Day - 124 | Solution of Questions 11 to 17 Retirement of a Partner Chapter 6 Accounts class 12 PSEB

Teacher:- Mr. Sarbjit Singh
Video Editor:- Mr. Kuljeet Singh

00:00 Question No. 11 :
X , Y and Z are sharing profit in the ratio of 9 : 7 : 4. Y retires. Amount due to Y on retirement on account of goodwill, was calculated to be Rs. 42,000.
Calculate new and gaining ratio if
a. X contributes Rs. 24,000 and Z Rs.18,000 to pay out Y.
b. X contributes Rs. 12,000 and Z Rs. 30,000 to pay out Y.

06:49 Question No. 12 :
M, N and O were partners sharing in 3: 2: 1. On the retirement of N. M and O decided to share equally in future. Goodwill valued at Rs. 60,000. Journalise.

9:00 Question No. 13 :
A, B and Care partners in a firm sharing profits and losses in the ratio of 3:2:1. C retires from the firm and A and B decide to continue the business of the firm and share profits and losses in the old ratio. Goodwill of the firm is valued at Rs. 12,000 What will be the entries in the books of the firm.

11:11 Question No. 14 :
L, M and O are partners, sharing profits and losses in the ratio of 4 : 3 : 2. M retires and the goodwill is valued at Rs. 72,000 Calculate M's share in goodwill and pass necessary journal entry for the same, without opening goodwill account. L and O decided to share future profits and losses in 5: 3 ratio.

16:15 Question No. 15 :
A , B and C are partners , sharing profits and losses in the ratio of 4 :3 :3. On C's retirement the value of firm's goodwill was agreed at Rs. 30,000. A and B agreed to share future profit or losses in the ratio 7 : 3 respectively. Give necessary journal entries in relation to goodwill, without opening its account.

18:33 Question No. 16 :
X, Y, and Z were partners in a firm, sharing profits in the ratio of 3:2:1. Z retired, the new profit sharing ratio between X and Y was 1:2. On Z's retirement, the goodwill of the firm was valued at Rs. 30,000. Pass necessary journal entry for the treatment of goodwill on Z's retirement without raising goodwill account.

21:53 Question No. 17 :
P, R, and S are in partnership, sharing profits in the ratio of 4: 3: 1 respectively. It is provided in the partnership deed that, on the death of any partner, his share of goodwill is to be valued at half the profits credited to his account during the previous four completed years.

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