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

  • 1. 
    Heri, Roy and Prasad are partners and profit-sharing ratio is 3: 5:1. Roy now wants to retire and his share is taken by Prasad. Find the new ratio of Hari and Prasad:

  • 1 : 2
  • 2 : 1
  • 3 : 5
  • Equal

  • 2. 
    A, B and C are partners with profit-sharing ratio as 5 :3 :2. A retires. Find the gaining ratio :

  • 3 : 2
  • 5 : 3
  • 5 :2
  • None of these

  • 3. 
    Surrender value of an insurance policy means that value:

  • Which is received an death of a partner
  • Which is received when a policy matures
  • Which can be received before the due date of the policy
  • None of the above

  • 4. 
    P, Q and R are partners and share profit in the ratio of 5:3:2. R retires and surrenders 3/5th of his share in favour of P and 2/5th of the share to Q. Find new profit sharing ratio:

  • 7 : 3
  • 1 : 2
  • 31 : 19
  • None of these

  • 5. 
    Govind, Hari and Pratap are partners. On retirement of Govind, the goodwill already appears in the Balance Sheet at ₹ 24,000. The goodwill will be written off:

  • By debiting all Partners’ Capital Accounts in their old profit-sharing ratio
  • By debiting remaining Partners’ Capital Accounts in their new profit-sharing ratio
  • By debiting retiring Partner’s Capital Account from his share of goodwill
  • None of these

  • 6. 
    Goodwill is paid out of the retiring partner in :

  • Old Profit-sharing Ratio
  • Capital Ratio
  • Equal Ratio
  • None of these

  • 7. 
    On retirement of a partner, his share of goodwill is written off among continuing partners in there :

  • New Profit-sharing Ratio
  • New Capital Ratio
  • Gaining Ratio
  • None of these

  • 8. 
    On retirement of a partner, the retiring partner’s capital account will be credited with :

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