Practice Reasons for Retirement - 1.4.2.1 | ICSE Class 12 Accounts – Chapter 1: Partnership | ICSE Class 12 Accounts
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1.4.2.1 - Reasons for Retirement

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Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

List two reasons why a partner may choose to retire.

💡 Hint: Think about factors that might change someone's ability to work.

Question 2

Easy

What does the gaining ratio represent?

💡 Hint: Consider how the shares of the remaining partners might change.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

Which of the following can be a reason for a partner's retirement?

  • Health Issues
  • Increased Profits
  • New Products
  • Marketing Strategies

💡 Hint: Think about what can limit someone's involvement in a partnership.

Question 2

True or False: Conflicts among partners can lead to retirement.

  • True
  • False

💡 Hint: Consider how interpersonal dynamics affect business decisions.

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Challenge Problems

Push your limits with challenges.

Question 1

A partnership consists of three partners, A, B, and C, sharing profits as 50%, 30%, and 20%, respectively. If C retires and the remaining partners want to adjust their shares to 60% for A and 40% for B, calculate the adjustments needed.

💡 Hint: Consider how much of C's share is allocated to A and B.

Question 2

Discuss how the retiring partner's goodwill affects the remaining partners. If the firm's goodwill was valued at 100,000, and the retiring partner’s contribution was significant, how might you calculate their portion?

💡 Hint: Look at the valuation method used for goodwill.

Challenge and get performance evaluation