27 :- X, Y and Z are partners in a firm sharing profits and losses in the ratio of 3:2:1. Z retired from the firm on 1st April 2025. On the date of Z’s retirement, following balances existed in the books of the firm:
General reserve Rs 1,80,000
Profit and loss account (Dr.) Rs 30,000
Workmen compensation reserve Rs 24,000 which was no more required
Employees provident Fund Rs 20,000
Pass the necessary journal entries for the adjustment of these items on Z’s retirement.
28 :- Asha, Naveen and Shalini were partners in a firm sharing profits in the ratio of 5:3:2. Goodwill appeared in their books at a value of Rs 80,000 and General Reserve at Rs 40,000. Naveen decided to retire from the firm. On the date of his retirement, goodwill of the firm was valued at Rs 1,20,000. The new profit–sharing ratio decided among Asha and Shalini is 2:3.
Record the necessary Journal entries on Naveen’s retirement.
29 :- X, Y and Z were equal partners in a firm. On 31st March, 2025 their balance sheet was as follows:
On the above date, Z retires from the firm and X and Y decided to share profits in the ratio of 3:2. Partners decided to show accumulated profits, losses and reserves in the balance sheet of the reconstituted firm at their original values.
Pass an adjustment entry for the treatment of accumulated profits, losses and reserve.