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.
Students who are searching for NCERT MCQ Questions Class 12 Reconstitution of Partnership Firm – Retirement Or Death of a Partner with Answers are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 12 Reconstitution of Partnership Firm – Retirement Or Death of a Partnerwith Answers. You can also verify your answers from the provided MCQ Class 12 Reconstitution of Partnership Firm – Retirement Or Death of a Partner with Answers. So, ace up your preparation with MCQ of Class 12 Accountancy Examinations.
MCQ Questions Class 12 Reconstitution of Partnership Firm - Retirement Or Death of a Partner with Answers - Set - 2
Question 1:Â
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) 7
(b) 4
(c) 6
(d) 8
Correct Answer – (C)
Question 2:Â
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) ₹ 60,000
(b) ₹ 15,000
(c) ₹ 20,000
(d) Nil
Correct Answer – B)
Question 3:Â
Joint Life Policy amount received by a firm is distributed in:
(a) Opening Capital Ratio
(b) Closing Capital Ratio
(c) Old Profit-sharing Ratio of Partners
(d) New Profit-sharing Ratio
Correct Answer – (C)
Question 4:Â
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) ₹ 9,200
(b) ₹ 12,800
(c) ₹ 3,100
(d) ₹ 6,100
Correct Answer – (B)
Question 5:Â
On death of a partner, the remaining partner(s) who have gained due to change in profit-sharing ratio should compensate the:
(a) Deceased partner
(b) Remaining partners (who have sacrificed) as well as decreased partner
(c) Remaining partners (who have sacrificed)
(d) None of these
Correct Answer – (A)
MCQ Questions Class 12 Reconstitution of Partnership Firm – Retirement Or Death of a Partner With Answers
Question 6:Â
Revaluation Account is prepared at the time of ______________________.
(a) Admission of a partner
(b) Retirement of a partner
(c) Death of a partner
(d) All of the above
Correct Answer – (D)
Question 7:Â
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) ₹ 1,05,000 ; ₹ 70,000; ₹ 35,000
(b) ₹ 45,000 ; ₹ 30,000; ₹ 15,000
(c) ₹ 1,50,000 ; ₹ 1,00,000 ; ₹ 50,000
(d) ₹ 1,95,000 ; ₹ 1,30,000 ; ₹ 65,000
Correct Answer – (C)
Question 8:Â
JLP of the partners is a/an…………..account
(a) Nominal
(b) Personal
(c) Liability
(d) Asset
Correct Answer – (B)
Question 9:Â
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) ₹ 3,000
(b) ₹ 750
(c) Nil
(d) ₹ 1,000
Correct Answer – (B)
Question 10:Â
On the death of a partner, the amount of Joint Life Insurance Policy is credited to the Capital Accounts of:
(a) Only the deceased partner
(b) All partners including the deceased partner
(c) Remaining partners, in the new profit-sharing ratio
(d) Remaining partners, in their old profit-sharing ratio
