Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner) – USHA Publication Class +2 – Solution

When one partner in the partnership firm wants to retire and all partners agree with him, the situation is known as Retirement of a Partner.

What is the Retirement of a Partner:

When one partner wants to get retirement from the partnership firm with the consent of all remaining partners if known as the Retirement of a partner. The partner may get retirement from the partnership firm in the following situation: –

1. Retiring Partner’s own choice to get retired 
2. End of the agreement between the Partners. 
3. Where all remaining partners agree that one partner should have to get retired from the partnership. 

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Retirement of a Partner – Explained with Illustration

Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner) – USHA Publication Class +2 – Solution

Question wise solutions of the all Questions of Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner) – USHA Publication Class +2 – Solutions are shown below: –

Question 01 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 01 Chapter 6 of +2-Part-1 1. (Different Cases of NPS) X, Y, and Z were partners sharing in 4 ...

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Question 02 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 02 Chapter 6 of +2-Part-1 2. (Different Cases of NPS) B, C, and D were partners sharing equally. D ...

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Question 03 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 03 Chapter 6 of +2-Part-1 3. (NPS) Calculate new profit sharing ratio :A, B, C and D were partners ...

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Question 04 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 04 Chapter 6 of +2-Part-1 4. (NPS) L , M and N have been sharing profits and losses in ...

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Question 05 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 05 Chapter 6 of +2-Part-1 5. (Different Cases of NPS) A. B and C were partners in 9:6 5 ...

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Question 06 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 06 Chapter 6 of +2-Part-1 6. (Different Cases of NPS) X, Y and Z are partners sharing profits and ...

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Question 07 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 07 Chapter 6 of +2-Part-1 7. (Gaining Ratio) A , B & C are sharing profits in the ratio ...

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Question 08 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 08 Chapter 6 of +2-Part-1 8. (Profit Distribution) P , Q and R were partners sharing in 2: 2:1 ...

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Question 09 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 09 Chapter 6 of +2-Part-1 9. (Share of Retiring Partner given in Proportionate to Remaining Partners) W, X, Y ...

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Question 10 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 10  Chapter 6 of +2-Part-1 10. (Gaining Ratio) X, Y and Z are sharing profits in the ratio of ...

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Question 11 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 11 Chapter 6 of +2-Part-1 11.(NPS/Gaining Ratio) X , Y and Z are sharing profit in the ratio of ...

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Question 12 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 12 Chapter 6 of +2-Part-1 12. (Journal) M, N and O were partners sharing in 3: 2: 1. On ...

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Question 13 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 13 Chapter 6 of +2-Part-1 13.( Goodwill does not Exists in Books) A, B and Care partners in a ...

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Question 14 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 14 Chapter 6 of +2-Part-1 14. (Valuation of retiring Partner's Share in goodwill) I , M and O are ...

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Question 15 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 15 Chapter 6 of +2-Part-1 15. A , B and C are partners , sharing profits and losses in ...

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Question 16 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 16 Chapter 6 of +2-Part-1 16. (Goodwill does not Exists in Books) X, Y, and Z were partners in ...

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Question 17 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 17 Chapter 6 of +2-Part-1 17. (Amount of Goodwill Credited to Deceased Partner) P, R, and S are in ...

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Question 18 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 18 Chapter 6 of +2-Part-1 18. (Goodwill Appear in the Books) A, B, and C are partners in a ...

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Question 19 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 19 Chapter 6 of +2-Part-1 19. (Goodwill Appear in the Books) A, B, and C are partners in a ...

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Question 20 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 20 Chapter 6 of +2-Part-1 20. (Goodwill Appear in the Books) A, B and C are partners sharing in ...

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Question 21 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 21 Chapter 6 of +2-Part-1 21. (Hidden goodwill) X, Y and Z are partners in 2 : 3 :5 ...

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Question 22 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 22 Chapter 6 of +2-Part-1 22. (Different Cases of Goodwill) (a) Singh, Khan and Gupta are partners sharing profits ...

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Question 23 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 23 Chapter 6 of +2-Part-1 23. (Comprehensive) A , B and C are partners sharing profits in the ratio ...

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Question 24 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 24 Chapter 6 of +2-Part-1 24. (Goodwill does not exists) Ramesh, Suresh and Naresh were partners in a firm ...

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Question 25 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 25 Chapter 6 of +2-Part-1 25. (Revaluation Entries) Record the following in journal on the retirement of A, the ...

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Question 26 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 26 Chapter 6 of +2-Part-1 26. (Revaluation A/c) Prepare Revaluation Account of A, B and C on the retirement ...

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Question 27 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 27 Chapter 6 of +2-Part-1 27. (Surrender Value of JLP given) A, B, and C are partners in the ...

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Question 28 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 28 Chapter 6 of +2-Part-1 28. (Surrender Value of JLP given) X, Y and Z are partners in a ...

