Q.1
X, Y and Z are partners sharing profits and losses in the ratio of 4:3:Y retires and surrenders 1/9th of his share in favour of X and the remaining in favour of Z. The new profit sharing ratio will be:
  • 1:8
  • 13:14
  • 8:1
  • 14:13
Q.2
Which of the following is an appropriation of profit?
  • Interest on loan
  • Salary to partner
  • Employees’ salary
  • Rent
Q.3
Gaining ratio is used to distribute ------------------ in case of retirement of a partner
  • goodwill
  • revaluation
  • profit and loss credit balance
  • both a and b
Q.4
If Goodwill is appearing in the balance sheet,it will be credited to
  • Retiring partners
  • Remaining partners
  • All partners
  • Gaining partner
Q.5
P, Q and R are partners sharing profits in the ratio of 8:5:P retires. Q takes 3/16th share from P and R takes 5/16th share from P. What will be the new profit sharing ratio?
  • 1:1
  • 10:6
  • 9:7
  • 5:3
Q.6
A and B were partners. They shared profits as A- ½; B- 1/3 and carried to reserve 1/B died. The balance of reserve on the date of death was Rs. 30,B’s share of reserve will be:
  • Rs. 10,000
  • Rs. 8,000
  • Rs. 12,000
  • Rs. 9,000
Q.7
According to sectionof the Indian partnership act,1932,the interest payable to the representative of deceased partner on the amount left by him will be
  • 6% p.a.
  • 10% p.a.
  • the bank rate
Q.8
If the Deceased partner is not paid full amount due to his executors immediately on his death, his balance is transferred to his
  • Loan A/c
  • Capital A/c
  • Bank A/c
  • Suspense A/c
Q.9
A ,B and C are partners profit sharing in 2:2:1.1 C retired.the new profit sharing ratio between A and B will be
  • 2:1
  • 1:1
  • 3:1
  • 2:2
Q.10
On the death of a partner,credit balance of credit balance of profit and loss account appearing in the balance sheet should be credited to the capital account of
  • All partners including the deceased partner in their profit sharing ratio
  • The remaining partners in the the new profit sharing ratio
  • neither the deceased partner nor the remaining partners
  • None
Q.11
In the event of death of a partner, the amount of general reserve is transferred partners capital accounts in
  • In in the profit sharing ratio
  • old profit sharing ratio
  • Capital ratio
  • in equal ratio
Q.12
At at the time of retirement of a partner, if Goodwill appears in the balance sheet it must be written off,the capital accounts of all partners are debited in
  • the old profit sharing ratio
  • The new profit sharing ratio
  • The new profit sharing ratio
  • in equal ratio
Q.13
P ,Q, R and S were partners sharing profits in the ratio of 2:3:5: S retires and his share is acquired by Q and R in the ratio of 3:Calculate new ratio and gaining ratio.
  • N.R 10:21:29 G.R 3:2
  • NR. 10:23:24 G.R 3:2
  • NR 22:31:20 G R 6:6
  • NONE
Q.14
The share of goodwill of the retiring partner is debited to the remaining partner in which ratio
  • Capital ratio
  • New ratio
  • Gaining ratio
  • Gaining ratio equal ratio
Q.15
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
  • 2:1
  • 1:1
  • 3:1
Q.16
In the event of death of a partner, the amount of general reserve is transferred partners capital accounts in
  • New profit sharing ratio
  • Old profit sharing ratio
  • in Capital ratio
  • in equal ratio
Q.17
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
  • the old profit sharing ratio
  • The new profit sharing ratio
  • The new profit sharing ratio
  • in equal ratio
Q.18
When the balance sheet is prepared after retirement (subsequent to preparation of Revaluation Account), ------------- values are shown in it
  • historical
  • realisable
  • marked
  • revalued
Q.19
At the time of retirement of a partner, share of retiring partner’s goodwill will be credited to ---------------- Capital Account(s).
  • remaining partners
  • retiring partner
  • sacrificing and gaining partner
  • both a and b
Q.20
If at the time of retirement, there is some unrecorded asset, it will be ------------- to ------------- Account.
  • debited revaluation
  • credited revaluation
  • debited goodwill
  • credited partners capital account
0 h : 0 m : 1 s