Question 1

Question 1 Chapter 6 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 1 Chapter 6 - Class 12 Part 1 Unimax

1. A, B and C are partners sharing profit and losses in 7 : 5 : 3. Calculate new profit sharing ratio and gaining ratio if B retires.

The solution of Question 1 Chapter 6 -Class 12 Part 1 Unimax: -

Calculation of new profit sharing ratio :

Old profit sharing ratio of A, B and C = 7 : 5 : 3 If B retires, new profit sharing rate of A and C = 7 : 3Note. If nothing else has been mentioned in the question, after the retiremen

Question 2

Question 2 Chapter 6 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 2 Chapter 6 - Class 12 Part 1 Unimax

2. P, Q, R and S are partners sharing profits and losses in 5 : 4 : 3 : 2. Calculate new profit sharing ratio between P and R, if Q and S retire from firm.

The solution of Question 2 Chapter 6 - Class 12 Part 1 Unimax: -

Calculation of new profit sharing ratio :

Old Profit Sharing Ratio = P : Q : R : S = 5 : 4 : 3 : 2New profit sharing ratio = P : R(If Q and S retire) = 5 : 3Note : If nothing else has been mentioned in the que

Question 3

Question 3 Chapter 6 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 3 Chapter 6 - Class 12 Part 1 Unimax

3. X, Y and Z are partners sharing profits and losses in 3 : 2 : 1. Y retires and his share is taken over by X and Z in 2 : 1. You are required to calculate.

New Profit Sharing Ratio

Gaining Ratio

The solution of Question 3 Chapter 6 - Class 12 Part 1 Unimax: -

Old profit sharing ratio = X : Y : Z = 3 : 2 : 1Y retires and X and Z take over Y’s share in 2 : 1Gaining ratio = X : Z = 2 : 1X’s new share = Old share + gain= 3/6 + (2/3 of

Question 4

Question 4 Chapter 6 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 4 Chapter 6 - Class 12 Part 1 Unimax

4. L, M and N are partners sharing profits and losses in 5 : 3 : 2. L retires and his share is taken over by M and N equally. Calculate new profit sharing ratio.

The solution of Question 4 Chapter 6 - Class 12 Part 1 Unimax: -

Old profit sharing ratio = L : M : N = 5 : 3 : 2L retires and M and N takes L’s share equallyGaining ratio = M : N = 1 : 1M’s new share = Old share + gain= 3/10 + (1/2 of L’s share)= 3/10 + (1/2 of 5/10)= 11/20N’s new

Question 5

Question 5 Chapter 6 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 5 Chapter 6 - Class 12 Part 1 Unimax

5. A, B and C are partners in the ratio of 3/8 : 1/2 : 1/8 respectively. B retires and surrenders 3/8 of his share in favour of C and remaining in favour of A. Calculate new profit sharing ratio of A and C.

The solution of Question 5 Chapter 6 -Class 12 Part 1 Unimax: -

Old profit sharing ratio = A : B : C = 3/8 : 1/2 : 1/8A’s new share = Old share + gain= 3/8 + (5/8 of B’s share)= 3/8 + (5/8 of 1/2)= 11/16C’s new share = Old share + gain=

Question 6

Question 6 Chapter 6 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 6 Chapter 6 - Class 12 Part 1 Unimax

6. P, Q and R are partners sharing profits in ratio of 9 : 7 : 4. Q retires from the firm. The amount due to Q on retirement on account of Goodwill was calculated to be Rs. 35000. Calculate new and gaining ratio, if :

P contributes Rs. 20000 and R Rs. 15000 to take Q’s share.

P pays Rs. 10000 and Rs. 25000 to clear Q’s share.

