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12th Standard Accounts Retirement and Death of a Partner English Medium Free Online Test One Mark Questions 2020 - 2021

12th Standard

    Reg.No. :
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Accountancy

Time : 00:10:00 Hrs
Total Marks : 10

    Answer all the questions

    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, general reserve is transferred to the

    (a)

    Capital account of all the partners

    (b)

    Revaluation account

    (c)

    Capital account of the continuing partners

    (d)

    Memorandum revaluation account

  3. A, B and C are partners sharing profits in the ratio of 4:2:3. Cretires. The new profit sharing ratio between A and B will be

    (a)

    4:3

    (b)

    3:4

    (c)

    2:1

    (d)

    1:2

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

    (a)

    Gain

    (b)

    Loss

    (c)

    Income

    (d)

    None of these

  6. A, B and C are sharing profits in the ratio of 2/5: 2/5:1/5. C retired, from business and his share was purchased equally by A and B. Then new profit sharing ratio shall be

    (a)

    A-1/2 and B-1/2

    (b)

    A-3/S and 2/5

    (c)

    A-2/S and B-3/S

    (d)

    A-2/S and B-1/5

  7. List I List II
    (i) Profit and 1. Workmen compensation fund 
    (ii)  Reserve 2. Current value differ from book value
    (iii) Revaluation 3. Agreed proportion
    (iv) New profit sharing ratio 4. Accumulated profits
    (a)
    (i) (ii) (iii) (iv)
    1 2 3 4
    (b)
    (i) (ii) (iii) (iv)
    2 3 4 1
    (c)
    (i) (ii) (iii) (iv)
    3 4 1 2
    (d)
    (i) (ii) (iii) (iv)
    4 1 2 3
  8. _______is the proportion of the profit which is gained by the continuing partners

    (a)

    Sacrificing ratio

    (b)

    Gaining ratio

    (c)

    New profit ratio

    (d)

    Old profit sharing ratio

  9. ______is calculated to determine the amount of compensation to be paid by each of the continuing partners to the outgoing partners

    (a)

    Old ratio

    (b)

    Gaining ratio

    (c)

    New ratio

    (d)

    Sacrifice ratio

  10. The loss or gain on account of revaluation at the time of retirement of a partner is shared by:

    (a)

    Remaining partners

    (b)

    Retiring partners

    (c)

    All partners

    (d)

    None of these

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TN 12th Standard Accountancy free Online practice tests

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