Retirement and Death of a Partner -Test 3

A, B and C are partners sharing profits in the ratio of 3 : 2 : 1. They had a Joint Life Policy of Rs.3,00,000. Surrender value of JLP in Balance Sheet is Rs.90,000. C dies. What is share of each partner in JLP ?

X, Y and Z are the partners sharing profits in the ratio of 7 : 5 : 4. On 30th June, 2008 Z died and profits for the year ending 31st March,2009 were Rs.2,40,000. How much share in profits for the period 1st April 2008 to 30th June 2008 will be credited to Z’s account assuming the profit occurred evenly throughout the year ?

At the time of death of a partner firm gets ____ from the insurance company of the Joint Life Policy taken jointly for all the partners.

If a partner dies, then JLP will be reckoned at _______ .

In case of death of a partner, share of goodwill of deceased partner, will be borne by the remaining partners in :

J, K and L were equal partners in a firm. The firm has taken individual life policy of Rs.50,000 for each partner. J died on 5th March 2011. The surrender value was Rs.2,000 for each policy on the date of death of J. The amount payable to J in respective policies would be _____ .

On the death of a partner, his executor paid the share of profits of the dying partner for the relevant period. This payment is recorded in Profit and Loss _____ account.

On the death of a partner, his executor is paid the share of profits of the deceased partner for the relevant period. This payment is recorded in Profit and Loss ______ Account .

A, B, C partners sharing profits in the ratio of 7 : 5 : 4. The profits of the firm for the year ended 31.3.2016 were estimated as Rs.2,40,000. C died on 30th June 2016. What is share of C in profits of financial year 2015-16 ?

The amount received on maturity from the Insurance Company on Joint Life Policy of partners in excess of its surrender value, if any, should be credited to partners :

On the death of a partner, the amount of Joint Life Policy should be credited to the capital accounts of :

X, Y and Z are the partners sharing profits in the ratio 5 : 4 : 3. Z died on 30th September, 2016. Profits for the accounting year 2016-17 is Rs.40,000. How much share in profits for the period from 1st April, 2016 to 30th September, 2016 will the executors of Z would be entitled ? Assuming profits earned evenly during the year :

A partner may retire with the consent of :

Unless otherwise agreed, a retiring partner can :

A partner may retire from an existing firm

Public notice of retirement must be given :

A partner can retire on ____ .

Death of partner has the effect of ___ .

In case of death of a partner :

In case of a partnership at will, a partner may retire by giving :

Retiring or outgoing partner :

Retiring Partner’s share of goodwill is debited to remaining partners in their :

Profit/Loss on Revaluation of Assets & Liabilities on retirement of a partner is shared by the partners in their :

Revaluation Account is debited :

Accumulated Profits/Losses & Reserves on retirement of a partner are shared by the partners in their :

Joint Life Policy is taken by the firm on the life of _____ .

X, Y and Z are partners sharing profits and losses in the ratio of 4/9 : 1/3 : 2/9 respectively. Y retires. The gaining ratio and the new profit sharing ratio will be :

At the time of retirement of a partner, firm gets _____ from the insurance company against Joint Life Policy jointly for all the partners .

Claim of the retiring partner is payable in the following form :

Outgoing Partner is compensated for parting with firm’s future profits in favour of remaining partners. In what ratio do the remaining partners contribute to such compensation amount ?