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 ?
  • ₹ 18,000
  • ₹ 24,000
  • ₹ 54,000
  • ₹ 20,000
Which account is prepared at the time retirement or death of a partner to show the changes in the value of assets and liabilities:
  • Revaluation A/c
  • Realisation A/c
  • Partner’s Capital A/c
  • None of these
What are the methods of calculating share of the deceased partner in the profit of the firm upto the date of death:
  • On time basis
  • On sales basis
  • Both (a) and (b)
  • None of these
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. :
  • ₹ 2,16,000 and ₹ 1,42,000
  • ₹ 2,44,000 and ₹ 2,16,000
  • ₹ 3,60,000 and ₹ 2,16,000
  • ₹ 2,16,000 and ₹ 1,44,000
On death of a partner, his excutor is paid the profits of
  • Adjustment
  • Appropriation
  • Suspense
  • Reserve
On the retirement of a partner any accumulated profit should be credited to the capital accounts of:
  • All partners in old profit-sharing ratio
  • Remaining partners in new profit-sharing ratio
  • Retiring partner only in his share
  • None of these
On the retirement of a partner, full amount of goodwill may be credited to the capital accounts of:
  • Retiring partners
  • Remaining partners
  • All partners
  • None of these
Outgoing partner is compensated for parting with firm’s future profits in favour of remaining partners. The remaining partners contribute to such compensation in:
  • Gaining Ratio
  • Capital Ratio
  • Sacrificing Ratio
  • Profit-sharing Ratio
Gaining ratio is calculated :
  • At the time of admission of a new partner
  • At the time of retirement of a partner
  • On the dissolution of partnership firm
  • None of these
How unrecorded assets are treated at the time of retriement of a partner ?
  • Credited to Revaluation Account
  • Credited to Capital Account of Retiring Partner
  • Debited to Revaluation Account
  • Credited to Partner’s Capital Accounts
On the retirement of a partner, profit on revaluation of assets and liabilities should be credited to the Capital Accounts of:
  • All partners in the old profit-sharing ratio
  • The remaining partners in their old profit-sharing ratio
  • The remaining partners in their new profit-sharing ratio
  • None of these
On retirement of a partner, the retiring Partner’s Capital Account will be credited with:
  • His/her share of goodwill
  • Goodwill of the firm
  • Share of goodwill of remaining partners
  • None of these
Joint life policy be taken by the firm on the lives of:
  • All the partners jointly
  • All the partners separately
  • All employees of the firm
  • 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:
  • 2 : 1
  • 1 : 2
  • 4 : 5
  • 5 : 4
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 :
  • 2 : 1
  • 2 : 3
  • 3 : 2
  • 1 : 2
The amount of General Reserve is transferred to all partner’s capital accounts in:
  • New Profit-sharing Ratio
  • Capital Ratio
  • Old Profit-sharing Ratio
  • None of these
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:
  • 3 : 2
  • 5 : 3
  • 5 : 2
  • None of these
The balance of Joint Life Policy Account and Joint Life Policy Reserve A/c is:
  • Always Equal
  • Always Unequal
  • Not Necessary
  • None of these
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:
  • 8 : 7
  • 4 : 5
  • 3 : 2
  • 2 : 3
Profit and loss on revaluation at the time of retirement is shared by:
  • Remaining Partners
  • All Partners
  • New Partner
  • None of these
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