Reconstitution of Partnership Firm: Retirement / Death of a Partner MCQ Questions for Class 12 Accountancy Chapter 4 with Answers

NCERTCOURSE.COM- Find here the NCERT/CBSE chapter-wise Multiple Choice Questions from Class 12 Accountancy book Chapter 4 Reconstitution of Partnership Firm: Retirement / Death of a Partner with Answers Pdf free download. This may assist you to understand and check your knowledge about the chapters. Students also can take a free test of the Multiple Choice Questions of Reconstitution of Partnership Firm: Retirement / Death of a Partner. Each question has four options followed by the right answer. These MCQ Questions are selected supported by the newest exam pattern as announced by CBSE.

MCQ Questions for Class 12 Accountancy with Answers

Q1. Retirement of a partner is of partnership firm.

(i) dissolution
(ii) winding up
(iii) reconstitution
(iv) None of these.

(iii) reconstitution

Q2. Revaluation account or Profit & loss adjustment account is

(i) Personal Account
(ii) Real Account
(iii) Nominal Account
(iv) None of the options

(iii) Nominal Account

Q3. In the event of death of a partner, the accumulated profits and losses are shared by the partners in their:

(i) Old Profit-sharing Ratio
(ii) New Profit-sharing Ratio
(iii) Capital Ratio
(iv) None of these

(i) Old Profit-sharing Ratio

Q4. After retirement of a partner, share of remaining partner will

(i) increase
(ii) decrease
(iii) not change
(iv) postpone.

(i) increase

Q5. On the admission of a new partner, increase in the value of assets is debited to

(i) Profit & Loss Account
(ii) Revaluation A/c
(iii) Assets Account
(iv) None of the options

(iii) Assets Account

Q6. On the death of a partner in a firm payments are made to;

(i) Capital A/c
(ii) Executor’s A/c
(iii) Current A/c
(iv) Loan A/c

(ii) Executor’s A/c

Q7. Profit or loss on revaluation of assets and liabilities at the time of retirement of a partner is shared by

(i) all partners in their old ratio
(ii) remaining partners in old ratio
(iii) remaining partners in gaining ratio
(iv) retired partner only

(i) all partners in their old ratio

Q8. The ratio in which the continuing partners acquire the outgoing partners share is called

(i) Gaining Ratio
(ii) New Profit sharing ratio
(iii) Old Profit sharing ratio
(iv) None of the options

(i) Gaining Ratio

Q9. The amount due to the deceased partner is paid to his……….

(i) Father
(ii) Friend
(iii) Wife
(iv) Executors

(iv) Executors

Q10. At the time of retirement of a partner, account is prepared.

(i) revaluation A/c
(ii) profit and loss A/c
(iii) balance sheet
(iv) All of these.

(i) revaluation A/c

Q11. A, B are C are sharing profits in the ratio of (\frac{1}{2}: \frac{1}{3} \div \frac{1}{6}) C retired. Gaining ratio will be :

(i) 2 : 1
(ii) 2 : 3
(iii) 3 : 2
(iv) 1 : 2

(iii) 3 : 2

Q12. The balance of Joint Life Policy Account and Joint Life Policy Reserve A/c is:

(i) Always Equal
(ii) Always Unequal
(iii) Not Necessary
(iv) None of these

(iii) Not Necessary

Q13. Goodwill of the deceased partner will be debited in remaining partners’ capital Account in ratio.

(i) old
(ii) new
(iii) sacrifice
(iv) gaining

(iv) gaining

Q14. On retirement of a partner, goodwill will be credited to the Capital Account of:

(i) Retiring Partner
(ii) Remaining Partners
(iii) All Partners
(iv) None of the Above

(i) Retiring Partner

Q15. The amount of General Reserve is transferred to all partner’s capital accounts in:

(i) New Profit-sharing Ratio
(ii) Capital Ratio
(iii) Old Profit-sharing Ratio
(iv) None of these

(iii) Old Profit-sharing Ratio

Q16. After the death of an existing partner, shares of remaining partner will

(i) increase
(ii) decrease
(iii) not change
(iv) All of these.

(i) increase

Q17. Retiring Partner’s share of goodwill is debited to remaining partners in their :

(i) Capital Ratio
(ii) Gaining Ratio
(iii) New Profit Sharing Ratio
(iv) None of these

(ii) Gaining Ratio.

Q18. A, Band Care equal partners in a firm. B retires and the remaining partners decide to share profits of the new firm in the ratio of 5 : 4. Gaining ratio will be:

(i) 2 : 1
(ii) 1 : 2
(iii) 4 : 5
(iv) 5 : 4

(i) 2 : 1

Q19. Gaining Ratio:

(i) Old Ratio – New Ratio
(ii) New Ratio – Old Ratio
(iii) Old Ratio + Old Ratio
(iv) All of these.

(ii) New Ratio – Old Ratio

Q20. According to the Partnership Act, 1932, the interest payable to the deceased partner on the amount left by him will be :

(i) 6% p.a.
(ii) 10% p.a.
(iii) 12% p.a.
(iv) 16% p.a. A

(i) 6% p.a.

Q21. How unrecorded assets are treated at the time of retriement of a partner ?

(i) Credited to Revaluation Account
(ii) Credited to Capital Account of Retiring Partner
(iii) Debited to Revaluation Account
(iv) Credited to Partner’s Capital Accounts

(i) Credited to Revaluation Account

Q22. The old profit sharing ratio among Rajendra, Satish and Tejpal were 2 : 2 : 1. The new profit sharing ratio after Satish’s retirement is 3 : 2. The gaining ratio is :

(i) 3 : 2
(ii) 2 : 1
(iii) 1 : 1
(iv) 2 : 2 A

Answer

Q23. What are the methods of calculating share of the deceased partner in the profit of the firm upto the date of death:

(i) On time basis
(ii) On sales basis
(iii) Both (i) and (ii)
(iv) None of these

(iii) Both (i) and (ii)

I Think the given NCERT MCQ Questions for class 12 Accountancy book Chapter 4 Reconstitution of Partnership Firm: Retirement / Death of a Partner with Answers Pdf free download will assist you. If you’ve got any queries regarding CBSE Class 12 Accountancy Reconstitution of Partnership Firm: Retirement / Death of a Partner MCQs Multiple Choice Questions with Answers, drop a comment below and that we will come back to you soon.

MCQ Class 12 Accountancy with answers Part A & Part B

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