Retirement and Death of a Partner

When a partner retires from a partnership firm, the accounting entry to record the payment made to the retiring partner is:

In the case of death of a partner, the amount payable to the deceased partner or his legal representatives is credited to:

Which of the following is NOT a method to value goodwill on retirement of a partner?

If the retiring partner’s share of goodwill is not paid immediately, it is recorded as:

On retirement, the remaining partners decide to increase their capitals in their new profit-sharing ratio. The entry to record the increase in capital is:

A partner retires and is paid Rs. 1,00,000. His capital balance was Rs. 90,000 and his share of goodwill Rs. 20,000. How will the goodwill be adjusted if it is not paid immediately?

Which account is credited when the firm pays the legal representatives of a deceased partner?

On death of a partner, the firm’s goodwill is valued at Rs. 50,000. The deceased partner’s share of goodwill is Rs. 20,000. How is this amount treated if the firm decides not to raise goodwill account?

In the case of retirement, the remaining partners decide to adjust the accumulated profits in the firm. Which account is credited?

A partner retires and his loan account balance is Rs. 30,000. The firm pays Rs. 10,000 immediately and issues a promissory note for the balance. The entry to record the promissory note is: