Read and download free pdf of CBSE Class 12 Accountancy Retirement And Death Of Partner Worksheet Set C. Students and teachers of Class 12 Accountancy can get free printable Worksheets for Class 12 Accountancy in PDF format prepared as per the latest syllabus and examination pattern in your schools. Standard 12 students should practice questions and answers given here for Accountancy in Grade 12 which will help them to improve your knowledge of all important chapters and its topics. Students should also download free pdf of Class 12 Accountancy Worksheets prepared by school teachers as per the latest NCERT, CBSE, KVS books and syllabus issued this academic year and solve important problems provided here with solutions on daily basis to get more score in school exams and tests
Retirement And Death Of Partner Class 12 Accountancy Worksheet Pdf
Class 12 Accountancy students should refer to the following printable worksheet in Pdf for Retirement And Death Of Partner in standard 12. This test paper with questions and answers for Grade 12 Accountancy will be very useful for exams and help you to score good marks
Class 12 Accountancy Worksheet for Retirement And Death Of Partner
Question : On the retirement of a partner, profit on revaluation of assets and liabilities should be credited to the Capital Accounts of :
(a) All partners in the old profit-sharing ratio
(b) The remaining partners in their old profit-sharing ratio
(c) The remaining partners in their new profit-sharing ratio
(d) None of these.
Answer : A
Question : The old profit-sharing ratio among Ram, Shyam and Taja were 2 : 2 ; 1. The new profit-sharing ratio after Shyam’s retirement is 3 : 2. The gaining ratio is :
(a) 3 : 2 (b) 2 : l (c) 1 : 1 (d) 2 : 3
Answer : C
Question : X, Y and Z were partners sharing profit in the ratio 5 : 4 : 3. Z retires and his share was taken up by X and Y in the ratio of 3 : 2. The new profit sharing ratio of X and Y will be :
(a) 5 : 4 (b) 4 : 3 (c) 5 : 3 (d) 17 : 13
Answer : D
Question : In case of retirement of a Partner from the firm, the profit on revaluation will be credited to the capital accounts of partners :
(a) In old profit sharing ratio of remaining partners
(b) In new profit sharing ratio of remaining partners
(c) In old profit sharing ratio of all the partners
(d) Only a retiring partner
Answer : C
Question : X, Y and Z are partners sharing profi ts in the ratio of 5 : 4 : 1. What will be the new ratio of the remaining partners if Z retires?
(a) 5 : 4 (b) 3 : 2 (c) 1 : 1 (d) 5 : 1
Answer : A
Very Answer Type Questions
Question : How is new profit ratio calculated on retirement of a partner?
Answer : New Share = Old Share + Acquired Share/Gaining Ratio.
Question : Why is gaining ratio calculated?
Answer : Gaining ratio is calculated to ascertain the amount of goodwill payable to the retiring partner by remaining partners.
Question : Explain the treatment of accumulated losses at the time of retirement of a partner.
Answer : At the time of retirement or death of a partner, the amount of accumulated losses shall be written
off by debiting to all partners in their old profi t sharing ratio :
All Partner’s Capital A/c Dr. _____
To Profit & Loss A/c (Old Ratio) _____
Question : P, Q and R are partners sharing profits in the ratio of 1/4 : 3/10 : 9/20. What will be the new ratio on the retirement of R?
Answer : New Ratio will be 5 : 6.
Short Answer Type Questions
Question : Briefl y explain the need for the revaluation of assets and liabilities on the reconstitution of a partnership fi rm.
Answer : At the time of reconstitution of a fi rm, assets and liabilities of the fi rm are revalued. The net gain (or loss) due to the revaluation of assets and liabilities is shared by existing partners in their old profi t sharing ratio. To calculate gain (or loss) on revaluation, ‘Revaluation Account’ is opened at the time of admission or retirement (reconstitution of fi rm) of a partner. The objective achieved in this process is that the net benefi t of increase (or decrease) in the valuation of assets and liabilities due to efforts of existing partners is shared by them only.
Question : What is the method of calculating the share of profit of outgoing partner, when retirement is after the preparation of fi nal accounts?
Answer : Preparation of profit and loss account after his retirement
On the basis of memorandum of previous year’s profit.
On the basis of sales.
On the basis of certain percentage of capital.
Question : What is the need and required entry to be passed in the books of the firm for distribution of specifi c reserve or fund?
Answer : If specifi c reserve or funds like Workmen’s Compensation Fund, Investment Fluctuation Fund, etc.
are more in value than the actual liability or if liability does not exist, they should be distributed among all partners (including the retiring partner) in their old profi t-sharing ratio.
Workmen’ Compensation Fund A/c Dr.
Investment Fluctuation Fund A/c Dr.
To All Partners’ Capital A/cs
(Being excess of funds transferred to Partners’
Capital A/cs in their old ratio)
Question : Aparna, Manisha and Sonia are partners sharing profits in the ratio of 3:2:1. Manisha retires and goodwill of the firm is valued at Rs. 1,80,000. Aparna and Sonia decided to share future in the ratio of 3:2. Pass necessary Journal entries.
Journal
Aparna’s Capital A/c Dr. 18,000
Sonia’s Capital A/c Dr. 42,000
To Manisha’s Capital A/c 60,000
(Goodwill credited to Manisha’s capital and debited to continuing partners’ capitals in the gaining ratio)
The partners share profits in the ratio of 8 : 4 : 5. C retires from the firm on the same date subject to the following term S and conditions:
i) 20% of the General Reserve is to remain as a reserve for bad and doubtful debts.
ii) Motor)r Car is to be decreased by 5%.
iii) Stock is to be revalued at Rs.17, 500.
iv) Goodwill is valued at’ 2 ½ years purchase of the average profits of last 3 years. Profits were; 2001: Rs.11,000; 200l: Rs. 16,000 and 2003: Rs.24,000. C was paid in July, A and B borrowed the necessary amount from the Bank on the security of Motor Car and stock to payoff C. Prepare Revaluation Account, Capital Accounts and Balance Sheet of A and B.
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