Quiz  /  Retirement/Death of a Partner Class 12 MCQ Questions With Answers...

  • 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

  • 2. 
    In which account deceased partner share of current year profit will be credited?

  • P & L Suspense account
  • P & L Account
  • Both
  • None of these

  • 3. 
    If Goodwill is appearing in the balance sheet,it will be credited to

  • Retiring partners
  • Remaining partners
  • All partners
  • Gaining partner

  • 4. 
    In which ratio goodwill will be written off by all the partners

  • Old Ratio
  • New Ratio
  • Gaining Ratio
  • Sacrificing Ratio

  • 5. 
    At the time of retirement of a partner, share of retiring partner’s goodwill will be credited to ---------------- Capital Account(s).

  • remaining partners
  • retiring partner
  • sacrificing and gaining partner
  • both a and b

  • 6. 
    When the balance sheet is prepared after retirement (subsequent to preparation of Revaluation account).---------values are shown in it

  • Historical
  • Realisable
  • Market
  • Revalued

  • 7. 
    What is gaining ratio?

  • Old Ratio- New Ratio
  • New Ratio- Old Ratio
  • Both
  • None of these

  • 8. 
    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

  • 9. 
    In Death of a partner the share of profit of deceased partner is calculated

  • On time basis
  • On turnover basic
  • Both
  • None of these

  • 10. 
    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

  • 11. 
    Is retiring partner liable for firm's act before his retirement

  • Yes
  • No

  • 12. 
    At what rate is interest payable on the amount remaining unpaid to the executors of deceased partner in the absence of any agreement among partners ,when he opts for interest and not share of profit.

  • 12%
  • 8%
  • 6%
  • 7.5%

  • 13. 
    At at the time of retirement of a partner, if Goodwill appears in the balance sheet it must be written off,the capital accounts of all partners are debited in

  • the old profit sharing ratio
  • The new profit sharing ratio
  • The new profit sharing ratio
  • in equal ratio

  • 14. 
    On the death of a partner,credit balance of credit balance of profit and loss account appearing in the balance sheet should be credited to the capital account of

  • All partners including the deceased partner in their profit sharing ratio
  • The remaining partners in the the new profit sharing ratio
  • neither the deceased partner nor the remaining partners
  • None

  • 15. 
    A ,B and C are partners sharing profits in the ratio 2:2:1 . C retired.The new profit sharing ratio between A and B will be

  • 2:1
  • 1:1
  • 3:1

  • 16. 
    If the Deceased partner is not paid full amount due to his executors immediately on his death, his balance is transferred to his

  • Loan A/c
  • Capital A/c
  • Bank A/c
  • Suspense A/c

  • 17. 
    A, B and C are partner with Profit and Losses in the ratio of 4:3:2. B died if A and C share profit of b in 5:3 then find the new profit sharing ratio

  • 47:25
  • 7:11
  • 31:11
  • 14:21

  • 18. 
    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

  • 19. 
    At the time of retirement of a partner, if Goodwill appears in the balance sheet it must be written off among all the partners in ................... Ratio

  • the old profit sharing ratio
  • The new profit sharing ratio
  • The new profit sharing ratio
  • in equal ratio

  • 20. 
    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
Report Question
warning
access_time
  Time