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12th Standard Accounts Retirement and Death of a Partner English Medium Free Online Test One Mark Questions with Answer Key 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. 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

  2. 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

  3. X, Y and Z were partners sharing profits and losses equally. X died on 1st April 2019. Find out the share of X in the profit of 2019 based on the profit of 2018 which showed Rs. 36,000.

    (a)

    Rs. 1,000

    (b)

    Rs. 3,000

    (c)

    Rs. 12,000

    (d)

    Rs. 36,000

  4. ________ratio is calculated by taking out the difference between new profit sharing ratio and old profit sharing ratio

    (a)

    Gaining

    (b)

    Sacrifice

    (c)

    Old

    (d)

    New

  5. X,Y,Z were partners sharing profits in the ratio of 5:3:2. Goodwill does not appear in books, but it is agreed to be worth Rs.1,00,000. X retires from the firm and Y and Z decide to share future profits equally. X’s share of goodwill will be debited to Y’s and Z’s capital A/c’s in ratio :

    (a)

    1/2 : 1/2

    (b)

    2:3

    (c)

    3:2

    (d)

    None of these

  6. A, B and C were partners sharing profits and losses in the ratio of 3:2:1. On 1st April, B retired and the new profit sharing ratio between A and C decided to 3:2. On 31st March there were reserves of firm Rs.24,000. This reserve will be divided among partners as:

    (a)

    A-Rs.8000, b-Rs.12,000, C-Rs.4,000

    (b)

    A-Rs.8000, b-Rs.12,000, C-Rs.4,000

    (c)

    A-Rs.8000, b-Rs.12,000, C-Rs.4,000

    (d)

    A-Rs.8000, b-Rs.12,000, C-Rs.4,000

  7. If the goodwill is raised to the extent of retiring partners share _______ account is to be debited

    (a)

    Cash

    (b)

    Goodwill

    (c)

    All partner’s capital

    (d)

    Retiring partners capital

  8. Kayal, Mala and Neela are partners sharing profits in the ratio of 2:2:1. Kayal retires and the new profit sharing ratio between nila and neela is 3:2. Calculate the gaining ratio.

    (a)

    2:1

    (b)

    1:2

    (c)

    1:1

    (d)

    3:1

  9. When a partner withdraws his capital from the partnership firm, it is called _______of a partner

    (a)

    Admission

    (b)

    Death

    (c)

    Retirement

    (d)

    All of these

  10. ________ of partner will be paid off, before the settlement of partner’s capital.

    (a)

    Capital

    (b)

    Loan

    (c)

    Asset

    (d)

    None of these

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TN 12th Standard Accountancy free Online practice tests

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