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 - 5
Question 1:
Heri, Roy and Prasad are partners and profit-sharing ratio is 3: 5:1. Roy now wants to retire and his share is taken by Prasad. Find the new ratio of Hari and Prasad:
(a) 1 : 2
(b) 2 : 1
(c) 3 : 5
(d) Equal
Correct Answer – (A)
Question 2:
Gaining Ratio is :
(a) New Ratio-sacrificing ratio
(b) Old Ratio-sacrificing ratio
(c) New ratio-old ratio
(d) Old ratio-new ratio
Correct Answer – (C)
Question 3:
A, B and C are partners. Their capitals are ₹ 1,00,000, ₹ 75,000 and ₹ 50,000 respectively. On C’s retirement his share is acquired by A and B in the ratio of 6 : 4 Gaining ratio will be :
(a) 3 : 2
(b) 2 : 2
(c) 2 : 3
(d) None of these
Correct Answer – (A)
Question 4:
Profit and loss on revaluation at the time of retirement is shared by:
(a) Remaining Partners
(b) All Partners
(c) New Partner
(d) None of these
Correct Answer – (B)
Question 5:
The balance of Joint Life Policy Account and Joint Life Policy Reserve A/c is:
(a) Always Equal
(b) Always Unequal
(c) Not Necessary
(d) None of these
Correct Answer – (C)
MCQ Questions Class 12 Reconstitution of Partnership Firm – Retirement Or Death of a Partner With Answers
Question 6:
Partnership Act provides that interest on amount of capital balance left by the retired partner be paid at:
(a) 5%
(b) 6%
(c) Bank Rate
(d) 8%
Correct Answer – (B)
Question 7:
At the time of retirement of partner, firm gets from the insurance company against joint policy taken jointly for all the partners :
(a) Policy Amount + Bonus
(b) Surrender Value
(c) Policy Amount
(d) None of these
Correct Answer – (B)
Question 8:
X, Y, Z are equal partners in a firm. Z retires from the firm. The new profit-sharing ratio between X and Y is 1:2. The gaining ratio will be:
(a) 3 : 2
(b) 2 : 1
(c) 4 : 1
(d) Only Y gains by 1/3
Correct Answer – (D)
Question 9:
Anand, Bahadur and Chander are partners sharing profit equally. On Chander’s retirement, his share is acquired by Anand and Bahadur in the ratio of 3: 2. The new profit-sharing ratio between Anand and Bahadur will be:
(a) 8 : 7
(b) 4 : 5
(c) 3 : 2
(d) 2 : 3
Correct Answer – (A)
Question 10:
Abhishek, Rajat and Vivek are partners sharing profits in the ratio of 5 : 3 : 2. If Vivek retires, the new profit sharing ratio between Abhishek and Rajat will be:
(a) 3 : 2
(b) 5 : 3
(c) 5 : 2
(d) None of these
