CBSE  /  Class 12  /  Accountancy  /  Reconstitution of Partnership Firm: Retirement / Death of a Partner

  • 1. 
    On the death of a partner, the amount of Joint Life Insurance Policy is credited to the Capital Accounts of:

  • Only the deceased partner
  • All partners including the deceased partner
  • Remaining partners, in the new profit-sharing ratio
  • Remaining partners, in their old profit-sharing ratio

  • 2. 
    On death of a partner, the remaining partner(s) who have gained due to change in profit-sharing ratio should compensate the:

  • Deceased partner
  • Remaining partners (who have sacrificed) as well as decreased partner
  • Remaining partners (who have sacrificed)
  • None of these

  • 3. 
    B, C and D are partners sharing profit in the ratio 7:5:4. D died on 30th June, 2016 and profits for the year 2015-16 were ₹ 12,000. How much share in profits for the period 1st April, 2016 to 30th June, 2016 will be credited to D’s Account:

  • ₹ 3,000
  • ₹ 750
  • Nil
  • ₹ 1,000

  • 4. 
    A, B and C are partners sharing profits and losses in the ratio of 2 : 2 : 1. C died on 31st March, 2016. The profits of the financial year ending 31st March, 2016 is ₹ 64,000. The share of the deceased partner in the profits will be:

  • ₹ 9,200
  • ₹ 12,800
  • ₹ 3,100
  • ₹ 6,100

  • 5. 
    JLP of the partners is a/an…………..account

  • Nominal
  • Personal
  • Liability
  • Asset

  • 6. 
    Joint Life Policy amount received by a firm is distributed in:

  • Opening Capital Ratio
  • Closing Capital Ratio
  • Old Profit-sharing Ratio of Partners
  • New Profit-sharing Ratio

  • 7. 
    A, B and C are partners sharing profits in the ratio of 3 : 2 : 1. They had a Joint Life Policy of ₹ 3,00,000. Surrender value of JLP in Balance Sheet is ₹ 90,000. C dies what is share of each partner in JLP ?

  • ₹ 1,05,000 ; ₹ 70,000; ₹ 35,000
  • ₹ 45,000 ; ₹ 30,000; ₹ 15,000
  • ₹ 1,50,000 ; ₹ 1,00,000 ; ₹ 50,000
  • ₹ 1,95,000 ; ₹ 1,30,000 ; ₹ 65,000

  • 8. 
    X, Y and Z are partners sharing profits in the ratio of 7 : 5 :4. On 30th June, 2015 Z died and profits for the year ending 31st March, 2016 were ₹ 2,40,000. How much share in profits for the period 1st April to 30th June, 2015 will be credited to Z’s account assuming the profit occurred evenly throughout the year ;

  • ₹ 60,000
  • ₹ 15,000
  • ₹ 20,000
  • Nil

  • 9. 
    Revaluation Account is prepared at the time of …………

  • Admission of a partner
  • Retirement of a partner
  • Death of a partner
  • All of the above

  • 10. 
    As per section 37 to the Indian Partnership Act, 1932, the executors would be entitled at their choice to interest calculated from the date of death till the date of payment on the final amount due to the deceased partner at………..percent per annum. (a) 7

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