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प्रश्न
What are the ways in which the final amount due to an outgoing partner can be settled?
उत्तर
The amount due to the retiring partner may be settled in one of the following ways:
- Paying the entire amount due immediately in cash
- Transfer the entire amount due to the loan account of the partner
- Paying part of the amount immediately in cash and transferring the balance to the loan account of the partner.
APPEARS IN
संबंधित प्रश्न
On the retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners on the basis of ______.
On revaluation, the increase in liabilities leads to ______.
At the time of retirement of a partner, determination of gaining ratio is required ______.
‘A’ was a partner in a partnership firm. He died on 31st March 2019. The final amount due to him is ₹ 25,000 which is not paid immediately. It will be transferred to ______.
A, B and C are partners sharing profits in the ratio of 2:2:1. On retirement of B, goodwill of the firm was valued as ₹ 30,000. Find the contribution of A and C to compensate B:
What is meant by the retirement of a partner?
What is the journal entry to be passed to transfer the amount due to the deceased partner to the executor of the deceased partner?
Dheena, Surya, and Jankai are partners sharing profits and losses in the ratio of 5:3:2. on 31.3.2018, Dheena retired. On the date of retirement, the books of the firm showed a reserve fund of ₹ 50,000. The pass journal entry to transfer the reserve fund.
Rosi, Rathi and Rani are partners of firm sharing profits and losses equally. Rathi retired from the partnership on 1.1.2018. On that date, their balance sheet showed accumulated loss of ? 45,000 on the asset side of the balance sheet. Give the journal entry to distribute the accumulated loss.
Kannan, Rahim, and John are partners in a firm sharing profits and losses in the ratio of 5:3:2. The balance sheet as of 31st December 2017 was as follows:
| Liabilities | ₹ | Assets | ₹ | |
| Capital accounts: | Buildings | 90,000 | ||
| Kannan | 1,00,000 | 2,20,000 | Machinery | 60,000 |
| Rahim | 80,000 | Debtors | 30,000 | |
| John | 40,000 | Stock | 20,000 | |
| Workmen compensation funds | 30,000 | Cash at bank | 50,000 | |
| Creditors | 20,000 | Profit and loss A/c (loss) | 20,000 | |
| 2,70,000 | 2,70,000 |
John retires on 1st January 2018, subject to the following conditions :
- To appreciate building by 10%
- Stock to be depreciated by 5%
- To provide ₹ 1,000 for bad debts
- An unrecorded liability of ₹ 8,000 has been noticed.
- The retiring partner shall be paid immediately.
Prepare revaluation account, partner’s capital account, and the balance sheet of the firm after retirement.
