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12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 3 Mark Questions with Solution Part - II

12th Standard

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 15

    Part I

    5 x 3 = 15
  1. Ramya, Sara and Thara are partners sharing profits and losses in the ratio of 5:3:2. On 1st April 2018, Thara retires and on retirement, the following adjustments are agreed upon:
    (i) Increase the value of premises by Rs. 40,000.
    (ii) Depreciate stock by Rs. 3,000 and machinery by Rs. 6,500.
    (iii) Provide an outstanding liability of Rs. 500
    Pass journal entries and prepare revaluation account.

  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. 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.

  4. Distinguish between sacrificing ratio and gaining ratio.

  5. 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

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