NCERT Class 12 Accountancy MCQ : Reconstitution of Partnership Firm Retirement / Death of a Partner
Unlock the intricacies of business restructuring with our specialized Multiple Choice Questions (MCQs) page on the “Reconstitution of Partnership Firm: Retirement/Death of a Partner.” Meticulously curated from previous year papers of diverse exams, including UPSC IAS and more, this resource is tailored to provide a strategic study aid for aspirants seeking proficiency in partnership dynamics and business reorganization.
Immerse yourself in real exam questions that delve into the legal, financial, and managerial aspects of partnership reconstitution, covering topics such as valuation of goodwill, treatment of accumulated profits, and the legal implications of partner retirement or demise. Whether preparing for UPSC IAS or exams in commerce, business management, or related fields, this MCQs page offers a strategic advantage, featuring questions of varying difficulty levels to accommodate different proficiency levels.
Enhance your understanding of partnership firm restructuring, accounting treatments, and the legal intricacies involved in partner retirements or deaths with this expertly crafted collection. Tailored for students and professionals alike, this resource serves as a focused and effective study aid for mastering the essentials of “Reconstitution of Partnership Firm” and excelling in related exams.
Prepare for success by engaging with this specialized set of MCQs, refining your business analysis skills, and gaining a competitive edge in your exam preparation
NCERT Class 12 Accountancy : Reconstitution of Partnership Firm Retirement / Death of a Partner MCQ – NCERT Class 12 MCQ
Question:
On retirement of a partner’s the amount of General Reserve is transferred to all partner’s capital account in:
A
B
C
D
Question:
x,y are z are partners and share profits in the ratio of 5 : 3 : 2. y retires and x takes 1/10 from y and z takes 1/5 from y. The new profit sharing ratio will be
A
B
C
D
Question:
The old profit-sharing ratio among Rajender, Satish and Tejpal were 2 : 2 : 1. The new profit-sharing ratio after Satish’s retirement is 3 : 2. The gaining ratio is :
A
B
C
D
Question:
The amount due to the deceased partner is paid to his………
A
B
C
D
Question:
In case of death of a partner, the whole amount standing to the credit of his capital account is transferred to
A
B
C
D
Question:
On the death of a partner in a firm payments are made to;
A
B
C
D
Question:
The executors of deceased partner will be paid interest on the amount due from the date of death of the partner at:
A
B
C
D
Question:
In the event of death of a partner, the accumulated profits and losses are shared by the partners in their:
A
B
C
D
Question:
On the death of a partner, the amount of Joint Life Insurance Policy is credited to the Capital Accounts of
A
B
C
D
Question:
On death of a partner, the remaining partner(s) who have gained due to change in profit-sharing ratio should compensate the:
A
B
C
D
Question:
B, C and D are partners sharing profit in the ratio 7:5:4. D died on 30th June, 2016 and profits for the year 2015-16 were ₹ 12,000. How much share in profits for the period 1st April, 2016 to 30th June, 2016 will be credited to D’s Account:
A
B
C
D
Question:
A, B and C are partners sharing profits and losses in the ratio of 2 : 2 : 1. C died on 31st March, 2016. The profits of the financial year ending 31st March, 2016 is ₹ 64,000. The share of the deceased partner in the profits will be:
A
B
C
D
Question:
JLP of the partners is a/an…………..account
A
B
C
D
Question:
Joint Life Policy amount received by a firm is distributed in:
A
B
C
D
Question:
A, B and C are partners sharing profits in the ratio of 3 : 2 : 1. They had a Joint Life Policy of ₹ 3,00,000. Surrender value of JLP in Balance Sheet is ₹ 90,000. C dies what is share of each partner in JLP ?
A
B
C
D
Question:
X, Y and Z are partners sharing profits in the ratio of 7 : 5 :4. On 30th June, 2015 Z died and profits for the year ending 31st March, 2016 were ₹ 2,40,000. How much share in profits for the period 1st April to 30th June, 2015 will be credited to Z’s account assuming the profit occurred evenly throughout the year ;
A
B
C
D
Question:
Revaluation Account is prepared at the time of …………
A
B
C
D
Question:
As per section 37 to the Indian Partnership Act, 1932, the executors would be entitled at their choice to interest calculated from the date of death till the date of payment on the final amount due to the deceased partner at………..percent per annum
A
B
C
D
Question:
X, Y and Z are the partners sharing profits in the ratio 2 : 1 : 1. Firm has a joint life policy of ₹ 1,20,000 and in the balance sheet it is appeaming at the surrender value, i.e., ₹ 20,000. On the death of X how this JLP will be distributed among partners:
A
B
C
D
Question:
On death of a partner, the firm gets for joint life policy taken for all partners
