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

Read and download free pdf of CBSE Class 12 Accountancy Retirement And Death Of Partner Worksheet Set A. 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 the 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

Question : The old profit-sharing ratio among A, B and C were 2:2:1. The new profit-sharing ratio after B’s retirement is 3 : 2. The gaining ratio is :
(a) 3 : 2 (b) 2 : 1 (c) 1 : 1 (d) 2 : 3

Question : A, B and C are partners sharing profit in the ratio 3 : 2 : 1, B retires, A and C decided to share the profit in the ratio of 2 : 1 in future. Gaining ratio of A and C will be :
(a) 3 : 1 (b) 3 : 2 (c) 1 : 1 (d) 2 : 1

Question : A, B and C are three partners sharing profit in the ratio 4 : 3 : 2. A retires, B and C decided to share profi ts in future in the ratio of 5 : 3. Gaining ratio of B and C will be :
(a) 3 : 2 (b) 21 : 11 (c) 4 : 3 (d) 4 : 2

Question : A, B and C were partners sharing profi ts in the ratio of 5 : 4 : 1 . A retires from the fi rm. New profi t sharing ratio will be :
(a) 5 : 4 (b) 3 : 1 (c) 4 : 1 (d) 5 : 1

Question : Kush, Hari and Pratap are partners. On retirement of Kush, the goodwill already appears in the Balance Sheet at Rs. 24.000. The goodwill will be written off:
(a) By debiting all Partners’ Capital Accounts in their old profit-sharing ratio
(b) By debiting remaining Partners’ Capital Accounts in their new profit-sharing ratio
(c) By debiting retiring Partners’ Capital Account from his share of goodwill
(d) None of these.

### Very Short Answer Type Questions

Question : Is it the retirement of a partner means reconstitution of a firm?
Answer : Yes, on the retirement of a partner, the old partnership comes to an end but the fi rm continues and a new partnership comes into existence. So retirement means reconstitution of fi rm.

Question : How is goodwill treated at the time of retirement of a partner?
Answer : The retiring partner’s share of goodwill is credited to his capital account and debited in remaining partner’s capital accounts in gaining ratio.

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 : M, N and O are partners sharing profits in the ratio of 2 : 1 : 1. O retires whose share is wholly taken by M. Calculate new ratio and gaining ratio in this case.
Answer : New ratio 3:1; there will be no Gaining ratio because whole share is taken by M.

### Short Answer Type Questions – I

Question : What is meant by reconstitution of a partnership firm? Explain briefly any two occasions on which a partnership fi rm can be reconstituted?
Answer : Any change in existing agreement of partnership amounts to reconstitution of a partnership fi rm.
As a result, the existing agreement comes to an end and new agreement comes into existence and the fi rm continues.

Question : What are the various modes or ways of retirement of a partner?
Answer : Modes or Ways of Retirement :
According to the provisions of Section 32 of the India Partnership Act, 1932 a partner may retire :
(i) with the consent of all the other partners;
(ii) by the virtue of an express agreement between the partners; or
(iii) in the case of a partnership at will, by giving notice in writing to all other partners of his intention to retire.

Question : Ashish, Vinod and Chander are partners sharing profi ts and losses in the ratio of 2 : 1 : 2 respectively. Chander retires and Ashish and Vinod decide to share the profi ts and losses equally in future. Calculate the gaining ratio.

Question :  X, Y and Z are partner sharing profi ts in the ratio of 4 : 3 : 2. Y retires. X and Z decided to share profi t and losses in future in the ratio of 5 : 4. Calculate gaining ratio.

Question : X, Y and Z are three partners sharing profi ts and losses in the ratio of 2 : 2 : 1. Y retires and goodwill of the fi rm is valued at Rs. 60,000. No Goodwill Account appears in the books of the firm Pass necessary Journal entries for goodwill. When Goodwill Account is adjusted through Partners’ Capital Accounts (AS-26).
Answer : X and Z’s Capital debited respectively with ` 16,000 and ` 8,000 and Y’s Capital A/c credited with ` 24,000 respectively (X & Z sacrifi cing ratio is 2:1).

### Short Answer Type Questions – II

Question : What is the effect of retirement of a partner to the firm?
Answer : The following are the effects of retirement of a Partner (any three) :
(i) The retirement of a partner will terminate the old partnership and a new partnership comes into existence.
(ii) The combined shares of the remaining Partners is increased. Infact their profit-sharing ratio changes.
(iii) Accumulated Profits and Losses and Reserves are distributed among all the partners.
(iv) The assets and liabilities are revalued and proper adjustments are to be made.
(v) The goodwill of the firm has to be valued and retiring partner’s share of goodwill has to be adjusted.

RETIREMENT AND DEATH OF A PARTNER

Question : Define Gaining Ratio.

Question : Why is revaluation account prepared at the time of retirement of a partner?

Question : Calculate gaining ratio in the following cases:

(i) A, B & C are partners sharing profits & Losses in the ratio of 5:4:3. C retires from the firm.

(ii) X, Y & Z are partners sharing profits & losses in the ratio of 1/2, 3/10, & 1/5. Y decides to retire from the firm and X & Z decide to share future P&L in the ratio of 3:2.

Question : P, Q & R are partners sharing P&L in the ratio of 4:3:1. Q retires selling his share of profits to P & R for Rs 8100, Rs 3600 paid by P & Rs 4500 by R. The profits for the year after Q’s retirement were Rs 10500. Calculate the new profit sharing ratio & pass the necessary journal entries.

Question : Distinguish between gaining ratio & sacrificing ratio.

Question :  A, B & C are partners sharing P & L in the ratio of 1/2, 1/3 &1/6 respectively. B retires from the firm. A & C share future P & L equally. Their capitals after all necessary adjustment were A Rs 22400; B Rs 20200 & C Rs 11400. The cash balance as on that date was Rs 4000. Calculate the amount of cash to be brought in or to be withdrawn by the remaining partners in the following cases:

Question :  When is “Memorandum Revaluation Account” prepared?

(i) The entire capital of the firm as newly constituted is fixed at Rs 40000.

(ii) The entire capital of the new firm will be readjusted so that the future capitals are in new profit sharing ratio.

(iii) B is to be paid through cash brought in by A & C in such a way as to make their capitals proportionate to their new profit sharing ratio.

(iv) B is to be paid through cash brought in by A & C in such a way as to make their capitals proportionate to their new profit sharing ratio. Minimum cashbalance of Rs 3000 is to be maintained.

(v) Sufficient cash is to be brought in by A & C in such a way as to make their capitals proportionate to their new profit sharing ratio.

Question : What all items is the representative of the deceased partner entitled to?

Question : List the items that are debited to the deceased partners capital account.

Question : What are the two methods of calculation of profits of the deceased partner? Explain with the help of examples.

Question : What is the difference between retirement of a partner & death of a partner?

Question : Why is outgoing partner entitled to a share of goodwill of the firm?

Question : Where is the payment recorded for the executors share of profit on the death of a partner when

(i) remaining partners continue to share in old ratio

(ii) the new profit sharing ratio is given .

Please click the link below to download full pdf file for CBSE Class 12 Accountancy Worksheet - Retirement And Death Of A Partner.

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