56 :- Amrit, Bhanu and Charu were partners in a firm sharing profits equally. Bhanu retired on 30th September 2023. Profit till the date of retirement was to be estimated based on last year’s profit. Profit for the year ended 31st March 2023 was Rs 3,60,000.
Calculate Bhanu’s share of profit till his retirement and pass Journal entry/entries for the same when
(a) The profit sharing ratio between Amrit and Charu does not change; and
(b) The new profit sharing ratio between Amrit and Charu changes to 3:2.
57 :- Amar, Bhuvi and Charan were partners in a firm sharing profits equally. Bhuvi retired on 30th September 2023. Profit or loss till the date of retirement was to be estimated based on last year’s profit. Loss for the year ended 31st March 2023 was Rs 1,80,000.
Calculate Bhuvi’s share of loss till her retirement and pass Journal entry/entries for the same when
(a)The profit sharing ratio between Amar and Charan does not change; and
(b)The new profit-sharing ratio between Amar and Charan changes to 3:2.
58 :- Yogesh, Naresh and Parvesh were partners in a firm sharing profits in the ratio of 2:2:1. Naresh retired on 1st October 2024. In terms of the partnership deed, financial statements were prepared as on date of retirement and profit was determined as Rs 7,20,000
(a) Pass the journal entries for distribution of profit for the period.
(b) Pass the journal entries if loss of Rs 3,60,000 was incurred.
59 :- The partnership deed of Aman, Bharat and Chetan has a clause that any partner may retire from the firm on the following terms by giving six months notice in writing. The retiring partner shall be paid :
(a) The amount standing to the credit of his Capital account and Current account.
(b) His share of profit to the date of retirement, calculated on the basis of the average profit of the three preceding completed years, if he retires in between the year.
(c) His share of goodwill of the firm calculated on the basis of 1.5 times the average profit of the three preceding completed years.
(d) Assets shall be revalued and liabilities re-assessed. Retiring partner will get his share in the gain (pr8ofit) and will bear loss, if any.
Chetan gave notice on 31st March, 2024, to retire with effect from 30th september, 2024. On that date, the balance of his capital was Rs 1,60,000 and his current account (in debit) Rs 5,000. The profits for the three preceeding completed years were : I – Rs 45,000; II – Rs 30,000 and III – Rs 24,000.
Revaluation of Assets and reassessment of liabilties resulted in neither gain (profit) nor loss.
What amount is due to Chetan in accordance with the partnership agreement ?
60 :- Amit, Bunty and Charan are partners sharing profits and losses in the ratio of 2:2:1. Charan retired on 30th June 2025. The balance sheet of the firm on 31st March 2025 was as follows :-
It was agreed that amount payable to Charan will be determined by Making following adjustments :
(a) Building be valued at Rs 12,00,000
(b) Investment be valued at Rs 1,00,000
(c) Stock to be valued at Rs 3,00,000
(d) Goodwill of the firm be valued at 2 years purchase of average profit of the preceeding three years.
Profits of the preceding five years were as under :
Prepare (i) revaluation account (ii) Partners capital accounts and (iii) Balance sheet after Charan’s retirement.