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Retirement/Death Of A Partner
Quiz 1
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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
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