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Q.81 The provisions related to retirement of a partner are contained in……. Of the Indian Partnership Act, 1932.
Section 30(2)
Section 31(1)
Section 32(1)
None of these
Q.82 At the time of retirement/death of a partner, the continuing partners compensate the retiring partner/deceased partner’s executor in the from of
Share in general reserve
Share in reserve fund
Share in estimated profits
Share in goodwill
Q.83 Journal entry for adjustment of goodwill, in case if any of the remaining partner has also sacrificed a part of his share in profits of the firm or retirement or death of a partner.
Continuing Gaining Partner’s Capital A/c Dr
To Retiring/Deceased Partner’s Capital A/c
To Continuing Sacrificing Partners’ Capital A/c
(b) Retiring/Deceased Partners’ Capital A/c Dr
Continuing Sacrificing Partners’ Capital A/c Dr
To Continuing Gaining Partners’ Capital A/c
(c) Both (a) and (b)
(d) None of the above
Q.84 ‘A’, ‘B’ and ‘C’ are partners in a firm sharing profit in ratio of 2:2:1. The capital account of partners stood at ₹ 50,000, ₹50,000 and ₹25,000, respectively. ‘B’ retires from the firm. Balance in reserve account stood at 10,000.if the goodwill is valued at 20,000 and profit on revaluation is ₹ 9,000, then what will be the amount of loan account of ‘B’?
75,820
53,870
23,600
65,600
Q.85 A and B were partners. They shared profits as under
A = 1/2 ; B = 1/3
Carried to reserve = 1/6
B died.
*The balance of reserve on the date of death was 42,000. What should be B’s share of reserve?
14,000
21,000
16,800
4,200
