CBSE Class 12 Accountancy Reconstitution of Partnership Firm: Retirement / Death of a Partner Quiz 1

1. 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

2. X, Y and Z were partners sharing profits in the ratio of 5 : 3 : 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 \(\frac{1}{2}: \frac{1}{2}\) B 2 : 3 C 3 : 2 D None of these

3. 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

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

5. The amount due to the deceased partner is paid to his………. (a) Father

6. 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

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

8. X, Y and Z share profits in the ratio of \(\frac{1}{2}: \frac{1}{3}: \frac{1}{6}, \mathbf{Z}\) dies. New ratio of X and Y will be :

A 3 : 2. (b) 2 : 3

9. 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.

10. 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