Global MCQ Practice

🌐 Total MCQ
🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books

Class 12 Accountancy Chapter 3 Accounting For Partnership Firms Retirement Death Of A Partner Quiz 1 (59 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. A and B are partners sharing profits in the ratio of 2:1. On admission of a partner C, there was a balance in Workmen's Compensation Fund of Rs 9, 000. After admission of C, the balance of Workmen's Compensation Fund will be shown in the reconstituted Balance Sheet at Rs:
2. A, B and C are partners with capitals of ₹ 1, 00, 000, ₹ 75, 000 and ₹ 50, 000. On C's retirement his share is acquired by A and B in the ratio of 6:4. Gaining ratio will be:
3. X, Y, Z are partners sharing profits in the ratio 3:4:3. Y retires, and X and Z share his profits in equal ratio. Find the new ratio of X and Z.
4. When the goodwill is raised at its full value and written off at retirement of a partner, the remaining partners share goodwill in .....
5. An account prepared to ascertain the gain or loss at the time of death of a partner is called
6. A, B and C are partners sharing profits and losses in the ratio of 1/2, 3/10 and 1/5. B retires from the firm, A and C decide to share the future profits and losses in 3:2. Calculate gaining ratio:
7. Niyati and Aisha were partners in a firm sharing profit and losses in the ratio of 4:3. They admitted Bina as a new partner Niyati sacrifice 1/4th from her share and Aisha sacrificed 1/7th from her share in favour of Bina. Bina's share in the profits of the firm will be
8. Which of the following is debited to partners' capital A/cs at the time of retirement of a prtner?
9. X, Y, Z were partners sharing profits in ratio 5:3:2. Goodwill does not appear in books, but it is agreed to be worth ₹ 1, 00, 000. X retires from the firm and Y and Z decide to share future profits equally. X's share of goodwill will be debited to Y's and Z's capital A/cs in ratio:
10. At the time of retirement, amount remaining in Investment Fluctuation Reserve after meeting the fall in value of Investment is:
11. Out going partner is compensated for parting with firm's future profit's in favors of remaining partners. The remaining partners contribute to such compensation in:
12. When a new partner brings his share of goodwill in cash, the amount is debited to:
13. On the death of a partner, his executor is paid the share of profits of the dying partner for the relevant period. This payment is recorded in Profit and loss ..... account.
14. How is the premium paid on the JLP of partners treated? It is ..... of the ..... accounts:
15. After the death of a partner, amount payable is received by:
16. A partner can retire from the firm with the consent of all other partners only
17. The share of goodwill of the retiring partner is debited to the remaining partner in their which ratio
18. In the event of death of a partner, the amount of general reserve is transferred partners capital accounts in
19. Which account is opened to transfer deceased partner's share of profit to his capital account
20. On the death of a partner, credit balance of profit and loss account appearing in the balance sheet should be credited to the capital account of
21. P, Q and R are partners sharing profits in the ratio of 8:5:3. P retires. Q takes 3/16$^{th}$ share from P and R takes 5/16$^{th}$ share from P. What will be the new profit sharing ratio?
22. A and B were partners. They shared profits as A-1/2; B-1/3 and carried to reserve 1/6. B died. The balance of reserve on the date of death was Rs. 30, 000. B's share of reserve will be:
23. A, B and C are partners sharing profits in the ratio of 3:2:1. They had a Joint Life Policy of ₹ 3, 00, 000. Surrender value of JLP in Balance Sheet is ₹ 90, 000. C dies. What is share of each partner in JLP?
24. Gaining ratio is calculated by
25. In case of death of a partner, the whole amount standing to the credit of his Capital A/c is transferred to:
26. At at the time of retirement of a partner, if Goodwill appears in the balance sheet it must be written off, the capital accounts of all partners are debited in
