MCQGeeks
0 : 0 : 1
CBSE
JEE
NTSE
NEET
English
UK Quiz
Quiz
Driving Test
Practice
Games
CBSE
Class 12 Accountancy
Reconstitution Of Partnership Firm: Retirement / Death Of A Partner
Quiz 3
1
2
3
4
5
6
7
8
9
10
11
12
13
14
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:The gaining ratio will be:
0%
3 : 2
0%
2 : 1
0%
4 : 1
0%
Only Y gains by 1/3
Explanation
Only Y gains by 1/3
X, Y, Z are partners sharing profits in the ratio of 3 : 4 :Y retires and X and Z share their profits in equal ratio. New ratio of X and Z will be :
0%
1 : 2
0%
2 : 1
0%
3 : 1
0%
1 : 1
Explanation
1 : 1
A, B and C are partners. Their capitals are ₹ 1,00,000, ₹ 75,000 and ₹ 50,000 respectively. On C’s retirement his share is acquired by A and B in the ratio of 6 : 4 Gaining ratio will be :
0%
3 : 2
0%
2 : 2
0%
2 : 3
0%
None of these
Explanation
3 : 2
At the time of retirement of partner, firm gets from the insurance company against joint policy taken jointly for all the partners :
0%
Policy Amount + Bonus
0%
Surrender Value
0%
Policy Amount
0%
None of these
Explanation
Surrender Value
Gaining Ratio is :
0%
New Ratio-sacrificing ratio
0%
Old Ratio-sacrificing ratio
0%
New ratio-old ratio
0%
Old ratio-new ratio
Explanation
New ratio-old ratio
Partnership Act provides that interest on amount of capital balance left by the retired partner be paid at:
0%
5%
0%
6%
0%
Bank Rate
0%
8%
Explanation
6%
Heri, Roy and Prasad are partners and profit-sharing ratio is 3: 5:Roy now wants to retire and his share is taken by Prasad. Find the new ratio of Hari and Prasad:
0%
1 : 2
0%
2 : 1
0%
3 : 5
0%
Equal
Explanation
1 : 2
A, B and C are partners with profit-sharing ratio as 5 :3 :A retires. Find the gaining ratio :
0%
3 : 2
0%
5 : 3
0%
5 :2
0%
None of these
Explanation
3 : 2
Surrender value of an insurance policy means that value:
0%
Which is received an death of a partner
0%
Which is received when a policy matures
0%
Which can be received before the due date of the policy
0%
None of the above
Explanation
Which can be received before the due date of the policy
P, Q and R are partners and share profit in the ratio of 5:3:R retires and surrenders 3/5th of his share in favour of P and 2/5th of the share to Q. Find new profit sharing ratio:
0%
7 : 3
0%
1 : 2
0%
31 : 19
0%
None of these
Explanation
31 : 19
Govind, Hari and Pratap are partners. On retirement of Govind, the goodwill already appears in the Balance Sheet at ₹ 24,The goodwill will be written off:
0%
By debiting all Partners’ Capital Accounts in their old profit-sharing ratio
0%
By debiting remaining Partners’ Capital Accounts in their new profit-sharing ratio
0%
By debiting retiring Partner’s Capital Account from his share of goodwill
0%
None of these
Explanation
By debiting all Partners’ Capital Accounts in their old profit-sharing ratio
Goodwill is paid out of the retiring partner in :
0%
Old Profit-sharing Ratio
0%
Capital Ratio
0%
Equal Ratio
0%
None of these
Explanation
Old Profit-sharing Ratio
On retirement of a partner, his share of goodwill is written off among continuing partners in there :
0%
New Profit-sharing Ratio
0%
New Capital Ratio
0%
Gaining Ratio
0%
None of these
Explanation
Gaining 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%
Shares of goodwill of remaining partners
0%
None of these
Explanation
His/her share of goodwill
0 h : 0 m : 1 s
1
2
3
4
5
6
7
8
9
10
11
12
13
14
0
Answered
0
Not Answered
0
Not Visited
Correct : 0
Incorrect : 0
Report Question
×
What's an issue?
Question is wrong
Answer is wrong
Other Reason
Want to elaborate a bit more? (optional)
Support mcqgeeks.com by disabling your adblocker.
×
Please disable the adBlock and continue.
Thank you.
Reload page