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Published on: 06/11/2020
12th Standard Accounts Retirement and Death of a Partner English Medium Free Online Test One Mark Questions 2020 - 2021
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.
The loss or gain on account of revaluation at the time of retirement of a partner is shared by ___________
Remaining partners
Retiring partners
All partners
None of these
2.
______is calculated to determine the amount of compensation to be paid by each of the continuing partners to the outgoing partners
Old ratio
Gaining ratio
New ratio
Sacrifice ratio
3.
_______is the proportion of the profit which is gained by the continuing partners
Sacrificing ratio
Gaining ratio
New profit ratio
Old profit sharing ratio
4.
| List I | List II | ||
|---|---|---|---|
| (i) | Profit and | 1. | Workmen compensation fund |
| (ii) | Reserve | 2. | Current value differ from book value |
| (iii) | Revaluation | 3. | Agreed proportion |
| (iv) | New profit sharing ratio | 4. | Accumulated profits |
| (i) | (ii) | (iii) | (iv) |
| 1 | 2 | 3 | 4 |
| (i) | (ii) | (iii) | (iv) |
|---|---|---|---|
| 2 | 3 | 4 | 1 |
| (i) | (ii) | (iii) | (iv) |
|---|---|---|---|
| 3 | 4 | 1 | 2 |
| (i) | (ii) | (iii) | (iv) |
|---|---|---|---|
| 4 | 1 | 2 | 3 |
5.
A, B and C are sharing profits in the ratio of 2/5: 2/5:1/5. C retired, from business and his share was purchased equally by A and B. Then new profit sharing ratio shall be ____________
A-1/2 and B-1/2
A-3/S and 2/5
A-2/S and B-3/S
A-2/S and B-1/5
6.
At the time of retirement of partners, the existing partners stand to ____________
Gain
Loss
Income
None of these
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, general reserve is transferred to the
Capital account of all the partners
Revaluation account
Capital account of the continuing partners
Memorandum revaluation account
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.
(c)
All partners
2.
(b)
Gaining ratio
3.
(b)
Gaining ratio
4.
(d)
| (i) | (ii) | (iii) | (iv) |
|---|---|---|---|
| 4 | 1 | 2 | 3 |
5.
(a)
A-1/2 and B-1/2
6.
(a)
Gain
7.
(a)
Outgoing partner
8.
(c)
9.
(a)
Capital account of all the partners
10.
(c)
Date of his retirement
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