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Class 12 Accountancy Chapter 3 Accounting For Partnership Firms Retirement Death Of A Partner Quiz 1 (25 MCQs)

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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:
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