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Commerce
Retirement/Death Of A Partner
Quiz 2
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Q.1
As per section ------------ of the Indian Partnership Act, a retiring partner becomes entitled to profits after retirement if his dues remain unpaid
section 73
section 26
section 4
section 37
Q.2
At the time of retirement, amount remaining in Investment Fluctuation Reserve after meeting the fall in value of Investment is:
a) Credited in Sacrificing Ratio
a) Credited in new ratio
a) Credited in old ratio
a) Credited in gaining ratio
Q.3
As per the sectionof the Indian partnership Act,1932,interest @______ is payable to the retiring partner if full or part of his dues remain unpaid.
9% p.m
12% p.m
6% p.m
None of the above
Q.4
If goodwill is already appearing in the books of accounts at the time of retirement,then it should be written off in __________.
New ratio
Gaining ratio
Sacrificing ratio
Old ratio
Q.5
At the time of retirement of partner ,share of retiring partners goodwill will be credited to _____ capital account(s).
Remaining partner(s)
Retiring partners(s)
Both sacrificing and Gaining partner(s)
Gaining partner(s)
Q.6
When the balance sheet is prepared after retirement (subsequent to preparation of Revaluation account).---------values are shown in it
Historical
Realisable
Market
Revalued
Q.7
If at the time of retirement ,there is some unrecorded assert,it will be________ to_________account.
Debited,Revaluation
Credited,Revaluation
Debited,Goodwill
Credited,partner's capital
Q.8
Retiring partner compensated for parting with the firm's future profit in favour of remaining partners.The remaining partners contribute to such compensation amount in
Gaining ratio
Sacrificing rato
Capital ratio
Profit Sharing ratio
Q.9
At the time of retirement,amount remaining in investment fluctuation reserve after meeting the fall in value of investment is
Credited in sacrificing ratio
Credited in New profit sharing ratio
Credited in old profit sharing ratio
Q.10
At the time of retirement of a partner,if goodwill appears in the Balance sheet,it must be written off and the capital accounts of all partners are debited in
the old profit-sharing ratio
The new profit-sharing ratio
the capital ratio
Q.11
In the event of death of a partner,the amount of general reserve is transferred to partners' capital accounts in
the new profit-sharing ratio
the old profit-sharing ratio
the capital ratio
Q.12
On the death of a partner,credit balance of profit and loss account appearing in the balance sheet should be credited to the capital accounts of
all partners including the deceased partner in their profit-sharing ratio
the remaining partners in the new profit-sharing ratio
neither the deceased partner nor the remaining partners
Q.13
A,B, and C are partners sharing profits in the ratio of 2:2:1.C retired.The new profit-sharing ratio between A and B will be
2:1
1:1
3:1
Q.14
The share of goodwill of the retiring partner is debited to remaining partners in their
capital ratio
New ratio
Gaining ratio
Q.15
If the retiring partner is not paid full amount due to him immediately on retirement,his balance is transferred to his
Suspense A/C
Bank A/C
Capital A/C
Loan A/C
Q.16
Is retiring partner liable for firm's act before his retirement
Yes
No
Q.17
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.18
Gaining ratio is used to distribute ______ in case of retirement of a partner
Goodwill
Revaluation of profit or loss
Profit and loss account(credit balance)
Both b and c
Q.19
If three partners A, B, C are sharing profit as 5:3:2,then on the death of a partner A, how much B and C will pay to A executor on account of goodwill. Goodwill is to be calculated on the basic of 2 years purchase of last 3 years average profit, profits for the last 3 years are Rs. 3,28,Rs. 3,46,and Rs. 4,00,000.
Rs. 3,16,000 and Rs. 1,42,000
Rs. 2,44,000 and Rs. 2,16,000
Rs. 4,29,600 and Rs. 2,86,400
Rs. 2,16,000and Rs. 1,44,000
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