{"id":7516,"date":"2023-11-24T20:22:15","date_gmt":"2023-11-24T14:52:15","guid":{"rendered":"https:\/\/edunovations.com\/mcqs\/?p=7516"},"modified":"2023-11-24T20:23:19","modified_gmt":"2023-11-24T14:53:19","slug":"ncert-class-12-accountancy-mcq-4","status":"publish","type":"post","link":"https:\/\/edunovations.com\/mcqs\/ncert-class-12-accountancy-mcq-4\/","title":{"rendered":"NCERT Class 12 Accountancy\u00a0MCQ :\u00a0Reconstitution of Partnership Firm Retirement \/ Death of a Partner"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/edunovations.com\/mcqs\/ncert-class-12-accountancy-mcq-4\/#NCERT_Class_12_Accountancy_MCQ_Reconstitution_of_Partnership_Firm_Retirement_Death_of_a_Partner\" >NCERT Class 12 Accountancy&nbsp;MCQ :&nbsp;Reconstitution of Partnership Firm Retirement \/ Death of a Partner<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/edunovations.com\/mcqs\/ncert-class-12-accountancy-mcq-4\/#NCERT_Class_12_Accountancy_Reconstitution_of_Partnership_Firm_Retirement_Death_of_a_Partner_MCQ_%E2%80%93_NCERT_Class_12_MCQ\" >NCERT Class 12 Accountancy&nbsp;: Reconstitution of Partnership Firm Retirement \/ Death of a Partner MCQ &#8211; NCERT Class 12 MCQ<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edunovations.com\/mcqs\/ncert-class-12-accountancy-mcq-4\/#Some_Important_Links\" >Some Important Links<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NCERT_Class_12_Accountancy_MCQ_Reconstitution_of_Partnership_Firm_Retirement_Death_of_a_Partner\"><\/span>NCERT Class 12 <strong>Accountancy&nbsp;<\/strong>MCQ :&nbsp;Reconstitution of Partnership Firm Retirement \/ Death of a Partner<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Unlock the intricacies of business restructuring with our specialized Multiple Choice Questions (MCQs) page on the &#8220;Reconstitution of Partnership Firm: Retirement\/Death of a Partner.&#8221; 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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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 &#8220;Reconstitution of Partnership Firm&#8221; and excelling in related exams.<\/p>\n\n\n\n<p>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<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NCERT_Class_12_Accountancy_Reconstitution_of_Partnership_Firm_Retirement_Death_of_a_Partner_MCQ_%E2%80%93_NCERT_Class_12_MCQ\"><\/span>NCERT Class 12 <strong><strong><strong><strong><strong>Accountancy&nbsp;<\/strong><\/strong><\/strong><\/strong><\/strong>: Reconstitution of Partnership Firm Retirement \/ Death of a Partner MCQ<strong> &#8211; NCERT Class 12 MCQ<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<style>\r\n    \/* Quiz container *\/\r\n    .quiz-container {\r\n        max-width: 800px;\r\n        margin: 0 auto;\r\n        padding: 20px;\r\n        box-sizing: border-box;\r\n        font-family: Arial, sans-serif;\r\n    }\r\n\r\n    \/* Question *\/\r\n    .question {\r\n        background-color: #f9f9f9;\r\n        padding: 20px;\r\n        border: 1px solid #ccc;\r\n        font-size: 20px;\r\n        margin-bottom: 20px;\r\n        border-radius: 5px;\r\n        box-shadow: 0 2px 4px rgba(0, 0, 0, 0.1);\r\n        position: relative;\r\n    }\r\n\r\n    \/* Question header *\/\r\n    .question h4 {\r\n        margin-bottom: 20px;\r\n    }\r\n\r\n    \/* Options list *\/\r\n    .options {\r\n        list-style-type: none;\r\n        padding: 0;\r\n    }\r\n\r\n    \/* Option item *\/\r\n    .options li {\r\n        margin: 10px;\r\n        padding: 10px;\r\n        display: flex;\r\n        align-items: center;\r\n        border-radius: 5px;\r\n        border: 2px solid #ccc;\r\n        box-shadow: 0 2px 4px rgba(0, 0, 0, 0.1);\r\n    }\r\n\r\n    \/* Option number *\/\r\n    .options li span {\r\n        margin-right: 10px;\r\n        width: 20px;\r\n        height: 20px;\r\n        border-radius: 50%;\r\n        border: 2px solid black;\r\n        display: flex;\r\n        justify-content: center;\r\n        align-items: center;\r\n        font-weight: bold;\r\n    }\r\n\r\n    \/* Option colors *\/\r\n    .options li span.option-a {\r\n        background-color: #FFD700; \/* Yellow *\/\r\n    }\r\n\r\n    .options li span.option-b {\r\n        background-color: #FF1493; \/* Pink *\/\r\n    }\r\n\r\n    .options li span.option-c {\r\n        background-color: #00BFFF; \/* Light Blue *\/\r\n    }\r\n\r\n    .options li span.option-d {\r\n        background-color: #7CFC00; \/* Green-Yellow *\/\r\n    }\r\n\r\n    .options li span.option-e {\r\n        background-color: #EE82EE; \/* Purple-Pink *\/\r\n    }\r\n\r\n    \/* Show answer button *\/\r\n    .show-answer {\r\n        background-color: #0066CC;\r\n        color: #fff;\r\n        border: none;\r\n        padding: 8px 20px;\r\n        font-size: 20px;\r\n        cursor: pointer;\r\n        border-radius: 3px;\r\n        text-align: center;\r\n        display: inline-block;\r\n        margin-bottom: 20px;\r\n    }\r\n\r\n    \/* Answer box *\/\r\n    .answer-box {\r\n        margin: 0 auto;\r\n        padding: 10px;\r\n        font-size: 20px;\r\n        color: #61970F;\r\n        box-sizing: border-box;\r\n        display: none;\r\n    }\r\n\r\n    \/* Question header *\/\r\n    .quiz-container .question-header {\r\n        color: darkblue;\r\n        font-weight: bold;\r\n        margin-right: 10px;\r\n    }\r\n\r\n    \/* Question header and text *\/\r\n    .quiz-container .question-header,\r\n    .quiz-container .question-text {\r\n        display: inline;\r\n        font-weight: bold;\r\n    }\r\n\r\n    \/* Responsive styles *\/\r\n    @media (max-width: 