X, T and Z are partners sharing profits in the ratio, of 1 / 2: 2 / 5 and 1 / 10. Find the new ratio of remaining partners if Z retires.
SOLUTION Old ratio of X, Y and Z = 1 / 2: 2 / 5: 1 / 10 or 5: 4: 1.Hence, if Z retires, the new ratio between X…
Ramesh wants to retire from the firm. The profit on revaluation on that date Was Rs. 12,000. Mohan and Rahul want to share this in their new profit-sharing ratio 3: 2. Ramesh wants this shared equally. How is this profit to be shared?
SOLUTION Profit on Revaluation will be shared by the three partners in their old profit-sharing ratio.
In which ratio do the remaining partners acquire the share of profit of the retiring or deceased partner? (C.B.S.E. 2017, 2018 Comptt.)
SOLUTION Remaining partners acquire the share of profit of the retiring partner in Gaining ratio.
At the time of retirement of a partner, state the condition when there is no need to compute the gaining ratio.
SOLUTION There is no need to compute the gaining ratio when the continuing partners decide to share profits in the same ratio that existed among them prior to retirement.
On the retirement of a partner how is the profit-sharing ratio of remaining partners decided?
SOLUTION Profit sharing ratio of remaining partners is decided according to the mutual agreement among the remaining partners.
Can a retiring partner or Legal Representatives of a Deceased Partner claim a share in the subsequent profits of the firm.
Or What will happen if retired or deceased partner's dues are not settled immediately? SOLUTION If amount due to a retiring partner or legal representatives of a deceased partner is…
Why a retiring or heirs of a deceased partner are entitled to a share of goodwill of the firm?
SOLUTION Since the retiring or deceased partner will not be sharing future profits; goodwill is given to compensate him for the same.
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