The solution of Question 6 Chapter 6 -Class 12 Part 1 Unimax: -

If P contributed Rs. 20000 and R contributes

Question 7

Question 7 Chapter 6 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 7 Chapter 6 - Class 12 Part 1 Unimax

7. X, Y and Z were partners in a firm. Profit was distributed as follows :X 2/6 ; Y 2/6, Z 1/6 : Transfer to Reserve is 1/6. Z retired from the business and it was decided to appropriate profits of reconstituted firm as follows :

X 2/5, Y 2/5 ; Transfer to Reserve 1/5Calculate gaining ratio of X and Y.

The solution of Question 7 Chapter 6 -Class 12 Part 1 Unimax: -

Old Profit sharing ratio among X, Y and Z (without considering tran

Question 8

Question 8 Chapter 6 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 8 Chapter 6 - Class 12 Part 1 Unimax

8. M, N and O are partners sharing profits in the ratio of 2 : 1 : 1. O retires, whose share is wholly taken by M. Calculate new ratio and gaining ratio.

The solution of Question 8 Chapter 6 -Class 12 Part 1 Unimax: -

Old profit sharing ratio = M : N : O= 2 : 1 : 1As O’s share of profit (on his retirement) has been wholly taken by M.Only M gain 1/4 share of profitM’s new share = Old share - gain = 2/4 + 1/4= 3/4AN’s new share = 1/4 (sa

Question 9

Question 9 Chapter 6 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 9 Chapter 6 - Class 12 Part 1 Unimax

9. A, B, C and D are partners sharing profits and losses in the ratio of 1/3, 1/6, 1/3 and 1/6 respectively. C retires and A, B and D decide to share the profits and losses equally in future. Calculate the gaining ratio.

The solution of Question 9 Chapter 6 -Class 12 Part 1 Unimax: -

Old profit sharing ratio = A : B : C : D= 1/3 : 1/6 : 1/3 : 1/6 New profit sharing ratio = A : B : D= 1 : 1 : 1

Calculation of Gaining Ratio

Gai

Question 10

Question 10 Chapter 6 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 10 Chapter 6 - Class 12 Part 1 Unimax

10. Amit, Sumit and Varun are partners. Sumit retires. Calculate new ratio if continuing partners acquired his share in 2 : 3. Also mention the gaining ratio.

The solution of Question 10 Chapter 6 - Class 12 Part 1 Unimax: -

Old profit sharing ratio of Amit, Sumit and Varun = 1 : 1 : 1Amit and Varun acquire share of Sumit in 2 : 3Gaining ratio = Amit : Varun = 2 : 3Amit’s new share = Old share + gain= 1/3 + (2/5 of Sumit’s share)= 1/3

Question 11

Question 11 Chapter 6 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 11 Chapter 6 - Class 12 Part 1 Unimax

11. A, B and C are partners sharing profits and losses in the ratio of 1/2 : 1/3 : 1/6 respectively. A retired from the firm and B and C decide to share the future profits in ratio of 5 : 3.Goodwill does not appear in the books of firm, but it is expected to be worth Rs. 24000. Pass entries for adjustment of goodwill on A’s retirement.

The solution of Question 11 Chapter 6 - Unimax Class 12 Part 1: -

Journal

Working Note:Calculation

Question 12

Question 12 Chapter 6 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 12 Chapter 6 - Class 12 Part 1 Unimax

12. P, Q and R are partners sharing profits and losses in the ratio of 2 : 3 : 4. R retires and for this purpose goodwill is valued at one and half year’s purchase of average super profits of last three years, which are as under :

First YearRs. 50000Second YearRs. 55000Third YearRs. 75000

The normal profits for similar firms is Rs. 45000, Record the necessary journal entry.

The solution of Question 12 Chapter 6 - Class 12 Part 1 Unimax:

Question 13

Question 13 Chapter 6 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 13 Chapter 6 - Class 12 Part 1 Unimax

13. A, B, C and D are partners sharing profits and losses in 1 : 4 : 3 : 2. D retires and the goodwill is valued at Rs. 110000. D’s share of goodwill is to be adjusted into the capital accounts of A, B and C, who decide to share future profits in ratio 4 : 3 : 3. Pass necessary journal entry.

