Class 12 Accountancy - Chapter Reconstitution of a Partnership Firm - Retirement/Death of a Partner NCERT Solutions | What are the different ways in which a p
What are the different ways in which a partner can retire from the firm?
The following are the different ways in which a partner can retire from a firm.
(i) With the consent of all other partners: A partner must take the consent of all the co-partners of the firm before his/her retirement. Thereafter, the partner can retire from the firm if and only if all the partners agree on the decision of his/her retirement.
(ii) With an express agreement by all the partners: In case of written agreement among the partners a partner may retire from the firm by expressing his/her intention of leaving the firm though a notice to the other partners of the firm.
(iii) By giving a written notice: If partnership among the partners is at will then a partner may retire by giving notice in writing to all the other partners informing them about his/her intention to retire.
More Questions From Class 12 Accountancy - Chapter Reconstitution of a Partnership Firm - Retirement/Death of a Partner
Popular Questions of Class 12 Accountancy
- Q:-
State the difference between dissolution of partnership and dissolution of partnership firm.
- Q:-
Mohan and Shyam are partners in a firm. State whether the claim is valid if the partnership agreement is silent in the following matters:
(i) Mohan is an active partner. He wants a salary of Rs. 10,000 per year;
(ii) Shyam had advanced a loan to the firm. He claims interest @ 10% per annum;
(iii) Mohan has contributed Rs. 20,000 and Shyam Rs. 50,000 as capital. Mohan wants equal share in profits.
(iv) Shyam wants interest on capital to be credited @ 6% per annum. - Q:-
Identify various matters that need adjustments at the time of admission of a new partner.
- Q:-
State the accounting treatment at the time of dissolution of a firm for:
i. Unrecorded assets ii. Unrecorded liabilities - Q:-
State whether the following statements are true or false:
(i) Valid partnership can be formulated even without a written agreement between the partners;
(ii) Each partner carrying on the business is the principal as well as the agent for all the other partners;
(iii) Maximum number of partners can be 50;
(iv) Methods of settlement of dispute among the partners can’t be part of the partnership deed;
(v) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the partner;
(vi) Interest on partner’s loan is to be given @ 12% p.a. if the deed is silent about the rate. - Q:-
Why it is necessary to ascertain new profit sharing ratio even for old partners when a new partner is admitted?
- Q:-
On dissolution, how will you deal with partner’s loan if it appears on the
(a) assets side of the balance sheet, (b) liabilities side of balance sheet. - Q:-
What is sacrificing ratio? Why is it calculated?
- Q:-
Distinguish between firm’s debts and partner’s private debts.
- Q:-
On what occasions sacrificing ratio is used?
Recently Viewed Questions of Class 12 Accountancy
- Q:-
Discuss the main provisions of the Indian Partnership Act 1932 that are relevant to partnership accounts if there is no partnership deed.
- Q:-
On dissolution, how will you deal with partner’s loan if it appears on the
(a) assets side of the balance sheet, (b) liabilities side of balance sheet. - Q:-
State the difference between dissolution of partnership and dissolution of partnership firm.
- Q:-
On what account realisation account differs from revaluation account.
- Q:-
State the order of settlement of accounts on dissolution.
- Q:-
State the meaning of Income and Expenditure Account.
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Why is Profit and Loss Adjustment Account prepared? Explain.
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What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?
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On what occasions sacrificing ratio is used?
- Q:-
What are the features of Receipt and Payment Account?
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