Retirement/death of a partner MCQs | Class 12 Accountancy Chapter 4 (Part 2) MCQ Question and Answers

by | Jan 10, 2025 | General | 0 comments

 

Retirement/death of a partner MCQ Question Answers suitable for CUET 2025 from Class 12 Accountancy Chapter 4 (Part 2)

To score full marks in the CUET 2025 Accountancy exam, Practice Class 12 Accountancy Chapter 4 (Part 2) Retirement/death of a partner MCQ Test any number of times free on our website. These questions have been created by our experts from the latest Class 12 Accountancy Syllabus and as per latest exam pattern. Multiple Choice Questions (MCQs) are a type of objective assessment in which a person is asked to choose one or more correct answers from a list of available options. An MCQ presents a question along with several possible answers. Most of the exams in India including the CUET exam conduct an online test to check your knowledge.

Class 12 Accountancy Chapter 4 (Part 2) MCQs

1. Question
a.
b.
c.
d.

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

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

4. 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.

5. 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.

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

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

8. 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.

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

10. Question
a.
b.
c.
d.

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

12. Question
a.
b.
c.
d.

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

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

15. 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.

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

17. Question
a.
b.
c.
d.

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

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

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


 

 

To summarize, revising for free using our MCQs on Class 12 Accountancy Chapter 4 (Part 2) Retirement/death of a partner is highly beneficial for scoring full marks on the CUET 2025 Accountancy exam. We provide a sophisticated online test platform tailored for unlimited practice through proficiently crafted questions built on the most recent syllabus and exam pattern. Practicing MCQs regularly will boost conceptual understanding as they are significant for objective assessments. Start practicing now to succeed in your CUET 2025 Accountancy exam!

Also See : 

Class 12 Accountancy Part 1

Accounting for share capital MCQs Class 12 Accountancy Chapter 1 (Part 1)

Accounting for partnership: basic concepts MCQs Class 12 Accountancy Chapter 2 (Part 1)

Financial statements of a company MCQs Class 12 Accountancy Chapter 3 (Part 1)

Analysis of financial statements MCQs Class 12 Accountancy Chapter 4 (Part 1)

Accounting ratios MCQs Class 12 Accountancy Chapter 5 (Part 1)

Cash flow statement MCQs Class 12 Accountancy Chapter 6 (Part 1)

Class 12 Accountancy Part 2

Accounting for not for profit organisation MCQs Class 12 Accountancy Chapter 1 (Part 2)

Issue and redemption of debentures MCQs Class 12 Accountancy Chapter 2 (Part 2)

Reconstitution of a partnership firm – admission of a partner MCQs Class 12 Accountancy Chapter 3 (Part 2)

Dissolution of partnership firm MCQs Class 12 Accountancy Chapter 5 (Part 2)

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