The solution of Question 13 Chapter 6 - Class 12 Part 1 Unimax: -

Journal

Working Note:

Gaining partner A will transfer Rs. 33000 (3/10

Question 14

Question 14 Chapter 6 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 14 Chapter 6 - Class 12 Part 1 Unimax

14. X, Y and Z are partners sharing profits and losses in the ratio of 3 : 2 : 1. Y retires selling his share of Goodwill to X and Z for Rs. 16000 ; Rs. 10000 being paid by X and Rs. 6000 by Z. The profit for the year after Y’s retirement is Rs. 24000. Pass necessary journal entries to :

Sale of Y’s share of Goodwill to X and Z.

Distribute the profit between X and Z.

The solution of Question 14 Chapter 6 - Class 12 Part 1 Unimax: -

Question 15

Question 15 Chapter 6 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 15 Chapter 6 - Class 12 Part 1 Unimax

15. X, Y and Z were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Z retired and 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. 30000. Pass necessary journal entry for the treatment of goodwill of Z’s retirement.

The solution of Question 15 Chapter 6 - Class 12 Part 1 Unimax: -

Journal

Working Note:

Partner Y will transfer Rs. 10000 (30000 X

Question 16

Question 16 Chapter 6 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 16 Chapter 6 - Class 12 Part 1 Unimax

16. E, F, G and H are partners sharing profits in 5 : 3 : 1 : 2. Calculate the new profit sharing ratio if F and G retire from the firm.

The solution of Question 16 Chapter 6 - Class 12 Part 1 Unimax: -

Old Profit Sharing Ratio = E : F : G : H = 5 : 3 : 1 : 2New Profit Sharing Ratio (after retirement of F and G) = E : H = 5 : 2Note: If nothing else, has been mentioned in the question, continuing partners E and H will share future

Question 17

Question 17 Chapter 6 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 17 Chapter 6 - Class 12 Part 1 Unimax

17. L, M and N are equal partners. N retires and surrenders 3/5th of his share in favour of L and 2/5th of his share in favour of M. Calculate new profit sharing ratio. Assuming that goodwill of firm is Rs. 30000 pass necessary journal entry for goodwill on retirement of N.

The solution of Question 17 Chapter 6 - Class 12 Part 1 Unimax: -

(i) Calculation of new profit sharing ratio :As N has surrendered 3/5 of his share in favour of L and

Question 18

Question 18 Chapter 6 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 18 Chapter 6 - Class 12 Part 1 Unimax

18. B retires from the firm of A, B and C sharing profits in the ratio of 3 : 2 : 1. For the purpose of B’s retirement goodwill of the firm has been valued at Rs. 10800 and B’s share of the same is adjusted into the capital accounts of A and C who are going to share profits equally in future. Pass necessary journal entries to record this.

The solution of Question 18 Chapter 6 - Class 12 Part 1 Unimax: -

Gaining partner B will trans

Question 19

Question 19 Chapter 6 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 19 Chapter 6 - Class 12 Part 1 Unimax

19. A, B and C are partners sharing profits as 20%, 30% and 50%. A decided to retire with the consent of other partners and sold his share to B. Goodwill was valued at two and a half year’s purchase of average profits of three years. Profits of these three years were Rs. 50000 ; Rs. 70000 and Rs. 60000. Reserve Fund stood in the balance sheet at Rs. 30000 at the time of his retirement. You are required to record necessary journal entries to reco

Question 20

Question 20 Chapter 6 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 20 Chapter 6 - Class 12 Part 1 Unimax

20. N, B and S are partners in a business sharing profits in the ratio of 1/2 : 1/3 : 1/6. Their Balance Sheet as on 31st December, 2020 was as under :

LiabilitiesAmountAssetsAmountSundry Creditors4,000Cash800Bills Payable800Stock5200CapitalDebtors6000N8000Plant and Machinery4800B6000Buildings7200S52002400024000

On 1st January, 2021 N retired from the firm and the assets of the firm were revalued as under :

