Accounting for Partnership Firms-Reconstitution and Dissolution (CBSE Class-12 Accountancy): Questions 38 - 44 of 60

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Question number: 38

» Accounting for Partnership Firms » Reconstitution and Dissolution » Retirement and Death of a Partner

One Liner Question▾

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At the time of retirement of a partner give journal entry for writing off the existing goodwill.

Question number: 39

» Accounting for Partnership Firms » Reconstitution and Dissolution » Retirement and Death of a Partner

Short Answer Question▾

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X, Y and Z are partners sharing profits and losses in the ratio of 3: 2: 1. Z retires and the following Journal entry is passed in respect of Goodwill:

journal entry for the distribution of goodwill when partner Z retires from business

entry is for the distribution of goodwill

No.

Particulars

L. F.

Dr. Rs.

Cr. Rs.

1

Y’s Capital A/c …Dr.

-

20, 000

To X’s Capital A/c

10, 000

To Z’s Capital A/c

10, 000

The value of goodwill is Rs. 60, 000. What is the new profit-sharing ratio between X and Y?

Question number: 40

» Accounting for Partnership Firms » Reconstitution and Dissolution » Admission of a Partner

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Give the name of the compensation which is paid by a new Partner to sacrificing Partners for sacrificing their share of profits.

Question number: 41

» Accounting for Partnership Firms » Reconstitution and Dissolution » Change in the Profit Sharing Ratio

Short Answer Question▾

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Pass the journal entry for increase in the value of assets or decrease in the value of liabilities in the Revaluation A/c?

Question number: 42

» Accounting for Partnership Firms » Reconstitution and Dissolution » Retirement and Death of a Partner

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What will happen if deceased or retired partner’s dues are not settled immediately?

Question number: 43

» Accounting for Partnership Firms » Reconstitution and Dissolution » Admission of a Partner

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What journal entries should be passed when the new partner brings his share of goodwill in kind?

Question number: 44

» Accounting for Partnership Firms » Reconstitution and Dissolution » Retirement and Death of a Partner

One Liner Question▾

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Can an outgoing partner or Legal Representative of Deceased Partner share in the subsequent profits?

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