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Class 12 Accountancy Chapter 3 Accounting For Partnership Firms Retirement Death Of A Partner Quiz 2 (25 MCQs)

Quiz Instructions

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1. 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
2. Joint Life Policy amount received by a firm is distributed in .....
3. 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:
4. 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:
5. 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
6. 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
7. 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
8. 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:
9. 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
10. JLP of the partners is a / an ..... account:
11. At the time of retirement of a partner, share of retiring partner's goodwill will be credited to ..... Capital Account(s).
12. When the balance sheet is prepared after retirement (subsequent to preparation of Revaluation Account), ..... values are shown in it
13. 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?
14. 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:
15. The amount due to the deceased partner is paid to his:
16. The share of goodwill of the retiring partner is debited to the remaining partner in which ratio
17. 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
18. 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?
19. In case of death of a partner, share of goodwill of deceased partner, will be borne by the remaining partners in:
20. The balance of joint life policy account as shown in the balance sheet represents:
21. 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 ..... :
22. 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?
23. As per section ..... of the Indian Partnership Act, a retiring partner becomes entitled to profits after retirement if his dues remain unpaid
24. In the event of death of a partner of employees provided fund appears in the balance will be shown in
25. How unrecorded assets are treated at the time of retirement of a partner?
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