CUET 2026 Accounts Marathon - Complete - CUET Accountancy

Accountancy for Competitive Exams: Partnership, Company Accounts, and Financial Statements

Partnership Fundamentals and Legal Framework A partnership is defined as a relationship between persons who have agreed to share the profits of a business carried on by all or any of them acting for all, as per Section...

When is there no need to value the goodwill?

None of these

A and B are partners sharing profits in the ratio of 2:1. C is admitted into the firm for 1/4 share of profits. C brings in Rs. 20,000 in respect of his capital. The capitals of old partners A and B, after all adjustments relating to goodwill, revaluation of assets and liabilities, etc., are Rs. 45,000 and Rs. 15,000 respectively. It is agreed that partners' capitals should be according to the new profit-sharing ratio. Determine the new profit-sharing ratio.

2: 1: 1

The executer is entitled to all rights of a _______.

Deceased partner

Rahul, Sahil and Jatin were partners in a firm sharing profits and losses in the ratio of 4:3:2. Rahul died on 15th October, 2017. At that time, the capitals of Sahil and Jatin after all the adjustments were ₹ 3,56,000 and ₹ 2,44,000 respectively. Sahil and Jatin decided to adjust their capitals according to their new profit-sharing ratio by opening current accounts. Calculate the new capitals of Sahil and Jatin.

₹ 3,60,000 and ₹ 2,40,000