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

  • 1. 
    On the retirement of a partner, full amount of goodwill may be credited to the capital accounts of:

  • Retiring partners
  • Remaining partners
  • All partners
  • None of these

  • 2. 
    Outgoing partner is compensated for parting with firm’s future profits in favour of remaining partners. The remaining partners contribute to such compensation in:

  • Gaining Ratio
  • Capital Ratio
  • Sacrificing Ratio
  • Profit-sharing Ratio

  • 3. 
    Gaining ratio is calculated :

  • At the time of admission of a new partner
  • At the time of retirement of a partner
  • On the dissolution of partnership firm
  • None of these

  • 4. 
    How unrecorded assets are treated at the time of retriement of a partner ?

  • Credited to Revaluation Account
  • Credited to Capital Account of Retiring Partner
  • Debited to Revaluation Account
  • Credited to Partner’s Capital Accounts

  • 5. 
    On the retirement of a partner, profit on revaluation of assets and liabilities should be credited to the Capital Accounts of:

  • All partners in the old profit-sharing ratio
  • The remaining partners in their old profit-sharing ratio
  • The remaining partners in their new profit-sharing ratio
  • None of these

  • 6. 
    On retirement of a partner, the retiring Partner’s Capital Account will be credited with:

  • His/her share of goodwill
  • Goodwill of the firm
  • Share of goodwill of remaining partners
  • None of these

  • 7. 
    Joint life policy be taken by the firm on the lives of:

  • All the partners jointly
  • All the partners separately
  • All employees of the firm
  • Both (a) and (b)

  • 8. 
    A, Band Care equal partners in a firm. B retires and the remaining partners decide to share profits of the new firm in the ratio of 5 : 4. Gaining ratio will be:

  • 2 : 1
  • 1 : 2
  • 4 : 5
  • 5 : 4

  • 9. 
    A, B are C are sharing profits in the ratio of \(\frac{1}{2}: \frac{1}{3} \div \frac{1}{6}\) C retired. Gaining ratio will be :

  • 2 : 1
  • 2 : 3
  • 3 : 2
  • 1 : 2

  • 10. 
    The amount of General Reserve is transferred to all partner’s capital accounts in:

  • New Profit-sharing Ratio
  • Capital Ratio
  • Old Profit-sharing Ratio
  • None of these
Report Question
warning
Practice More On Reconstitution of Partnership Firm: Retirement / Death of a Partner
Quiz 1 Quiz 2 Quiz 3 Quiz 4 Quiz 5 Quiz 6
access_time
  Time