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Meaning of Retirement

Which of the ...

Question

Which of the following are included in a partnership deed?

A

Duties and obligations of the partners

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B

Distribution of profits and losses

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C

Terms governing admission,retirement and expulsion of a partner

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D

All of the Above

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Solution

The correct option is B All of the Above
A partnership deed is a written legal document among the partners. The following content should be there in the partnership deed:
1. Duties and obligations of the partner
2. Distribution of profits and losses
3. Terms governing admission, retirement, and expulsion of a partner, etc.
Thus the correct answer is D.

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A

B

are partners sharing profits and losses in the proportion of

7 : 5

. They agree to admit

C

, their Manager, into partnership who is to get

1 / 6^{t h}

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C

R s . 10, 000

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1 / 6^{t h}

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1 / 24^{t h}

A

1 / 8^{t h}

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Q. A,B and C are three partners in a partnership firm sharing profit and loss equally. C retires from the firm on 31st March.His share of profit is purchased by A and B in the ratio of 2:1.If at the time of retirement, value of the goodwill of the firm is valued at Rs.54,000, and the partners decides to pay goodwill to the retiring partner, what will be accounting treatment?

Q. In which of the following case the need for the valuation of goodwill in a firm may arise?
(I) Admission of new partner
(II) While changing profit sharing ratio
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Select the correct answer from the options given below-

Q. A and B are partners sharing profits and losses in the ratio of 7 : 5. They admit C, their Manager, into partnership who is to get 1/6th share in the business. C brings in ₹ 10,000 for his capital and ₹ 3,600 for the 1/6th share of goodwill which he acquires 1/24th from A and 1/8th from B. Profits for the first year of the new partnership was ₹ 24,000. Pass necessary Journal entries for C's admission and apportion the profit between the partners.

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