Retirement Questions

K, N and P are partners sharing profits and losses in the ratio of $4:3:2$. N retires and the goodwill is valued at Rs. $72,000$. K and P decided to share future profits and losses in the ratio of $5:3$. Identify the correct journal entry in this scenario.

In case a deceased partner's share of profit is calculated during the intervening period, the following Journal Entry will be passed:

A, B and C are partners in a firm. If C retires/dies, his capital account is credited with:

The ratio in which the continuing partners have acquired the share from the retiring/deceased partner is called: