List of top Accountancy Questions on Retirement and Death of a Partner asked in CBSE CLASS XII

Isha, Julie and Kavita were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. The firm closes its books on 31st March every year. On 12\textsuperscript{th} June, 2024, Kavita died. Her share in the profits of the firm from the last Balance Sheet till the date of death was to be calculated on the basis of last year\u2019s profit. Last year\u2019s profits were \u20b9 6,00,000. Kavita\u2019s share of profit till the date of her death was:

Gopal, Heera and Iqbal were partners in a firm sharing profits and losses equally. Iqbal died on 1st April, 2022. Final dues payable to Iqbal\u2019s executor as on the date of death amounted to \u20b9 4,00,000. Starting from 31st March, 2023, the executor was to be paid in two equal annual instalments of \u20b9 2,00,000 each, with interest @ 10% per annum. Accounts were closed on 31st March every year. Prepare Iqbal\u2019s executor\u2019s account till the final payment is made.

Ashmit, Veena and Rohan were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Veena retired on 31st March, 2024. The capital accounts of Ashmit, Veena and Rohan showed a credit balance of ₹ 2,00,000, ₹ 1,80,000 and ₹ 1,20,000 respectively after making all adjustments relating to revaluation, goodwill, reserves etc. Veena was paid in cash brought in by Ashmit and Rohan in such a way that their capitals were in proportion to their new profit sharing ratio. The new capitals of Ashmit and Rohan will be :

Piyush, Aadi and Sudha were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 3. Aadi died on 1st October, 2024. As per the partnership deed, Aadi’s share of profit or loss till the date of death was to be calculated on the basis of sales. Sales for the year ended 31st March, 2024 amounted to ₹ 6,00,000 and that from 1st April to 30th September, 2024 amounted to ₹ 2,00,000. The profit for the year ending 31st March, 2024 was calculated as ₹ 1,50,000. The books of accounts are closed on 31st March every year. Calculate Aadi’s share of profits in the firm and pass necessary journal entries for the same. Show your working clearly.}

Asit, Sonu and Hina were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Asit retired and the balance in his capital account after making necessary adjustments on account of reserves and revaluation of assets and liabilities was ₹ 40,00,000. Sonu and Hina agreed to pay him ₹ 45,00,000 in full settlement of his claim. The value of goodwill of the firm was:

Saurabh, Reena and Deepak were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Saurabh died on 31st December, 2024. As per the partnership deed, Saurabh’s share of profit or loss till the date of death was to be calculated on the basis of sales. Sales for the year ended 31st March, 2024 amounted to ₹ 10,00,000 and that from 1st April, 2024 to 31st December, 2024 amounted to ₹ 7,50,000.
The profit for the year ending 31st March, 2024 was calculated as ₹ 5,00,000. The books of accounts are closed on 31st March every year.
Calculate Saurabh’s share in the profit of the firm till the date of his death.
Pass necessary journal entry for the same. Show your working clearly.

Daman, Mohit and Paras were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. Daman retires. Mohit and Paras decided to share future profits and losses in the ratio of 5 : 3. The gaining ratio of Mohit and Paras will be:

Sona, Mona and Raghav were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. Raghav retired. The balance in Raghav’s capital account after making the necessary adjustments on account of reserves and revaluation of assets and liabilities was ₹2,20,000. Sona and Mona agreed to pay him ₹4,00,000 in full settlement of his claim. Raghav’s share of goodwill in the firm was:

Sharma, Verma and Khan were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. The firm closes its books on 31st March every year. On 31st December, 2024 Khan died. Khan’s share in the profits of the firm till the date of his death was to be calculated on the basis of the profit of the previous year. During the year ended 31st March, 2024 the firm earned a profit of ₹6,00,000. The treatment for Khan’s share in the profits of the firm till the date of his death will be:

Ravita, Savita, Kavita and Babita were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2 : 2. On 1stApril, 2024 Savita retired and her share was acquired equally by the remaining partners. The new profit sharing ratio between Ravita, Kavita and Babita will be :

Vishesh, Manik and Amit were partners in the ratio 5 : 4 : 1. Amit retired on 31st March, 2024. Vishesh and Manik decided to share Amit’s share in the ratio 2 : 3. What will be the new profit sharing ratio between Vishesh and Manik?

