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प्रश्न
Write the various matters that need adjustments at the time of retirement of partner/partners.
उत्तर
The following are the various matters that need to be adjusted at the time of retirement of partners/partner.
1. Calculation of new gaining ratio of all the remaining partners of the firm.
2. Calculation of new ratio of the remaining partners of the firm.
3. Calculation of goodwill of the new firm and its accounting treatment.
4. Revaluation of assets and liabilities of the new firm.
5. Distribution of accumulated profits and losses and reserves among all the partners (including the retiring partner).
6. Treatment of Joint Life Policy
7. Settlement of the amount due to the retiring partner
8. Adjustment of capital accounts of the remaining partners in their new profit sharing ratio.
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संबंधित प्रश्न
Answer in one sentence only.
Who is a retiring partner?
Answer in one sentence only.
How would you treat General Reserve on retirement of a partner?
Answer in one sentence only.
How is amount due to a retiring partner settled?
State whether the following statements is true or false :
Retirement of a partner leads to dissolution of the firm unless otherwise agreed upon.
Answer in one Sentence :
How would you treat general reserve on death of a partner?
Answer in one Sentence :
How is amount due to deceased partner settled?
Select the most appropriate answer from the alternatives given below :
M.N.S. are partners in a firm having joint life policy of Rs 10,00,000 on which premium has been paid by a firm. M dies and his legal representatives want the whole amount of the policy where as N & S want to distribute the amount among all the partners.
State whether the following statements is true or false :
An amount due to a deceased partner is transferred to his executor’s loan A/c.
State whether the following statements is true or false :
Total amount due to deceased partner is paid in cash to executor immediately after his death.
Complete the sentence.
When a partner withdraws his capital from the partnership firm, it is called ______ of a partner.
Assertion (A): Retirement of partner is legal when done at will and with the consent of the other partners.
Reason (R): According to Section 32 (1) of the Indian Partnership Act, 1932, "a partner may retire from the firm with the consent of all the partners or at his will, by giving written notice to all the other partners of his intention to retire."
In the event of death of a partner, the amount of General Reserve is transferred to Partners' Capital Accounts in their ______.
As per Section 37 of the Indian Partnership Act, 1932, interest @ ______ is payable to the retiring partner if full or part of his dues remain unpaid.
What journal entry will be recorded for the deceased partner's share in profit from the closure of the last balance sheet till the date of his death?
How deceased partner's executor's account settled:
