Question

Q1) P Q were partners sharing profits in the ratio of 5:3:2.RR etired from firm.And 3/4 th of R's share was taken by P and remaining by Q.calculate (1) Gaining Ratio (2) New ratio

Q2) A B C are partners sharing profit and loss equally.B Retired from the firm..C gained 1/3 of B's share and 1/6of B's share was transferred to reserve and the remaining was taken over by A.Calculate new ratio.

Q3) A B C and D are partners sharing profit in the ratio of 3:3:2:2 respectively D retires and A B and C Decide to share the future profits in the ratio of 3:2:1.Menu.Goodwill of the firm is valued at Rs 6 00 000.Goodwill already appears in the books at Rs 4 50 000.The profit for the first year after D's retirement amount to Rs 12 00 000.Give the necessary Journal entries to record goodwill and to distribute profits.Show your calculations clearly.

Q4) Jayant Kartik and Leena were partners in a firm sharing profits and losses in the ratio of 5:2:3.Kartik died Jayant and leena decided to continue the business.Their gaining ratio was 3:2 .Calculate the new profit sharing ratio.

Q5) A B and C are partners sharing profits in the ratio of 4:3:1.B retires selling his share of profits to A and C for Rs 4 860 and Rs 2 160 being paid by A and Rs 2 700 by C.The profit for the year after B's retirement was Rs 6 300 . You are required (i) To give necessary Journal entry to record the above said sale.(ii) calculate the new profit sharing ratio and distribute the profit between A and C .​

Answer 1

Answer:

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