CBSE Class 12 Reconstitution of Partnership Firm – Retirement Or Death of a Partner Multiple Choice Questions with Answers. MCQ Questions Class 12 Reconstitution of Partnership Firm – Retirement Or Death of a Partner with Answers Is Prepared Based on Latest Exam Pattern. Students can solve NCERT MCQ questions Class 12 Reconstitution of Partnership Firm – Retirement Or Death of a Partner with Answers to know their preparation level.
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MCQ Questions Class 12 Reconstitution of Partnership Firm - Retirement Or Death of a Partner with Answers - Set - 4
Question 1:
The amount of General Reserve is transferred to all partner’s capital accounts in:
(a) New Profit-sharing Ratio
(b) Capital Ratio
(c) Old Profit-sharing Ratio
(d) None of these
Correct Answer – (C)
Question 2:
A, Band Care equal partners in a firm. B retires and the remaining partners decide to share profits of the new firm in the ratio of 5 : 4. Gaining ratio will be:
(a) 2 : 1
(b) 1 : 2
(c) 4 : 5
(d) 5 : 4
Correct Answer – (A)
Question 3:
On retirement of a partner, the retiring Partner’s Capital Account will be credited with:
(a) His/her share of goodwill
(b) Goodwill of the firm
(c) Share of goodwill of remaining partners
(d) None of these
Correct Answer – (A)
Question 4:
How unrecorded assets are treated at the time of retriement of a partner ?
(a) Credited to Revaluation Account
(b) Credited to Capital Account of Retiring Partner
(c) Debited to Revaluation Account
(d) Credited to Partner’s Capital Accounts
Correct Answer – (A)
Question 5:
Outgoing partner is compensated for parting with firm’s future profits in favour of remaining partners. The remaining partners contribute to such compensation in:
(a) Gaining Ratio
(b) Capital Ratio
(c) Sacrificing Ratio
(d) Profit-sharing Ratio
Correct Answer – (A)
MCQ Questions Class 12 Reconstitution of Partnership Firm – Retirement Or Death of a Partner With Answers
Question 6:
A, B are C are sharing profits in the ratio of 1/2 : 1/3 ÷ 16 C retired. Gaining ratio will be :
(a) 2 : 1
(b) 2 : 3
(c) 3 : 2
(d) 1 : 2
Correct Answer – (C)
Question 7:
Joint life policy be taken by the firm on the lives of:
(a) All the partners jointly
(b) All the partners separately
(c) All employees of the firm
(d) Both (a) and (b)
Correct Answer – (D)
Question 8:
On the retirement of a partner, profit on revaluation of assets and liabilities should be credited to the Capital Accounts of:
(a) All partners in the old profit-sharing ratio
(b) The remaining partners in their old profit-sharing ratio
(c) The remaining partners in their new profit-sharing ratio
(d) None of these
Correct Answer – (A)
Question 9:
Gaining ratio is calculated :
(a) At the time of admission of a new partner
(b) At the time of retirement of a partner
(c) On the dissolution of partnership firm
(d) None of these
Correct Answer – (B)
Question 10:
On the retirement of a partner, full amount of goodwill may be credited to the capital accounts of:
(a) Retiring partners
(b) Remaining partners
(c) All partners
(d) None of these
