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Published on: 01/09/2022
QB365 provides a detailed and simple solution for every Possible Book Back Questions in Class 12 Accountancy Subject - Retirement and Death of a Partner, English Medium. It will help Students to get more practice questions, Students can Practice these question papers in addition to score best marks.
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.
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.
Rs. 1,000
Rs. 3,000
Rs. 12,000
Rs. 36,000
2.
3.
A, B and C are partners sharing profits in the ratio of 2:2:1. On retirement of B, goodwill of the firm was valued as Rs. 30,000. Find the contribution of A and C to compensate B:
Rs. 20,000 and Rs. 10,000
Rs. 8,000 and Rs. 4,000
Rs. 10,000 and Rs. 20,000
Rs. 15,000 and Rs. 15,000
4.
‘ A’ was a partner in a partnership firm. He died on 31st March 2019. The final amount due to him is Rs. 25,000 which is not paid immediately. It will be transferred to
A’s capital account
A’s current account
A’s Executor account
A’s Executor loan account
5.
6.
At the time of retirement of a partner, determination of gaining ratio is required
To transfer revaluation profit or loss
To distribute accumulated profits and losses
To adjust goodwill
None of these
7.
On revaluation, the increase in liabilities leads to
Gain
Loss
Profit
None of these
8.
On retirement of a partner, general reserve is transferred to the
Capital account of all the partners
Revaluation account
Capital account of the continuing partners
Memorandum revaluation account
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.
(b)
Rs. 3,000
2.
(c)
3.
(b)
Rs. 8,000 and Rs. 4,000
4.
(d)
A’s Executor loan account
5.
(c)
6.
(c)
To adjust goodwill
7.
(b)
Loss
8.
(a)
Capital account of all the partners
9.
(b)
Old profit sharing ratio
10.
(c)
Date of his retirement
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