature And Valuation Worksheet Set C
Part 1 Chapter 04 Reconstitution of a Partnership Firm Retirement/Death of a Partner
CBSE Class 12 Accountancy Death of A Partner Worksheet Set A
CBSE Class 12 Accountancy Death of A Partner Worksheet Set B
CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set A
CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set B
CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C
CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set D
CBSE Class 12 Accountancy Retirement or Death of a Partner Worksheet Set A
CBSE Class 12 Accountancy Retirement or Death of a Partner Worksheet Set B
Part 1 Chapter 05 Dissolution of Partnership Firm
CBSE Class 12 Accountancy Dissoultion of Partnership Firm Worksheet Set A
CBSE Class 12 Accountancy Dissoultion of Partnership Firm Worksheet Set B
CBSE Class 12 Accountancy Dissoultion of Partnership Firm Worksheet Set C
Part 2 Chapter 01 Accounting for Share Capital
CBSE Class 12 Accountancy Accounting For Companies Worksheet
CBSE Class 12 Accountancy Accounting For Share Capital Worksheet
Part 2 Chapter 02 Issue and Redemption of Debentures
CBSE Class 12 Accountancy Issue And Redemption of Debentures Worksheet Set A
CBSE Class 12 Accountancy Issue And Redemption of Debentures Worksheet Set B
CBSE Class 12 Accountancy Issue And Redemption of Debentures Worksheet Set C
Part 2 Chapter 03 Financial Statements of a Company
CBSE Class 12 Accountancy Financial Statements of A Company Worksheet
Part 2 Chapter 04 Analysis of Financial Statements
CBSE Class 12 Accountancy Analysis of Financial Statements Worksheet
CBSE Class 12 Accountancy Tools of Analysis Worksheet Set A
CBSE Class 12 Accountancy Tools of Analysis Worksheet Set B
Part 2 Chapter 05 Accounting Ratios
CBSE Class 12 Accountancy Ratio Analysis Worksheet Set A
CBSE Class 12 Accountancy Ratio Analysis Worksheet Set B
CBSE Class 12 Accountancy Ratio Analysis Worksheet Set C
Part 2 Chapter 06 Cash Flow Statement
CBSE Class 12 Accountancy Cash Flow Statement Worksheet Set A
CBSE Class 12 Accountancy Cash Flow Statement Worksheet Set B
CBSE Class 12 Accountancy Cash Flow Statement Worksheet Set C
z More Worksheets for Class 12 Accountancy
CBSE Class 12 Accountancy All Chapters Question Bank
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CBSE Class 12 Accountancy Worksheet Set A Solved
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CBSE Class 12 Accountancy Part 1 Chapter 4 Reconstitution of a Partnership Firm Retirement/Death of a Partner Worksheet

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