767px) {\r\n        .quiz-container {\r\n            padding: 10px;\r\n        }\r\n    }\r\n<\/style>\r\n<div class=\"quiz-container\">\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">On retirement of a partner\u2019s the amount of General Reserve is transferred to all partner\u2019s capital account in:\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99781\">New Profit Sharing Ratio<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99781\">Capital Ratio<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99781\">Old Profit Sharing Ratio<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99781\">None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">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<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99783\">7 : 13<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99783\">13 : 7<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99783\"> 3 : 2<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99783\">1 : 1<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">The old profit-sharing ratio among Rajender, Satish and Tejpal were 2 : 2 : 1. The new profit-sharing ratio after Satish\u2019s retirement is 3 : 2. The gaining ratio is :\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99785\">3 : 2<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99785\">2 : 1<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99785\">1 : 1<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99785\">2 : 3<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">The amount due to the deceased partner is paid to his\u2026\u2026\u2026<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99786\">Father<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99786\">Friend<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99786\">Wife<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99786\">Executors<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"d\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">In case of death of a partner, the whole amount standing to the credit of his capital account is transferred to <\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99788\">Capital Accounts of all partners<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99788\">Capital Accounts of remaining<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99788\">His Executor\u2019s Account<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99788\">Account of the Government<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">On the death of a partner in a firm payments are made to;\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99791\">Capital A\/c<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99791\">Executor\u2019s A\/<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99791\">Current A\/c<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99791\">Loan A\/c<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">The executors of deceased partner will be paid interest on the amount due from the date of death of the partner at:\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99795\">5% p.a.<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99795\">6% p.a.<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99795\">7% p.a.<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99795\">8% p.a.<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">In the event of death of a partner, the accumulated profits and losses are shared by the partners in their:\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99798\">Old Profit-sharing Ratio<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99798\">New Profit-sharing Ratio<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99798\">Capital Ratio<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99798\">None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"a\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">On the death of a partner, the amount of Joint Life Insurance Policy is credited to the Capital Accounts of<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99801\">Only the deceased partner<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99801\">All partners including the deceased partner<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99801\">Remaining partners, in the new profit-sharing ratio<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99801\">Remaining partners, in their old profit-sharing ratio<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">On death of a partner, the remaining partner(s) who have gained due to change in profit-sharing ratio should compensate the:\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99804\">Deceased partner<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99804\">Remaining partners (who have sacrificed) as well as decreased partner<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99804\">Remaining partners (who have sacrificed)<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99804\">None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"a\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">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 \u20b9 12,000. How much share in profits for the period 1st April, 2016 to 30th June, 2016 will be credited to D\u2019s Account:<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99806\"> \u20b9 3,000<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99806\"> \u20b9 750<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99806\">Nil<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99806\">\u20b9 1,000<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">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 \u20b9 64,000. The share of the deceased partner in the profits will be:<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99809\">\u20b9 9,200<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99809\"> \u20b9 12,800<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99809\">\u20b9 3,100<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99809\">\u20b9 6,100<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">JLP of the partners is a\/an\u2026\u2026\u2026\u2026..account\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99811\">Nominal<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99811\">Personal<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99811\">Liability<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99811\">Asset<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"d\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Joint Life Policy amount received by a firm is distributed in:<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99814\">Opening Capital Ratio<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99814\">Closing Capital Ratio<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99814\">Old Profit-sharing Ratio of Partners<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99814\">New Profit-sharing Ratio<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">A, B and C are partners sharing profits in the ratio of 3 : 2 : 1. They had a Joint Life Policy of \u20b9 3,00,000. Surrender value of JLP in Balance Sheet is \u20b9 90,000. C dies what is share of each partner in JLP ?\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99817\">\u20b9 1,05,000 ; \u20b9 70,000; \u20b9 35,000<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99817\"> \u20b9 45,000 ; \u20b9 30,000; \u20b9 15,000<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99817\"> \u20b9 1,50,000 ; \u20b9 1,00,000 ; \u20b9 50,000<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99817\"> \u20b9 1,95,000 ; \u20b9 1,30,000 ; \u20b9 65,000<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">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 \u20b9 2,40,000. How much share in profits for the period 1st April to 30th June, 2015 will be credited to Z\u2019s account assuming the profit occurred evenly throughout the year ;<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99856\">\u20b9 60,000<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99856\"> \u20b9 15,000<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99856\">\u20b9 20,000<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99856\">Nil<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Revaluation Account is prepared at the time of \u2026\u2026\u2026\u2026\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99858\">Admission of a partner<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99858\">Retirement of a partner<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99858\">Death of a partner<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99858\">All of the above<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"d\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">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\u2026\u2026\u2026..percent per annum<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99860\">7<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99860\">4<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99860\">6<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99860\">8<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">X, Y and Z are the partners sharing profits in the ratio 2 : 1 : 1. Firm has a joint life policy of \u20b9 1,20,000 and in the balance sheet it is appeaming at the surrender value, i.e., \u20b9 20,000. On the death of X how this JLP will be distributed among partners:<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99863\">50,000 : 25,000 : 25,000<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99863\">60,000 : 30,000 : 30,000<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99863\">40,000 : 35,000 : 25,000<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99863\">whole \u20b9 1,20,000 to A<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">On death of a partner, the firm gets for joint life policy taken for all partners<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99866\">Policy amount<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99866\">Surrender value<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99866\">Policy amount of deceased partner<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99866\">Surrender value of all partners<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"a\">Show Answer<\/button>\r\n    <\/div>\r\n  <\/div>\r\n<script src=\"https:\/\/code.jquery.com\/jquery-3.6.0.min.js\"><\/script>\r\n<script>\r\n$(document).ready(function() {\r\n  $('.show-answer').click(function() {\r\n    var answer = $(this).data('answer');\r\n    $(this).siblings('.answer-box').html('The correct answer is: ' + answer).slideDown();\r\n    $(this).hide();\r\n  });\r\n});\r\n<\/script>\n\n\n\n<p><\/p>\n\n\n\n<h2 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[]).push({});\r\n<\/script>\n","protected":false},"excerpt":{"rendered":"<p>NCERT Class 12 Accountancy&nbsp;MCQ :&nbsp;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 &#8220;Reconstitution of Partnership Firm: Retirement\/Death of a Partner.&#8221; Meticulously curated from previous year papers of diverse exams, including UPSC IAS and more, this resource is 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