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 3 (11 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. 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.
2. At the time death of a partner general reserve appearing in the balance sheet should be credited to:
3. Gaining ratio is used to distribute ..... in case of retirement of a partner
4. 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.
5. 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?
6. 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.
7. 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
8. 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.
9. 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:
10. If a partner dies, then JLP will be reckoned at .....
11. A, B and C are partners sharing profits in the ratio 2:2:1 . C retired.The new profit sharing ratio between A and B will be
🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books