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12th CBSE Accountancy - Reconstitution of a Partnership Firm - Retirement of a Partner One Mark Question Paper with Answer Key

Published on: 26/08/2019

Reconstitution of a Partnership Firm - Retirement of a Partner

Download CBSE Class 12th Standard CBSE Accountancy question papers, sample papers, important questions, and previous year solved papers in PDF format. Get free study materials, NCERT solutions, and exam preparation resources for Class 12th Standard CBSE Accountancy

Questions + Answers key

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Std: 12th Standard CBSE - Accountancy

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Questions:

1 Marks

6 x 1 = 6

Kumar,Verma and Naresh were partners in a firm sharing profit and loss in the ratio of 3:2:2. On 23rd January, 2015, Verma died. Verma's share of profit till the date of his death was calculated Rs.2,350.

Pass necessary journal entry for the same in the books of the firm.

A,T and R were partners in a firm sharing profits in the ratio of 5:6:7 respectively. State the ratio in which the goodwill of the firm amounting to Rs.16,00,000 will be adjusted in the capital accounts of A and T in case of R's death.

Why does a firm revaluate its assets and reassess its liabilities on retirement or death of a partner ?

Why heirs of a retiring/deceased partner are entitled to a share of goodwill of the firm ?

State any two deductions that may have to be made from the amount payable to the legal representative of a deceased partner.

What is the need for treatement of goodwill on the death of a partner ?

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Answers Key:

1 Marks

6 x 1 = 6

()
Dr. Profit and Loss suspense A/c, Cr. Verma's capital A/c by RS.2,350.

()
R's share of goodwill will adjusted to A and T in their gain ratio 5:6.

()
Assets and liabilities are revalued at the time of retirement/death of a partner so that the retiring/deceased partner is not at an advantage/disadvantage because of change in the value of assets and liabilities.

()
The retiring partner/heirs of deceased partner are entitled to his share of goodwill because the goodwill earned by the firm is result of efforts of all the existing partners in the past. As they will not be sharing future profits, it will be fair to compensate them for the same.