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12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 1 Mark Questions with Solution Part - I Question Bank Software Jun-21 , 2021

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12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 1 Mark Questions with Solution Part - I

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 1 Mark Questions with Solution Part - I

12th Standard

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 5
    5 x 1 = 5

  1. At the time of retirement of a partner, calculation of new profit ratio is __________

    (a)

    Compulsory

    (b)

    Optional

    (c)

    Necessary

    (d)

    Not necessary

  2. If the goodwill account is raised for 50,000, the amount is debited to ____________

    (a)

    The capital accounts of partners

    (b)

    Goodwill account

    (c)

    Cash account

    (d)

    Loan account

  3. When the values of liabilities increases, it results in _____________

    (a)

    Profit

    (b)

    Loss

    (c)

    Income

    (d)

    Expenses

  4. The section related to the retirement of partner in Indian partnership Act is _____________

    (a)

    30(a)

    (b)

    31(1)

    (c)

    21(c)

    (d)

    20(a)

  5. O, P, and Q are partners sharing the profits in the ratio of 3:2: 1. If P retires the new profit ratio for O and Q will b ______________

    (a)

    3:2

    (b)

    3:1

    (c)

    2:1

    (d)

    1: 3

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