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12th Accountancy Weekly Test -3 (Retirement and death of a partner)

St. Britto Hr. Sec. School - Madurai

12th Accountancy Weekly Test -3 (Retirement and death of a partner)-Aug 2020

Time : 1.00 Hours

Part - A

Multiple Choice Question - Answer All Question

A, B and C were partners sharing profits and losses in the ratio of 3:2:1. On 1st April, B retired and the new profit sharing ratio between A and C decided to 3:2. On 31st March there were reserves of firm Rs.24,000. This reserve will be divided among partners as:

A-Rs.8000, b-Rs.12,000, C-Rs.4,000
A-Rs.8000, b-Rs.12,000, C-Rs.4,000
A-Rs.8000, b-Rs.12,000, C-Rs.4,000
A-Rs.8000, b-Rs.12,000, C-Rs.4,000

The partnership may came to an end due to the:

Death of a partner
Insolvency of a partner
Both (a) & (b)
None of these

Find the correct formula __________

Gaining Ratio = New Ratio + Old Ratio
Gaining Ratio = Old Ratio + New Ratio
Gaining Ratio = New Ratio - Old Ratio
Gaining Ratio = Old Ratio - New Ratio

On retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners in the

New profit sharing ratio
Old profit sharing ratio
Gaining ratio
Sacrificing ratio

Debit balance of revaluation account is ________

Loss
Profit
Gain
Income

Old profit sharing ratio minus new profit sharing ratio is equal to:

Sacrificing Ratio
Ratio of Gain
Capital Ratio
None of these

The proportion in which the continuing partners benefit due to retirement of partner:

Sacrificing Ratio
Gaining Ratio
Both (a) & (b)
None of these

If the final amount due to a retiring partner is not paid immediately, it is transferred to

Bank A/c
Retiring partner’s capital A/c
Retiring partner’s loan A/c
Other partners’ capital A/c

All the accounts are settled among partners and creditors at the time of ________ of a business

Dissolution
Retirement
Admission
None of these

Revaluation account is operated to find out gain or loss at the time of:

Admission of a partner
Retirement of a partner
Death of a partner
All of these

X, Y and Z were partners sharing profits and losses equally. X died on 1st April 2019. Find out the share of X in the profit of 2019 based on the profit of 2018 which showed Rs. 36,000.

Rs. 1,000
Rs. 3,000
Rs. 12,000
Rs. 36,000

Kayal, Mala and Neela are partners sharing profits in the ratio of 2:2:1. Kayal retires and the new profit sharing ratio between nila and neela is 3:2. Calculate the gaining ratio.

2:1
1:2
1:1
3:1

A,B and C are partners sharing profits and losses in the ratio of ½, 3/10 and 1/5. B retires from the firm. A and C decide to share the future profits and losses in 3:2. Calculate gaining ratio:

1:2
3:2
2:3
None of these

When a partner withdraws his capital from the partnership firm, it is called _______of a partner

Admission
Death
Retirement
All of these

The amount due to the retiring partner is either _______ or is paid in installments.

Paid of immediately
Installment
Loan
None of these

At the time of retirement of a partner, determination of gaining ratio is required

To transfer revaluation profit or loss
To distribute accumulated profits and losses
To adjust goodwill
None of these

A, B and C are partners sharing profits in the ratio of 2:2:1. On retirement of B, goodwill of the firm was valued as Rs. 30,000. Find the contribution of A and C to compensate B:

Rs.20,000 and Rs. 10,000
Rs. 8,000 and Rs. 4,000
Rs.10,000 and Rs. 20,000
Rs. 15,000 and Rs. 15,000

Retirement / death of a partner will not be dissolution if remaining partners are _________ to continue it.

Dissolution
Optional
Agreed
All of the above

When a partner dies, firm will receive the:

1/2 amount of policy
1/4 amount of policy
3/4 amount of policy
Full amount of policy

If the amount due to the outgoing partner is transferred to loan account then he is entitled to interest at _________ until it is paid out.

9%
5%
6%
8%

A, B and C are partners sharing profits in the ratio of 4:2:3. Cretires. The new profit sharing ratio between A and B will be

4:3
3:4
2:1
1:2

The method under which amount payable to the retiring partner is paid off at a time:

Immediately paid method
Lump-sum method
Both (a) & (b)
None of these

How are unrecorded assets treated at the time of retirement of a partner?

Credited to revaluation A/c
Credited to capital account of retiring partner only
Debited to revaluation A/c
Credited to partner’s capital A/c

________ of partner will be paid off, before the settlement of partner’s capital.

Capital
Loan
Asset
None of these

On retirement of a partner, general reserve is transferred to the

Capital account of all the partners
Revaluation account
Capital account of the continuing partners
Memorandum revaluation account

Partner’s equity is affected due to:

Retirement of a partner
Admission of a partner
Death of a partner
All of these

The accounting procedure at the retirement of a partner involves:

As their old profit ratio
According to new ratio
According to sacrificing ratio
None of these

If all partners mutually decide for the dissolution, it will be dissolution of the _

Firm
Corporation
Government
None of these

Goodwill may be ________ if all the partners are agreed, that it should not remain in the books

Share
Distribute
Written off
None of these

‘ A’ was a partner in a partnership firm. He died on 31st March 2019. The final amount due to him is Rs. 25,000 which is not paid immediately. It will be transferred to

A’s capital account
A’s current account
A’s Executor account
A’s Executor loan account

X,Y,Z were partners sharing profits in the ratio of 5:3:2. Goodwill does not appear in books, but it is agreed to be worth Rs.1,00,000. X retires from the firm and Y and Z decide to share future profits equally. X’s share of goodwill will be debited to Y’s and Z’s capital A/c’s in ratio :

1/2 : 1/2
2:3
3:2
None of these

Partnership is _________ on the retirement or death of a partner

Dissolved
Agreed
Retired
None of these

On revaluation, the increase in liabilities leads to

Gain
Loss
Profit
None of these

At the time of retirement / death, income sharing ratio among the remaining partners may or______change.

May
May not
Change
All of these

Mani, Nagappan and Ulaganathan are partners sharing profits in the ratio of 4:3:3. Ulaganathan retires and his share is taken up by mani and Nagappan in the ratio of 3:2. Calculate the new ratio.

20:10
21:19
29:21
19:21

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