1 out of 10
Rajat, Mishi and Tanvi were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Tanvi died on 31st October, 2019. According to the partnership agreement, her share of profits from the closure of last accounting year till the date of her death was to be calculated on the basis of aggregate profits of two completed years before death. Profits of the firm for the years ending 31st March, 2018 and 31st March, 2019 were Rs. 57,000 and Rs. 63,000 respectively. The firm closes its books on 31st March every year. Tanvi’s share of profits till the date of her death will be:
2 out of 10
At what rate is interest payable on the amount remaining unpaid to the executor of deceased partner, in absence of any agreement among partners, when (s)he opts for interest and not share of profit.
3 out of 10
In case of death of a partner, the amount standing to the credit of his account is paid to
4 out of 10
Partner’s executor’s account is prepared
5 out of 10
In case of retirement/death of a partner, profit or loss on revaluation is distributed among ………..in their ……….. profit sharing ratio.
6 out of 10
At the time of retirement/death of a partner, the continuing partners compensate the retiring partner/deceased partner’s executor in the form of
7 out of 10
If at the time of death or retirement of a partner, goodwill appears in the balance sheet of the firm, then this goodwill is written-off i
8 out of 10
Journal entry for adjustment of goodwill, in case if any of the remaining partner has also sacrificed a part of his share in profits of the firm or retirement or death of a partner.
9 out of 10
As per Section 37 of the Indian Partnership Act, 1932, the executor would be entitled at their choice to the interest calculated from the date of death till the date of payment on the final amount due to the deceased partner at….. % per annum.
10 out of 10
Retirement or death of a partner will create a situation for the continuing partners, which is known as: