Reconstitution of a partnership Firm:Retirement/Death of a partner Important Questions for CBSE Class 12 Accountancy Adjustment of capital At the time of retirement of a partner, the remaining partners may decide to adjust their capital contributions in their profit sharing ratio. The capitals of the continuing partners may be required to be adjusted in the following three … [Read more...]
Important Questions for CBSE Class 12 Accountancy Settlement of Amount Due to Retiring partner
Reconstitution of a partnership Firm:Retirement/Death of a partner Important Questions for CBSE Class 12 Accountancy Settlement of Amount Due to Retiring partner 1. Calculation of Amount Payable to Retiring/Deceased Partner The amount due to a retiring partner is ascertained by preparing retiring partner’s capital account, after taking into account the following Items to be … [Read more...]
Important Questions for CBSE Class 12 Accountancy Treatment of Goodwill and Revaluation of Assets and Re-assessment of liabilities
Reconstitution of a partnership Firm:Retirement/Death of a partner Important Questions for CBSE Class 12 Accountancy Treatment of Goodwill and Revaluation of Assets and Re-assessment of liabilities 1. Treatment of Goodwill Goodwill is a compensation paid to an outgoing partner payable by remaining partners in their gaining ratio. Adjustment for retiring partner’s share of … [Read more...]
Important Questions for CBSE Class 12 Accountancy Introduction and New profit Sharing Ratio/Gaining Ratio
Reconstitution of a partnership Firm:Retirement/Death of a partner Important Questions for CBSE Class 12 Accountancy Introduction and New profit Sharing Ratio/Gaining Ratio 1. Meaning of Retirement Retirement of a partner means ceasing to be a partner of the firm. The different ways by which a partner can retire from the firm are: (i) With the consent of all the … [Read more...]
Important Questions for CBSE Class 12 Revaluation of Assets and Re-assessment of liabilities
Reconstitution of a partnership Firm:Admission of a partner Important Questions for CBSE Class 12 Revaluation of Assets and Re-assessment of liabilities 1. Meaning of Revaluation Account The account which is prepared to record changes in the value of assets and liabilities at the time of admission, retirement, death and change in profit sharing ratio is called revaluation … [Read more...]