Class 12 Accountancy Chapter 4 (Part 2) – Retirement/death of a partner MCQ Question Answers for CUET 2024

1. After the death of an existing partner, shares of remaining partner will
a.
b.
c.
d.

2. Which of the following is Incorrect?
a.
b.
c.
d.

3. Unrecorded assets in case of retirement of part is
a.
b.
c.
d.

4. One of the various matters that need adjustments at the time of retirement of partners
a.
b.
c.
d.

5. Question
a.
b.
c.
d.

6. Question
a.
b.
c.
d.

7. At the time of retirement of a partner, account is prepared.
a.
b.
c.
d.

8. The problem of calculating gaining ratio arises primarily when the _______of the continuing partners is specified
a.
b.
c.
d.

9. Section 37 of the Indian Partnership Act, 1932 is applicable, which states that the outgoing partner has an option to receive either interest @ _______ till the date of payment or such share of profits which has been earned with his/her money
a.
b.
c.
d.

10. At the time of retirement of a partner, goodwill will be credited in _______ partner’s capital Account.
a.
b.
c.
d.

11. On retirement/death of a partner, the retiring/deceased partner’s capital account will be credited with (a)
a.
b.
c.
d.

12. The amount mentioned in balance sheet, due to retiring partner is called as _______
a.
b.
c.
d.

13. How goodwill is recorded on the retirement of a partner?
a.
b.
c.
d.

14. If the firm has agreed to settle the retiring or deceased partner’s account by paying him a lump sum amount, then the amount paid to him in excess of what is due to him, based on the balance in his capital account after making necessary adjustments in respect of accumulated profits and losses and revaluation of assets and liabilities, etc., shall be treated as his share of goodwill. This Goodwill can be referred to
a.
b.
c.
d.

15. Question
a.
b.
c.
d.

16. Question
a.
b.
c.
d.

17. A, B and C are partners in 3: 4: 2. B wants to retire from the firm. The profit on revaluation on that date was Rs. 36000. New ratio of A and C is 5: 3. Profit on revaluation will be distributed as:
a.
b.
c.
d.

18. Increase in the liability at the time of retirement Of a Partner
a.
b.
c.
d.

19. The following deductions, if any, may have to be made from Retiring Partners
a.
b.
c.
d.

20. Chaman, Raman and Suman are partners sharing profits in the ratio of 5:3:2. Raman retires, the new profit-sharing ratio between Chaman and Suman will be 1:1. The goodwill of the firm is valued at Rs. 1,00,000 Raman’s share of goodwill will be adjusted
a.
b.
c.
d.


 

Also See : 

Accountancy Part 1

Accountancy Chapter 1 (Part 1) – Accounting for share capital MCQs

Accountancy Chapter 2 (Part 1) – Accounting for partnership: basic concepts MCQs

Accountancy Chapter 3 (Part 1) – Financial statements of a company MCQs

Accountancy Chapter 4 (Part 1) – Analysis of financial statements MCQs

Accountancy Chapter 5 (Part 1) – Accounting ratios MCQs

Accountancy Chapter 6 – Cash flow statement MCQs

Accountancy Part 2

Accountancy Chapter 1 (Part 2) – Accounting for not for profit organisation MCQs

Accountancy Chapter 2 (Part 2) – Issue and redemption of debentures MCQs

Accountancy Chapter 3 (Part 2) – Reconstitution of a partnership firm – admission of a partner MCQs

Accountancy Chapter 5 (Part 2) – Dissolution of partnership firm MCQs