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
0 h : 0 m : 1 s