Class 12 Accountancy - Chapter 4: Reconstitution of a Partnership Firm - Retirement/Death of a Partner MCQ Questions

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Your Class 12 Accountancy Study Path

A All of these.

B balance sheet

C profit and loss A/c

D revaluation A/c

A All of these.

B not change

A All of these.

B not change

A All of these

B retirement of a partner

C admission of a new partner

D profit sharing ratio changed

A None of these

A None of these.

D sacrificed

A All of these.

B Profit and Loss Account

C Deceased Partnerâ€™s Capital A/c

D Representative Account

A retired partner only

B remaining partners in gaining ratio

C remaining partners in old ratio

D all partners in their old ratio

A None of these.

B reconstitution

C winding up

D dissolution

A All of these.

B Old Ratio + Old Ratio

C New Ratio – Old Ratio

D Old Ratio – New Ratio

A All of these.

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Class 12 Accountancy - Chapter 4: Reconstitution of a Partnership Firm - Retirement/Death of a Partner MCQ Questions

Your Class 12 Accountancy Study Path

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Class 12 Accountancy - Chapter 4: Reconstitution of a Partnership Firm - Retirement/Death of a Partner MCQ Questions

Your Class 12 Accountancy Study Path

At the time of retirement of a partner, account is prepared.

At the time retirement of a partner, ratio is calculated:

After retirement of a partner, share of remaining partner will

After the death of an existing partner, shares of remaining partner will

Partnership will be dissolved if

A, B and C are partners sharing profits in ratio 4 : 3 : 2. B retires, selling his share of profit to A and C for â‚¹ 7200 (â‚¹. 4,000 paid by A and B 3,200 paid by C). The new profit sharing ratio of A and C would be:

The retiring/deceased partner must be compensated in the form of premium (goodwill) for the share of profit in favour of continued partners. .

At the time of death of a partner account is prepared.

Profit or loss on revaluation of assets and liabilities at the time of retirement of a partner is shared by

Retirement of a partner is of partnership firm.

If there is any baiance left unpaid to the retiring / deceased partner, then interest @ will be given in the absence any provision of partnership deed.

Gaining Ratio:

At the time of retirement of a partner, goodwill will be credited in partnerâ€™s capital Account.

Goodwill of the deceased partner will be debited in remaining partnersâ€™ capital Account in ratio.

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

At the time of retirement of an existing partner, goodwill already shown in the books is written off in ratio.

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