List of top Accountancy Questions on Retirement asked in CUET (UG)

Ram, Manohar and Joshi were partners in a firm. Joshi died on 28th February, 2018. His share of profit from the closure of the last accounting year till the date of death was to be calculated on the basis of the average of three completed years of profits before death. Profits for 2015, 2016 and 2017 were Rs. 8,000, Rs. 9,000, and Rs. 10,000 respectively. Firm follows calendar year as accounting year. Calculate Joshi’s share of profit till his death.

Under Section 37 of the Indian Partnership Act, 1932, when the amount due to an outgoing partner remains wholly or partly unpaid and there is no agreement regarding payment of interest or share of profit, the outgoing partner or his legal representative is entitled to:

Rana, Sana and Kamana are partners, sharing profits in the ratio 4:3:2. Rana retires; Sana and Kamana decided to share profits in the future in the ratio of 5:3. The Gaining Ratio of Sana and Kamana will be -

The sum due to the retiring partner includes: (A) His share of profits up to the date of retirement.
(B) His share of goodwill.
(C) His share of accumulated profits.
(D) His share in the gain of revaluation of assets and liabilities.
Choose the correct answer from the options given below:

On retirement, the retiring partner’s capital account will be credited with:
(A) His/Her Capital Balance
(B) His/Her share of goodwill
(C) Share of goodwill of remaining partners
(D) his/her share of Reserve
(E) his/her drawings
Choose the correct answer from the options given below :

Identify the correct sequence to be followed at the time of Retirement of a Partner :
(A) New Balance Sheet after Retirement
(B) Transferring balance to Retiring partner’s Loan Account
(C) Calculation Gaining/Sacrificing Ratio
(D) Partners’ Capital Account
(E) Preparation of Revaluation Account
Choose the correct answer from the options given below :