Tavish, Umesh and Varun were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. Tavish retired. Umesh and Varun decided to share profits and losses in future in the ratio of 5 : 3. The gaining share of Umesh will be :

Ajit, Biswas and Chitra were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Biswas died on 30\textsuperscript{th} September, 2024. The firm closes its books on 31st March every year. Biswas\u2019s share of profits till the date of death from the last Balance Sheet date, was to be calculated on the basis of sales. Sales for the year ended 31st March, 2024 amounted to \u20b9 24,00,000 and that from 1st April, 2024 to 30\textsuperscript{th} September, 2024 amounted to \u20b9 15,00,000. The profits for the year ended 31st March, 2024 were \u20b9 2,40,000. Biswas\u2019s share of profits till the date of his death was:

Sudha, Sudama and Sulochna were partners in a firm sharing profits equally. On 31st March, 2020, Sudha retired. On the date of retirement ₹ 2,40,000 became due to her. Sudama and Sulochana agreed to pay Sudha in four equal yearly instalments plus interest @ 10% p.a. on the unpaid balance starting from 31st March, 2021. The firm closes its books on 31st March every year.
Prepare Sudha’s loan account till it is fully paid.

Ashish, Vinit and Reema were partners sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet on 31st March, 2024 was as follows :

Balance Sheet of Ashish, Vinit and Reema as at 31^st March, 2024

Liabilities	Amount (₹)	Assets	Amount (₹)
Capital: Ashish	2,00,000	Patents	80,000
Capital: Vinit	2,00,000	Furniture	3,00,000
Capital: Reema	1,00,000	Stock	1,70,000
General Reserve	50,000	Debtors	80,000
Bills Payable	80,000	Less: Provision for Doubtful Debts	(8,000)
Creditors	40,000	Net Debtors	72,000
		Cash	48,000
Total	6,70,000	Total	6,70,000

(i) Goodwill of the firm was valued at ₹ 60,000 and the same was adjusted into the capital accounts of Ashish and Reema who will share profits in future in the ratio of 3 : 2.
(ii) Value of stock was to be reduced by ₹ 10,000.
(iii) Patents are found undervalued by 20%.
(iv) Vinit was paid ₹ 20,000 immediately on retirement and the balance was transferred to his loan account carrying interest @ 8% p.a.
Pass necessary journal entries on Vinit’s retirement.

Zaina, Yash and Kiran were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Zaina died on 1st July, 2024. As per the partnership deed, Zaina’s share of profit or loss till the date of her death was to be calculated on the basis of sales. Sales for the year ended 31st March, 2024 amounted to ₹ 4,00,000 and that from 1st April to 30th June, 2024 was ₹ 1,50,000. The profit for the year ending 31st March, 2024 was ₹ 1,00,000. Calculate Zaina’s share of profit in the firm till the date of her death and pass necessary journal entry for the same.

Varun, Aryan and Nimit were partners in a firm sharing profits in the ratio 2 : 2 : 1. Aryan retired and surrendered 1/3 of his share to Varun and remaining to Nimit. What will be the new ratio between Varun and Nimit?

A, B and C are partners sharing profits in the ratio 3:2:1. C retires and his share is taken equally by A and B. The goodwill of the firm is valued at Rs 60,000. Pass journal entry for goodwill adjustment without raising Goodwill A/c.

Chandni, Bhanu and Garima were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. The firm closes its books on 31st March every year. On 1st October, 2024, Chandni died. On that date her capital account showed a credit balance of ₹3,00,000. On the date of Chandni’s death, the firm had a general reserve of ₹60,000. The partnership deed provided that on the death of a partner, her representatives will be entitled to the following:
(i) Balance in the capital account and interest on the same @ 10% p.a.
(ii) Her share in the goodwill of the firm. The goodwill of the firm on Chandni’s death was valued at ₹1,20,000
(iii) Her share in the profits of the firm to be calculated on the basis of the previous year’s profit. The profit of the firm for the year ended 31st March, 2024 was ₹4,50,000.
Prepare Chandni’s Capital Account to be presented to her executors.