Goodwill1600Stock4800Debtors5

Unimax Accountancy Class 12 Part 1 - 2023 Solutions Chapter 6 - Partnership Account - IV (Retirement and Death of the partner) - Unimax

Quick Chapter Summary & Cheat Sheet

💡 Double Entry Accounting Principles

Topics & Questions Solved:

Question 1 Chapter 6 - Class 12 Part 1 Unimax

The solution of Question 1 Chapter 6 -Class 12 Part 1 Unimax: -

Question 2 Chapter 6 - Class 12 Part 1 Unimax

Question 3 Chapter 6 - Class 12 Part 1 Unimax

Question 4 Chapter 6 - Class 12 Part 1 Unimax

Question 5 Chapter 6 - Class 12 Part 1 Unimax

Question 6 Chapter 6 - Class 12 Part 1 Unimax

Question 7 Chapter 6 - Class 12 Part 1 Unimax

Question 8 Chapter 6 - Class 12 Part 1 Unimax

Question 9 Chapter 6 - Class 12 Part 1 Unimax

Question 10 Chapter 6 - Class 12 Part 1 Unimax

Question 11 Chapter 6 - Class 12 Part 1 Unimax

Question 12 Chapter 6 - Class 12 Part 1 Unimax

Question 13 Chapter 6 - Class 12 Part 1 Unimax

Question 14 Chapter 6 - Class 12 Part 1 Unimax

Question 15 Chapter 6 - Class 12 Part 1 Unimax

Question 16 Chapter 6 - Class 12 Part 1 Unimax

Question 17 Chapter 6 - Class 12 Part 1 Unimax

Question 18 Chapter 6 - Class 12 Part 1 Unimax

Question 19 Chapter 6 - Class 12 Part 1 Unimax

Question 20 Chapter 6 - Class 12 Part 1 Unimax

Question 22 Chapter 6 - Class 12 Part 1 Unimax

Question 31 Chapter 6 - Class 12 Part 1 Unimax

Question 21 Chapter 6 - Class 12 Part 1 Unimax

Question 23 Chapter 6 - Class 12 Part 1 Unimax

Question 24 Chapter 6 - Class 12 Part 1 Unimax

Question 25 Chapter 6 - Class 12 Part 1 Unimax

Question 26 Chapter 6 - Class 12 Part 1 Unimax

Question 27 Chapter 6 - Class 12 Part 1 Unimax

Question 28 Chapter 6 - Class 12 Part 1 Unimax

Question 29 Chapter 6 - Class 12 Part 1 Unimax

Question 30 Chapter 6 - Class 12 Part 1 Unimax

Question 32 Chapter 6 - Class 12 Part 1 Unimax

Question 34 Chapter 6 - Class 12 Part 1 Unimax

Question 33 Chapter 6 - Class 12 Part 1 Unimax

Question 35 Chapter 6 - Class 12 Part 1 Unimax

Question 37 Chapter 6 - Class 12 Part 1 Unimax

Question 39 Chapter 6 - Class 12 Part 1 Unimax

Question 40 Chapter 6 - Class 12 Part 1 Unimax

Question 41 Chapter 6 - Class 12 Part 1 Unimax

Question 36 Chapter 6 - Class 12 Part 1 Unimax

Question 42 Chapter 6 - Class 12 Part 1 Unimax

Question 43 Chapter 6 - Class 12 Part 1 Unimax

Question 45 Chapter 6 - Class 12 Part 1 Unimax

Question 46 Chapter 6 - Class 12 Part 1 Unimax

Question 47 Chapter 6 - Class 12 Part 1 Unimax

Question 48 Chapter 6 - Class 12 Part 1 Unimax

Question 49 Chapter 6 - Class 12 Part 1 Unimax

Question 50 Chapter 6 - Class 12 Part 1 Unimax

Question 51 Chapter 6 - Class 12 Part 1 Unimax

Question 08 Chapter 7 - Class 12 Part 1 Unimax

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