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CBSE
Class 12 Accountancy
Reconstitution Of Partnership Firm: Retirement / Death Of A Partner
Quiz 2
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M, L and A are partners sharing profits in the ratio of 9:4:They have taken a joint life policy of ₹ 96,A dies. What is the share of A in the JLP amount ?
0%
₹ 18,000
0%
₹ 24,000
0%
₹ 54,000
0%
₹ 20,000
Explanation
₹ 18,000
Which account is prepared at the time retirement or death of a partner to show the changes in the value of assets and liabilities:
0%
Revaluation A/c
0%
Realisation A/c
0%
Partner’s Capital A/c
0%
None of these
Explanation
Revaluation A/c
What are the methods of calculating share of the deceased partner in the profit of the firm upto the date of death:
0%
On time basis
0%
On sales basis
0%
Both (a) and (b)
0%
None of these
Explanation
Both (a) and (b)
If three partners A, B & C are sharing profits as 5:3:2, then on the death of a partner A, how much B & C will pay to A’s executor on account of goodwill ? Good-will is to be calculated on the basis of 2 years purchase of last 3 years average profits. Profits for the last three years are 10,80,000 Rs. :
0%
₹ 2,16,000 and ₹ 1,42,000
0%
₹ 2,44,000 and ₹ 2,16,000
0%
₹ 3,60,000 and ₹ 2,16,000
0%
₹ 2,16,000 and ₹ 1,44,000
Explanation
₹ 2,16,000 and ₹ 1,44,000
On death of a partner, his excutor is paid the profits of
0%
Adjustment
0%
Appropriation
0%
Suspense
0%
Reserve
Explanation
Suspense
On the retirement of a partner any accumulated profit should be credited to the capital accounts of:
0%
All partners in old profit-sharing ratio
0%
Remaining partners in new profit-sharing ratio
0%
Retiring partner only in his share
0%
None of these
Explanation
All partners in old profit-sharing ratio
On the retirement of a partner, full amount of goodwill may be credited to the capital accounts of:
0%
Retiring partners
0%
Remaining partners
0%
All partners
0%
None of these
Explanation
All partners
Outgoing partner is compensated for parting with firm’s future profits in favour of remaining partners. The remaining partners contribute to such compensation in:
0%
Gaining Ratio
0%
Capital Ratio
0%
Sacrificing Ratio
0%
Profit-sharing Ratio
Explanation
Gaining Ratio
Gaining ratio is calculated :
0%
At the time of admission of a new partner
0%
At the time of retirement of a partner
0%
On the dissolution of partnership firm
0%
None of these
Explanation
At the time of retirement of a partner
How unrecorded assets are treated at the time of retriement of a partner ?
0%
Credited to Revaluation Account
0%
Credited to Capital Account of Retiring Partner
0%
Debited to Revaluation Account
0%
Credited to Partner’s Capital Accounts
Explanation
Credited to Revaluation Account
On the retirement of a partner, profit on revaluation of assets and liabilities should be credited to the Capital Accounts of:
0%
All partners in the old profit-sharing ratio
0%
The remaining partners in their old profit-sharing ratio
0%
The remaining partners in their new profit-sharing ratio
0%
None of these
Explanation
All partners in the old profit-sharing ratio
On retirement of a partner, the retiring Partner’s Capital Account will be credited with:
0%
His/her share of goodwill
0%
Goodwill of the firm
0%
Share of goodwill of remaining partners
0%
None of these
Explanation
His/her share of goodwill
Joint life policy be taken by the firm on the lives of:
0%
All the partners jointly
0%
All the partners separately
0%
All employees of the firm
0%
Both (a) and (b)
Explanation
Both (a) and (b)
A, Band Care equal partners in a firm. B retires and the remaining partners decide to share profits of the new firm in the ratio of 5 :Gaining ratio will be:
0%
2 : 1
0%
1 : 2
0%
4 : 5
0%
5 : 4
Explanation
2 : 1
A, B are C are sharing profits in the ratio of \(\frac{1}{2}: \frac{1}{3} \div \frac{1}{6}\) C retired. Gaining ratio will be :
0%
2 : 1
0%
2 : 3
0%
3 : 2
0%
1 : 2
Explanation
3 : 2
The amount of General Reserve is transferred to all partner’s capital accounts in:
0%
New Profit-sharing Ratio
0%
Capital Ratio
0%
Old Profit-sharing Ratio
0%
None of these
Explanation
Old Profit-sharing Ratio
Abhishek, Rajat and Vivek are partners sharing profits in the ratio of 5 : 3 :If Vivek retires, the new profit sharing ratio between Abhishek and Rajat will be:
0%
3 : 2
0%
5 : 3
0%
5 : 2
0%
None of these
Explanation
5 : 3
The balance of Joint Life Policy Account and Joint Life Policy Reserve A/c is:
0%
Always Equal
0%
Always Unequal
0%
Not Necessary
0%
None of these
Explanation
Not Necessary
Anand, Bahadur and Chander are partners sharing profit equally. On Chander’s retirement, his share is acquired by Anand and Bahadur in the ratio of 3:The new profit-sharing ratio between Anand and Bahadur will be:
0%
8 : 7
0%
4 : 5
0%
3 : 2
0%
2 : 3
Explanation
8 : 7
Profit and loss on revaluation at the time of retirement is shared by:
0%
Remaining Partners
0%
All Partners
0%
New Partner
0%
None of these
Explanation
All Partners
0 h : 0 m : 1 s
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