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Retirement and Death of a Partner 3 Mark Book Back Question Paper With Answer Key

12th Standard

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Accountancy

Time : 01:00:00 Hrs
Total Marks : 36

    3 Marks

    12 x 3 = 36
  1. Prince, Dev and Sasireka are partners in a firm sharing profits and losses in the ratio of 2:4:1. Their balance sheet as on 31st March, 2019 is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts     Buildings 40,000
    Prince 30,000   Plant 50,000
    Dev 50,000   Furniture 10,000
    Sasireka 20,000 1,00,000 Stock 15,000
    Profit and loss appropriation A/c   10,000 Debtors 20,000
    General reserve   15,000 Cash at bank 15,000
    Workmen compensation fund   17,000    
    Sundry creditors   8,000    
        1,50,000   1,50,000
  2. Justina, Navi and Rithika are partners sharing profits and losses equally. On 31.3.2019, Rithika retired from the partnership firm. Profits of the preceding years is as follows:
    2016: Rs. 5,000; 2017: Rs. 10,000 and 2018: Rs. 30,000
    Find out the share of profit of Ritika for the year 2019 till the date of retirement if
    (a) Profit is to be distributed on the basis of the previous year’s profit
    (b) Profit is to be distributed on the basis of the average profit of the past 3 years
    Also pass necessary journal entries by assuming that partners’ capitals are fluctuating. Accountancy

  3. Kavitha, Kumudha and Lalitha are partners sharing profits and losses in the ratio of 5 : 3 : 3 respectively. Kumudha retires from the firm on 31st December, 2018. On the date of retirement, her capital account shows a credit balance of Rs. 2,00,000. Pass journal entries if:
    i) The amount due is paid off immediately by cheque.
    ii) The amount due is not paid immediately.
    iii) Rs. 70,000 is paid immediately by cheque

  4. Rathna, Baskar and Ibrahim are partners sharing profits and losses in the ratio of 2:3:4 respectively. Rathna died on 31st December, 2018. Final amount due to her showed a credit balance of Rs. 1,00,000. Pass journal entries if,
    (a) The amount due is paid off immediately by cheque.
    (b) The amount due is not paid immediately.
    (c) Rs. 60,000 is paid immediately by cheque.

  5. List out the adjustments made at the time of retirement of a partner in a partnership firm.

  6. What are the ways in which the final amount due to an outgoing partner can be settled?

  7. Akash, Mugesh and Sanjay are partners in a firm sharing profits and losses in the ratio of 3:2:1. Their balance sheet as on 31st March, 2017 is as follows:

    Liabilities Rs. Rs. Asset Rs.
    Capital accounts:     Buildings 1,10,000
    Akash 40,000   Vehicle 30,000
    Mugesh 60,000   Stock in trade 26,000
    Sanjay 30,000 1,50,000 Debtors 25,000
    Profit and loss appropriation A/c   12,000 Cash in hand 15,000
    General reserve   24,000    
    Workmen compensation fund   18,000    
    Bills payable   2,000    
        2,06,000   2,06,000

    Pass journal entry to transfer accumlatetd Profit and prepare the capital account of the partners

  8. Rajan, Suman and Jegan were partners in a firm sharing profits and losses in the ratio of 4:3:2. Suman retired from partnership. The goodwill of the firm on the date of retirement was valued at Rs. 45,000. Pass necessary journal entries for goodwill on the assumption that the fluctuating capital method is followed.

  9. Balu, Chandru and Nirmal are partners in a firm sharing profits and losses in the ratio of 5:3:2. On 31st March 2018, Nirmal retires from the firm. On the date of Nirmal’s retirement, goodwill appeared in the books of the firm at Rs. 60,000. By assuming fluctuating capital account, pass the necessary journal entry if the partners decide to
    (a) write off the entire amount of existing goodwill
    (b) write off half of the existing goodwill

  10. Rani, Jaya and Rathi are partners sharing profits and losses in the ratio of 2 : 2 : 1. On 31.3.2018, Rathi retired from the partnership. Profit of the preceding years is as follows: 2014: 10,000; 2015: Rs. 20,000; 2016: Rs.18,000 and 2017: Rs. 32,000 Find out the share of profit of Rathi for the year 2018 till the date of retirement if
    (a) Profit is to be distributed on the basis of the previous year’s profit
    (b) Profit is to be distributed on the basis of the average profit of the past 4 years
    Also pass necessary journal entries by assuming partners capitals are fluctuating.

  11. Kavin, Madhan and Ranjith are partners sharing profits and losses in the ratio of 4:3:3 respectively. Kavin retires from the firm on 31st December, 2018. On the date of retirement, his capital account shows a credit balance of Rs. 1,50,000. Pass journal entries if:
    (a) The amount due is paid off immediately.
    (b) The amount due is not paid immediately.
    (c) Rs.1,00,000 is paid and the balance in future.

  12. Janani, Janaki and Jamuna are partners sharing profits and losses in the ratio of 3:3:1 respectively. Janaki died on 31st December, 2017. Final amount due to her showed a credit balance of Rs. 1,40,000. Pass journal entries if,
    (a) The amount due is paid off immediately.
    (b) The amount due is not paid immediately.
    (c) Rs. 75, 000 is paid and the balance in future.

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