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Published on: 27/08/2019
Retirement and Death of a Partner
Download Tamil Nadu 12th Standard Accountancy question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.
Questions + Answers key
Take MCQ Accountancy Test
1.
At the time of retirement of partners, the existing partners stand to ____________
Gain
Loss
Income
None of these
2.
The policy amount received from the insurance company is used to settle the amount due to the __________
Increased partner
Deceased partner
Partnership at will
Partnership deed
3.
In both types of policies, the insurance premium is paid by the _____________
Sole tradership
Partnership firm
Hindu undivided family
None of these
4.
The settlement is to be done in the manner prescribed in the ___________
Partnership-at-will
Partnership deed
Both 'a' and 'b'
None of the above
5.
The profit or loss arising therefrom is transferred to the capital accounts of all the partners in the _____________
New profit sharing ratio
Old profit sharing ratio
Gaining ratio
Sacrificing ratio
6.
Profits and losses of previous years which are not distributed to the partners are known as ___________
Accumulated profit and losses
general reserve
Reserve fund
workmen compensation fund
7.
A partner who retires from the firm is called an __________
Outgoing partner
admitted partner
death of a partner
none of these
8.
9.
On retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners in the
New profit sharing ratio
Old profit sharing ratio
Gaining ratio
Sacrificing ratio
10.
A partner retires from the partnership firm on 30th June. He is liable for all the acts of the firm up to the
End of the current accounting period
End of the previous accounting period
Date of his retirement
Date of his final settlement
1.
(a)
Gain
2.
(b)
Deceased partner
3.
(b)
Partnership firm
4.
(d)
None of the above
5.
(b)
Old profit sharing ratio
6.
(a)
Accumulated profit and losses
7.
(a)
Outgoing partner
8.
(c)
9.
(b)
Old profit sharing ratio
10.
(c)
Date of his retirement
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Tamilnadu Stateboard 12th Standard Subjects
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Chemistry
Physics
Biology
Computer Science
Business Maths and Statistics
Economics
Commerce
Accountancy
History
Computer Applications
Biology
Computer Technology
Computer Applications
Computer Science
Business Maths and Statistics
Commerce
Economics
Maths
Chemistry
Physics
Computer Technology
History
Accountancy
Tamil
English
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