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 - 1
Question 1:
In the event of death of a partner, the accumulated profits and losses are shared by the partners in their:
(a) Old Profit-sharing Ratio
(b) New Profit-sharing Ratio
(c) Capital Ratio
(d) None of these
Correct Answer – (A)
Question 2:
X, Y and Z share profits in the ratio of 1/2:1/3:1/6, Z dies. New ratio of X and Y will be :
(a) 3 : 2.
(b) 2 : 3
(c) 2 : 1
(d) None of these
Correct Answer – (A)
Question 3:
In case of death of a partner, the whole amount standing to the credit of his capital account is transferred to :
(a) Capital Accounts of all partners
(b) Capital Accounts of remaining partners
(c) His Executor’s Account
(d) Account of the Government
Correct Answer – (C)
Question 4:
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) 3 : 2
(b) 2 : 1
(c) 1 : 1
(d) 2 : 3
Correct Answer – (C)
Question 5:
X, Y and Z were partners sharing profits in the ratio of 5 : 3 : 2. Goodwill does not appear in the books but it is agreed to be worth 1,00,000 Rs.. X retires from the firm and Y and Z decide to share profits equally. X’s share of goodwill will be debited to Y’s and Z’s Capital A/cs in ________________ ratio:
(a) 12:12
(b) 2 : 3
(c) 3 : 2
(d) None of these
Correct Answer – (B)
MCQ Questions Class 12 Reconstitution of Partnership Firm – Retirement Or Death of a Partner With Answers
Question 6:
The executors of deceased partner will be paid interest on the amount due from the date of death of the partner at:
(a) 5% p.a.
(b) 6% p.a.
(c) 7% p.a.
(d) 8% p.a.
Correct Answer – (B)
Question 7:
On the death of a partner in a firm payments are made to;
(a) Capital A/c
(b) Executor’s A/c
(c) Current A/c
(d) Loan A/c
Correct Answer – (B)
Question 8:
The amount due to the deceased partner is paid to his ________________.
(a) Father
(b) Friend
(c) Wife
(d) Executors
Correct Answer – (D)
Question 9:
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) 7 : 13
(b) 13 : 7
(c) 3 : 2
(d) 1 : 1
Correct Answer – (C)
Question 10:
On retirement of a partner’s the amount of General Reserve is transferred to all partner’s capital account in:
(a) New Profit Sharing Ratio
(b) Capital Ratio
(c) Old Profit Sharing Ratio
(d) None of these