27. Joint Life Policy amount received by a firm is distributed in .....
28. A, B and C are partners sharing profits in the ratio of 2:2:1. On retirement of B, goodwill was valued as ₹ 30, 000. Find the contribution of A and C to compensate B:
29. A, B and C partners sharing profits equally. A retires and goodwill appearing in the books at ₹ 3, 000 is valued at ₹ 6000. A will get credit of:
30. According to the section 37 of the Indian Partnership Act the interest payable to the deceased partner on the amount left by him will be
31. Partners A, B and C share the profits of a business in the ratio of 3:2:1 respectively. They admit D who brings in ₹ 60, 000 for his share of goodwill. A, B, C and D decide to share the profits respectively in the ratio of 5:3:2:2. Credit will be given to
32. A, B, C were partners sharing Profit and Losses in the ratio of 3.2.1 Books are closed on 31stMarch every year. C dies on 30th, Nov 2018. Under the partnership deed, the executors of deceased partner are entitled to his share of profit up to the date of death, Profit as on ended 31st Mar 2018 was Rs. 2, 40, 000 C's share of profit will be
33. Eena, Meena and Teena are partners in a firm. Teena retired from the firm. After making adjustments for reserves and revaluation of assets and liabilities the balance in Teena's capital account was Rs. 1, 20, 000 .Eena and Meena paid Rs, 1, 80, 000 in full settlement to Teena. By what amount is Meena's capital account debited:
34. A, B and C are partners profit sharing in 2:2:1.1 C retired.the new profit sharing ratio between A and B will be
35. JLP of the partners is a / an ..... account:
36. At the time of retirement of a partner, share of retiring partner's goodwill will be credited to ..... Capital Account(s).
37. When the balance sheet is prepared after retirement (subsequent to preparation of Revaluation Account), ..... values are shown in it
38. If the firm gets dissolved due to retirement of one the partners, then what amount of JLP will be credited in partner's capital A/c?
39. A, B and C are partners sharing profits and losses in the ratio 2:2:1. C dies on 31$^{st}$ March 2007. The profits of the financial year ending 31$^{st}$ March 2007 is ₹ 64, 000. The share of the deceased partner in the profits will be:
40. The amount due to the deceased partner is paid to his:
41. A and B are in partnership sharing profits and losses as 3:2 C is admitted for 1/4th share. Afterwards D enters for 20 paisa in the rupee. The new prof sharing ratio after D's admission will be
42. X, Y and Z are the partners sharing profits in the ratio of 7:5:4. On 30$^{th}$ June, 2008 Z died and profits for the year ending 31st March, 2009 were ₹ 2, 40, 000. How much share in profits for the period 1$^{st}$ April 2008 to 30$^{th}$ June 2008 will be credited to Z's account assuming the profit occurred evenly throughout the year?
43. In case of death of a partner, share of goodwill of deceased partner, will be borne by the remaining partners in:
44. The balance of joint life policy account as shown in the balance sheet represents:
45. J, K and L were equal partners in a firm. The firm has taken individual life policy of ₹ 50, 000 for each partner. J died on 5$^{th}$ March 2011.The surrender value was ₹ 2, 000 for each policy on the date of death of J.The amount payable to J in respective policies would be ..... :
46. A, B, C are partners sharing profit and losses in the ratio of 4:3:1:B retires and gives his share of profit to A Rs. 3, 600 and C Rs. 4, 500. What is the Gaining sharing ratio of A and C?
47. As per section ..... of the Indian Partnership Act, a retiring partner becomes entitled to profits after retirement if his dues remain unpaid
48. In the event of death of a partner of employees provided fund appears in the balance will be shown in
49. How unrecorded assets are treated at the time of retirement of a partner?
50. A, B, C are partners sharing profits in the ratio 1:1:2. C died on 30$^{th}$ June 2006 and profits for the accounting year ended on 31$^{st}$ December 2006 were ₹ 24, 000. How much share in profits will be credited to C's account.
51. At the time death of a partner general reserve appearing in the balance sheet should be credited to:
52. Gaining ratio is used to distribute ..... in case of retirement of a partner
53. P, Q, R and S were partners sharing profits in the ratio of 2:3:5:2. S retires and his share is acquired by Q and R in the ratio of 3:2. Calculate new ratio and gaining ratio.
54. Hari, Roy and Prasad are partners in the ratio of 3:5:1 respectively. Roy wants to retire. His share is being purchased by Prasad. What would be the new ratio of Hari and Prasad respectively?
55. X, Y, Z are equal partners in a firm. Z retires from the firm. The new profit sharing ratio between X and Y is 1:2 Find the gaining ratio.
56. At the time of retirement of a partner, if Goodwill appears in the balance sheet it must be written off among all the partners in ..... Ratio
57. At the time of death of a partner firm gets ..... from the insurance company of the Joint Life Policy taken jointly for all the partners.
58. A, B, C are partners sharing profits in the ratio of 2:2:1. A's capital is 50, 000, B's Capital ₹ 70, 000 and C ₹ 35, 000. B retires from the firm and balance in reserve on the date was ₹ 25, 000. If goodwill of the firm was ₹ 30, 000 and profit on revaluation was ₹ 7, 500 then amount payable to B is:
59. If a partner dies, then JLP will be reckoned at .....
🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books