Retirement and Death of a Partner One Mark Question

12th Standard EM

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 10
    10 x 1 = 10
  1. A partner retires from the partnership firm on 30th June. He is liable for all the acts of the firm up to the

    (a)

    End of the current accounting period

    (b)

    End of the previous accounting period

    (c)

    Date of his retirement

    (d)

    Date of his final settlement

  2. On retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners in the

    (a)

    New profit sharing ratio

    (b)

    Old profit sharing ratio

    (c)

    Gaining ratio

    (d)

    Sacrificing ratio

  3. If the final amount due to a retiring partner is not paid immediately, it is transferred to

    (a)

    Bank A/c

    (b)

    Retiring partner’s capital A/c

    (c)

    Retiring partner’s loan A/c

    (d)

    Other partners’ capital A/c

  4. A partner who retires from the firm is called an

    (a)

    Outgoing partner

    (b)

    admitted partner

    (c)

    death of a partner

    (d)

    none of these

  5. Profits and losses of previous years which are not distributed to the partners are known as

    (a)

    Accumulated profit and losses

    (b)

    general reserve

    (c)

    Reserve fund

    (d)

    workmen compensation fund

  6. The profit or loss arising therefrom is transferred to the capital accounts of all the partners in the

    (a)

    New profit sharing ratio

    (b)

    Old profit sharing ratio

    (c)

    Gaining ratio

    (d)

    Sacrificing ratio

  7. The settlement is to be done in the manner prescribed in the

    (a)

    Partnership-at-will

    (b)

    Partnership deed

    (c)

    Both 'a' and 'b'

    (d)

    None of the above

  8. In both types of policies, the insurance premium is paid by the

    (a)

    Sole tradership

    (b)

    Partnership firm

    (c)

    Hindu undivided family

    (d)

    None of these

  9. The policy amount received from the insurance company is used to settle the amount due to the

    (a)

    Increased partner

    (b)

    Deceased partner

    (c)

    Partnership at will

    (d)

    Partnership deed

  10. At the time of retirement of partners, the existing partners stand to

    (a)

    Gain

    (b)

    Loss

    (c)

    Income

    (d)

    None of these

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