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Question 29 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 29 Chapter 6 of +2-Part-1 29. (JLP A/c Closed) Joint life policy Rs. 35,000 and reserve against this appear ...

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Question 30 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 30 Chapter 6 of +2-Part-1 30. (Journal/Ledger A/c/Balance Sheet) A, B and C were partners sharing in 3:2:1. balance ...

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Question 31 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 31 Chapter 6 of +2-Part-1 31. (Revaluation A/c/Capital A/c/Balance Sheet) A, B and C were in partnership, sharing profits ...

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Question 32 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 32 Chapter 6 of +2-Part-1 32.( Revaluation A/c/Capital A/c/ Balance sheet ) A, B and Care in partnership sharing ...

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Question 33 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 33 Chapter 6 of +2-Part-1 33.( Revaluation A/c/Capital A/c/ Balance sheet ) E , F and G were partners ...

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Question 34 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 34 Chapter 6 of +2-Part-1 34. (Profit & Loss Adjustment A/c/Partner Capital A/c A B & C are partners ...

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Question 35 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 35 Chapter 6 of +2-Part-1 35. (Journal/Ledger A/c/Balance Sheet) A, B and C were partners sharing in 3:2:1. balance ...

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Question 36 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 36 Chapter 6 of +2-Part-1 36. (Revaluation A/c/ Capital Ac/B/S/GST) X , Y and Z were partners in firm ...

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Question 37 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 37 Chapter 6 of +2-Part-1 37. ( Unrecorded liability / Joint Life policy )X, Y and Z were partners ...

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Question 38 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 38 Chapter 6 of +2-Part-1 38 (Adjustment of Goodwill without raising Goodwill A/c Partner Loan A/c Journal) A B ...

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Question 39 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 39 Chapter 6 of +2-Part-1 39 (Goodwill not appearing in Books/Payment to Retiring Partner made in Equal Installments) C ...

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Question 40 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 40 Chapter 6 of +2-Part-1 40. (Capital to be adjusted in New Profit Sharing Ratio) The Balance Sheet of ...

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Question 42 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 42 Chapter 6 of +2-Part-1 42 (Adjustment of Capital/Capital of New Firm not given/GST) A, B and C carried ...

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Question 43 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 43 Chapter 6 of +2-Part-1 43. (Capital of New Firm given) The Balance sheet of X, Y, and Z ...

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Question 44 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 44 Chapter 6 of +2-Part-1 44. (Revaluation A/c/Partner's Capital A/c) A, B and C are partners sharing in 3: ...

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Question 47 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 47 Chapter 6 of +2-Part-1 47. (Deceased Partner's Share of Profit) A , B, and C are equal partners ...

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Question 48 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 48 Chapter 6 of +2-Part-1 48. (Decreased Partner's Share of Profit) A , B and C are partners sharing ...

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Question 49 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 49 Chapter 6 of +2-Part-1 49. (Deceased Partner's Interest on Capital) A , B and C are partners sharing ...

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Question 50 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 50 Chapter 6 of +2-Part-1 50. (Different Cases of Deceased Partner's Share of Profit) A, B and C are ...

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Question 51 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 51 Chapter 6 of +2-Part-1 51. (Different Cases of Deceased Partner's Share of Profit) A, B & C were ...

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Question 52 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 52 Chapter 6 of +2-Part-1 52. (Share of Goodwill) P, R, and S are in partnership sharing profits 4/8, ...

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Question 53 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 53 Chapter 6 of +2-Part-1 53. (Amount Payable to deceased Partner's Legal Representative) A , B and Care partners ...

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Question 54 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 54 Chapter 6 of +2-Part-1 54 (Journalisation of Joint Life Policy) A, B and C are equal partners. They ...

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Question 55 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 55 Chapter 6 of +2-Part-1 55. (Current A/c of Deceased Partner) A, B and C are equal partners of ...

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Question 56 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 56 Chapter 6 of +2-Part-1 56. (Journal Entries/Amount due to executors of deceased Partner) Following is the balance sheet ...

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Question 57 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 57 Chapter 6 of +2-Part-1 57. (Journal Entries/Deceased Partner's Executor A/c) A, B and Care partners sharing profits and ...

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Question 58 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 58 Chapter 6 of +2-Part-1 58. (Deceased Partner's Ac) Following is the balance sheet of Tony, Sony and Remy ...

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Question 59 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 59 Chapter 6 of +2-Part-1 59. (Journal Entries/Executor's Ale) R, S , T were partners sharing profits and losses ...

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Question 60 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 60 Chapter 6 of +2-Part-1 60. (Journal Entries/Executor's A/c) Bansal , Gupta and Goyal were partners, sharing profits and ...

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Question 61 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 61 Chapter 6 of +2-Part-1 61. (Revaluation A/c/Capital A/c Executor A/c/B/S) The balance sheet of A , B & ...

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