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Class 12 Accountancy
Reconstitution Of Partnership Firm: Retirement / Death Of A Partner
Quiz 1
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On retirement of a partner’s the amount of General Reserve is transferred to all partner’s capital account in:
0%
New Profit Sharing Ratio
0%
Capital Ratio
0%
Old Profit Sharing Ratio
0%
None of these
Explanation
Old Profit Sharing Ratio
X, Y and Z were partners sharing profits in the ratio of 5 : 3 : Goodwill does not appear in the books but it is agreed to be worth 1,00,000 Rs.. X retires from the firm and Y and Z decide to share profits equally. X’s share of goodwill will be debited to Y’s and Z’s Capital A/cs in………ratio:
0%
\(\frac{1}{2}: \frac{1}{2}\)
0%
2 : 3
0%
3 : 2
0%
None of these
Explanation
2 : 3
x,y are z are partners and share profits in the ratio of 5 : 3 :y retires and x takes 1/10 from y and z takes 1/5 from y. The new profit sharing ratio will be :
0%
7 : 13
0%
13 : 7
0%
3 : 2
0%
1 : 1
Explanation
3 : 2
The old profit-sharing ratio among Rajender, Satish and Tejpal were 2 : 2 :The new profit-sharing ratio after Satish’s retirement is 3 :The gaining ratio is :
0%
3 : 2
0%
2 : 1
0%
1 : 1
0%
2 : 3
Explanation
1 : 1
In case of death of a partner, the whole amount standing to the credit of his capital account is transferred to :
0%
Capital Accounts of all partners
0%
Capital Accounts of remaining partners
0%
His Executor’s Account
0%
Account of the Government
Explanation
His Executor’s Account
On the death of a partner in a firm payments are made to;
0%
Capital A/c
0%
Executor’s A/c
0%
Current A/c
0%
Loan A/c
Explanation
Executor’s A/c
X, Y and Z share profits in the ratio of \(\frac{1}{2}: \frac{1}{3}: \frac{1}{6}, \mathbf{Z}\) dies. New ratio of X and Y will be :
0%
3 : 2. (b) 2 : 3
Explanation
3 : 2.
In the event of death of a partner, the accumulated profits and losses are shared by the partners in their:
0%
Old Profit-sharing Ratio
0%
New Profit-sharing Ratio
0%
Capital Ratio
0%
None of these
Explanation
Old Profit-sharing Ratio
On the death of a partner, the amount of Joint Life Insurance Policy is credited to the Capital Accounts of:
0%
Only the deceased partner
0%
All partners including the deceased partner
0%
Remaining partners, in the new profit-sharing ratio
0%
Remaining partners, in their old profit-sharing ratio
Explanation
All partners including the deceased partner
On death of a partner, the remaining partner(s) who have gained due to change in profit-sharing ratio should compensate the:
0%
Deceased partner
0%
Remaining partners (who have sacrificed) as well as decreased partner
0%
Remaining partners (who have sacrificed)
0%
None of these
Explanation
Deceased partner
B, C and D are partners sharing profit in the ratio 7:5:D died on 30th June, 2016 and profits for the year 2015-16 were ₹ 12,How much share in profits for the period 1st April, 2016 to 30th June, 2016 will be credited to D’s Account:
0%
₹ 3,000
0%
₹ 750
0%
Nil
0%
₹ 1,000
Explanation
₹ 750
A, B and C are partners sharing profits and losses in the ratio of 2 : 2 :C died on 31st March,The profits of the financial year ending 31st March, 2016 is ₹ 64,The share of the deceased partner in the profits will be:
0%
₹ 9,200
0%
₹ 12,800
0%
₹ 3,100
0%
₹ 6,100
Explanation
₹ 12,800
JLP of the partners is a/an…………..account
0%
Nominal
0%
Personal
0%
Liability
0%
Asset
Explanation
Asset
Joint Life Policy amount received by a firm is distributed in:
0%
Opening Capital Ratio
0%
Closing Capital Ratio
0%
Old Profit-sharing Ratio of Partners
0%
New Profit-sharing Ratio
Explanation
Old Profit-sharing Ratio of Partners
A, B and C are partners sharing profits in the ratio of 3 : 2 :They had a Joint Life Policy of ₹ 3,00,Surrender value of JLP in Balance Sheet is ₹ 90,C dies what is share of each partner in JLP ?
0%
₹ 1,05,000 ; ₹ 70,000; ₹ 35,000
0%
₹ 45,000 ; ₹ 30,000; ₹ 15,000
0%
₹ 1,50,000 ; ₹ 1,00,000 ; ₹ 50,000
0%
₹ 1,95,000 ; ₹ 1,30,000 ; ₹ 65,000
Explanation
₹ 1,50,000 ; ₹ 1,00,000 ; ₹ 50,000
X, Y and Z are partners sharing profits in the ratio of 7 : 5 :On 30th June, 2015 Z died and profits for the year ending 31st March, 2016 were ₹ 2,40,How much share in profits for the period 1st April to 30th June, 2015 will be credited to Z’s account assuming the profit occurred evenly throughout the year ;
0%
₹ 60,000
0%
₹ 15,000
0%
₹ 20,000
0%
Nil
Explanation
₹ 15,000
Revaluation Account is prepared at the time of …………
0%
Admission of a partner
0%
Retirement of a partner
0%
Death of a partner
0%
All of the above
Explanation
All of the above
X, Y and Z are the partners sharing profits in the ratio 2 : 1 :Firm has a joint life policy of ₹ 1,20,000 and in the balance sheet it is appeaming at the surrender value, i.e., ₹ 20,On the death of X how this JLP will be distributed among partners:
0%
50,000 : 25,000 : 25,000
0%
60,000 : 30,000 : 30,000
0%
40,000 : 35,000 : 25,000
0%
whole ₹ 1,20,000 to A
Explanation
60,000 : 30,000 : 30,000
A, B and C are partners sharing profits and losses in the ratio of 3 : 2 :On 1.3.2016 C died. The average profits of the firm for last four years were ₹ 72,000 Books are closed on 31st December. C’s share of profit till the date of his death will be:
0%
₹ 2,000
0%
₹ 12,000
0%
₹ 1,400
0%
₹ 24,000
Explanation
₹ 2,000
A, B and C are partners sharing profits and losses in the ratio of 3 : 2 :C dies and goodwill of the firm is valued at ₹ 60,The amount payable to the executor’s of the deceased partner will be :
0%
₹ 30,000
0%
₹ 25,000
0%
₹ 10,000
0%
₹ 20,000
Explanation
₹ 10,000
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