# CBSE Class 12 Accountancy Retirement And Death Of Partner Worksheet Set D

Read and download free pdf of CBSE Class 12 Accountancy Retirement And Death Of Partner Worksheet Set D. 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 : X, Y and Z are Partners sharing profits in the ratio of 1/2, 1/3 and 1/6. X retires. New profit sharing ratio will be :
(a) 2 : 1 (b) 1 : 2 (c) 2 : 3 (d) l : 3

Question : X, Y and Z are partners sharing profits in the ratio of 4 : 3 : 2. Y retires. X and Z decided to share the profi ts in the ratio of 2 : 1 in future. Gaining ratio of X and Z will be :
(a) 1 : 1 (b) 3 : 2 (c) 2 : 1 (d) 3 : 1

Question : X, Y and Z were partners sharing profi ts in the ratio of 4 : 3 : 2. X retires. Assuming Y & Z will share profi ts in the ratio of 2 : 1 Gaining ratio will be :
(a) 2 : 1 (b) 4 : 3 (c) 3 : 2 (d) 3 : 1

### Very Short Answer Type Questions

Question : How would you deal with existing goodwill at the retirement of a partner?
Answer : Existing goodwill be written off by debiting ‘All Partners’ Capital A/cs’ in their old ratio and crediting the Goodwill A/c.

Question : For which share of goodwill a partner is entitled at the time of his retirement?
Answer :  According to his share of profit in a firm.

Question : Why retiring partner is entitled to a share of goodwill of the firm?
Answer : The retiring partner is entitled to his share of goodwill of the firm because the goodwill earned by the firm is the result of the efforts of all the existing partners. As retiring/deceased partner will not be sharing future profits, it will be fair to compensate them for the same.

Question : What is the need and required entry to be passed in the books of the fi rm for distribution of specific 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 : A, B and C share profits in the ratio of 4 : 3: 2. B retires. It is agreed that in future A and C shall share in the ratio of 3 : 2. Calculate the gaining ratio.
Answer : A : C = 7 : 8.

Question : P, Q, R and S are partners sharing profits in the ratio of 7 : 5 : 2 : 1. S retires from the firm.
Calculate new ratio after S’s retirement and also gaining ratio.
Answer :  Both New Ratio and Gaining Ratio 7:5:2.

Question : An existing partner may wish to withdraw from a firm for various reasons.

Question : The amount due to a retiring partner will be the total of :-

a. His capital in the firm

b. His share in firm’s accumulated profits and losses.

c. His share of profit or loss on revaluation of assets and liabilities

d. His share of profits till the date of retirement

e. His remuneration and interest on capital.

f. His share in firm’s goodwill.

3. The ratio in which the continuing (remaining) partners have acquired the share from the outgoing partner is called gaining ratio.

GAIN RATIO = NEW RATIO – OLD RATIO

Question : Share of goodwill of outgoing partner will be debited to gaining partners in their gaining ratio.

i. When goodwill already appear in the books of firm

Old Partners’ capital A/c Dr.

To goodwill A/c

(old profit sharing ratio)

ii. Share of retire partner in goodwill

Gaining partners’ capital A/c Dr.

To Retiring partner’s capital A/c

(Gain Ratio)

Question : At the retirement of a partner Profit & Loss on Revaluation of Assets and liabilities and balances of accumulated Profits and losses will be distributed among all partners (including outgoing partner) in their old ratio.

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