Reconstitution of Partnership – Retirement / Death of a Partner — Class 12 Accountancy PYQs

Radhika, Mehar and Shubha were partners in a firm sharing profits and losses in the ratio of 9 : 8 : 7. If Radhika's share of profit at the end of the year amounted to ₹ 5,40,000, Shubha's share of profit will be :
(A) ₹ 5,40,000
(B) ₹ 4,80,000
(C) ₹ 60,000
(D) ₹ 4,20,000

(a) Vishesh, Manik and Amit were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. Amit retired on 31st March, 2024. Vishesh and Manik acquired Amit's share in the ratio of 2 : 3. The new profit sharing ratio between Vishesh and Manik after Amit's retirement will be :
(A) 5 : 4
(B) 2 : 3
(C) 1 : 1
(D) 27 : 23
OR
(b) Varsha, Aryan and Nimit were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Varsha retired and surrendered 1/3rd of her share in favour of Aryan and the remaining share in favour of Nimit. The new profit sharing ratio between Aryan and Nimit will be :
(A) 2 : 1
(B) 8 : 7
(C) 1 : 2
(D) 1 : 1

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 :
(A) Ashmit ₹ 3,75,000 and Rohan ₹ 1,25,000
(B) Ashmit ₹ 2,00,000 and Rohan ₹ 1,20,000
(C) Ashmit ₹ 2,50,000 and Rohan ₹ 2,50,000
(D) Ashmit ₹ 3,00,000 and Rohan ₹ 2,00,000

(a) Ishan, Jatin and Kapil were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. Jatin retired and his share was taken up by Ishan and Kapil in the ratio 1 : 1. The new profit-sharing ratio between Ishan and Kapil after Jatin's retirement will be :
(A) 5 : 1
(B) 1 : 1
(C) 5 : 4
(D) 7 : 3
OR
(b) Sakshi, Kiara and Gunjan were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Kiara retired on 1-4-2023. After all adjustments the amount due to Kiara was ₹ 5,00,000. The payment was to be made in two yearly instalments of ₹ 2,50,000 each plus interest @ 10% per annum on the unpaid balance. The amount of first instalment paid on 31-03-2024 will be :
(A) ₹ 3,00,000
(B) ₹ 2,75,000
(C) ₹ 5,50,000
(D) ₹ 2,50,000

Zaina, Yash and Kiran were partners in a firm sharing profits and losses in the ratio 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 calculated as ₹ 1,00,000. The books of accounts are closed on 31st March every year.
Calculate Zaina's share of profit in the firm till the date of her death and pass necessary journal entry for the same.

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.

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.

Simar, Tanvi and Umara were partners in a firm sharing profits and losses in the ratio of 5 : 6 : 9. On 31st March, 2024 their Balance Sheet was as follows :

Balance Sheet of Simar, Tanvi and Umara as at 31st March, 2024

Liabilities	Amount (₹)	Assets	Amount (₹)
Capitals :		Fixed Assets	25,00,000
Simar	13,00,000	Stock	10,00,000
Tanvi	12,00,000	Debtors	8,00,000
Umara	14,00,000	Cash	7,00,000
General Reserve	7,00,000	Profit and Loss Account (2023-24)	2,00,000
Trade Payables	6,00,000
Total	52,00,000	Total	52,00,000

Umara died on 30th June, 2024. The partnership deed provided for the following on the death of a partner :

(i) Goodwill of the firm be valued at 3 years purchase of average profits for the last 5 years. The profit/loss for the previous four years were : 2022-23 : ₹ 3,10,000 (loss); 2021-22 : ₹ 3,00,000 (profit); 2020-21 : ₹ 4,00,000 (profit); 2019-20 : ₹ 2,50,000 (profit)

(ii) Umara's share of profit or loss till the date of her death was to be calculated on the basis of profit or loss for the year ended 31st March 2024.

(a) Calculate Goodwill of the firm.

(b) Pass the necessary journal entry for the treatment of goodwill on Umara's death.

(c) Calculate Umara's share in the profit or loss of the firm till the date of her death.

(d) Pass the necessary journal entry to record Umara's share of profit or loss till the date of her death.

Raja, Bharat and Vedika were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet as on 31st March, 2024 was as follows :

Balance Sheet of Raja, Bharat and Vedika as on 31st March, 2024

Liabilities	Amount (₹)	Assets	Amount (₹)
Creditors	80,000	Bank	15,000
General Reserve	50,000	Stock	70,000
Capitals :		Debtors	85,000
Raja	1,10,000	Furniture	1,20,000
Bharat	1,00,000	Machinery	1,40,000
Vedika	90,000
Total	4,30,000	Total	4,30,000

Vedika died on 31st July, 2024. According to the partnership deed, her legal representatives are entitled to the following :

(i) Balance in her capital account

(ii) Interest on capital @ 8% p.a.

(iii) Her share in the profit upto the date of death to be calculated on the basis of last year's profit. Vedika's share of profit was ₹ 3,000.

(iv) Her share of goodwill calculated on the basis of two years purchase of average profits of last three years. The average profit of last three years was ₹ 40,000. Vedika's drawings upto the date of death were ₹ 12,000.

Prepare Vedika's Capital Account to be rendered to her executors.

(b) 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 31st March, 2024

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

On the above date, Vinit retired on the following terms :

(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.