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 - 3
Question 1:Â
A, B and C are partners sharing profits and losses in the ratio of 3 : 2 :1. C dies and goodwill of the firm is valued at ₹ 60,000. The amount payable to the executor’s of the deceased partner will be :
(a) ₹ 30,000
(b) ₹ 25,000
(c) ₹ 10,000
(d) ₹ 20,000
Correct Answer – (C)
Question 2:Â
On death of a partner, his executor is paid the profits of the deceased partner for the relevant period. This payment is recorded in Profit & Loss A/c :
(a) Adjustment
(b) Appropriation
(c) Suspense
(d) Reserve
Correct Answer – (C)
Question 3:Â
What are the methods of calculating share of the deceased partner in the profit of the firm upto the date of death:
(a) On time basis
(b) On sales basis
(c) Both (a) and (b)
(d) None of these
Correct Answer – (C)
Question 4:Â
M, L and A are partners sharing profits in the ratio of 9:4:3. They have taken a joint life policy of ₹ 96,000. A dies. What is the share of A in the JLP amount ?
(a) ₹ 18,000
(b) ₹ 24,000
(c) ₹ 54,000
(d) ₹ 20,000
Correct Answer – (A)
Question 5:Â
On death of a partner, the firm gets for joint life policy taken for all partners.
(a) Policy amount
(b) Surrender value
(c) Policy amount of deceased partner
(d) Surrender value of all partners
Correct Answer – (A)
MCQ Questions Class 12 Reconstitution of Partnership Firm – Retirement Or Death of a Partner With Answers
Question 6:Â
On the retirement of a partner any accumulated profit should be credited to the capital accounts of:
(a) All partners in old profit-sharing ratio
(b) Remaining partners in new profit-sharing ratio
(c) Retiring partner only in his share
(d) None of these
Correct Answer – (A)
Question 7:Â
If three partners A, B & C are sharing profits as 5:3:2, then on the death of a partner A, how much B & C will pay to A’s executor on account of goodwill ? Good-will is to be calculated on the basis of 2 years purchase of last 3 years average profits. Profits for the last three years are 10,80,000 Rs. :
(a) ₹ 2,16,000 and ₹ 1,42,000
(b) ₹ 2,44,000 and ₹ 2,16,000
(c) ₹ 3,60,000 and ₹ 2,16,000
(d) ₹ 2,16,000 and ₹ 1,44,000
Correct Answer – (D)
Question 8:Â
Which account is prepared at the time retirement or death of a partner to show the changes in the value of assets and liabilities:
(a) Revaluation A/c
(b) Realisation A/c
(c) Partner’s Capital A/c
(d) None of these
Correct Answer – (A)
Question 9:Â
A, B and C are partners sharing profits and losses in the ratio of 3 : 2 :1. On 1.3.2016 C died. The average profits of the firm for last four years were ₹ 72,000 Books are closed on 31st December. C’s share of profit till the date of his death will be:
(a) ₹ 2,000
(b) ₹ 12,000
(c) ₹ 1,400
(d) ₹ 24,000
Correct Answer – (C)
Question 10:Â
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) 50,000 : 25,000 : 25,000
(b) 60,000 : 30,000 : 30,000
(c) 40,000 : 35,000 : 25,000
(d) whole ₹ 1,20,000 to A
