Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Amar, Akash and Arvind are partners. on the retirement of Akash, Workmen Compensation Reserve has a balance of ₹ 1,50,000. There is a claim of ₹ 37,500 against it. How much amount will be transferred to Akash’s Capital in respect of Workmen Compensation Reserve? a) Nil 4.08K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (Retirement)Retirement of Partner 0 Votes 1 Ans Assertion (A): Admission of a partner means reconstitution of the partnership whereby old partners ceases to exist and new partnership comes into existence 3.23K viewsAnurag Pathak Changed status to publish July 3, 2023[CBSE] TS Grewal Solutions 0 Votes 1 Ans The retirement of a partner is a situation for the continuing partners which is known as 3.23K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (Retirement)Retirement of Partner 0 Votes 1 Ans Assertion (A): At the time of retirement of a partner, the remaining partners may decide to adjust their capital in their new profit sharing ratio. 3.68K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (Retirement)Retirement of Partner 0 Votes 1 Ans At the time of retirement of a partner, if there is undistributed profit in the Balance Sheet of the firm, it 2.96K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (Retirement)Retirement of Partner 0 Votes 1 Ans Capital Balances of X, Y and Z sharing profits and losses in proportion to their capitals stood as follows: 3.66K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans X, Y and Z are partners sharing profits and losses in the ratio of 4/9 : 1/3 : 2/9. Y retires and gives 1/9th of his share in favour of X and remaining in favour of Z. The new profit sharing ratio will be 5.42K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans Retiring partner is compensated for sacrificing profit share in favour of remaining partners. In what ratio do the remaining partners contribute to such compensation amount? 3.46K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans Assertion (A): At the time of retirement of a partner, if the retiring partner is paid more amount than due to him, the difference amount is goodwill paid based on valuation. 3.97K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thAssertion Reason (Retirment)Retirement of Partner 0 Votes 1 Ans Assertion (A): Amount due to the retiring partner is always transferred to his loan account. 3.92K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thAssertion Reason (Retirment)Retirement of Partner 0 Votes 1 Ans Assertion (A): At the time of retirement of a partner, assets are revalued and liabilities are reassessed to ensure that the retiring partner is neither at an advantage nor at loss due to change in values of assets and liabilities. 3.77K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thAssertion Reason (Retirment)Retirement of Partner 0 Votes 1 Ans Assertion (A): At the time of retirement of a partner, the combined profit share of the remaining or continuing partners increases. 3.99K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thAssertion Reason (Retirment)Retirement of Partner 0 Votes 1 Ans Assertion (A): At the time of retirement of a partner, besides the Retiring partner, if a continuing partner also sacrifices his profit share, he along with the retiring partner will get share in firm’s goodwill equal to the profit share sacrificed. 3.72K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thAssertion Reason (Retirment)Retirement of Partner 0 Votes 1 Ans Assertion (A): Retiring partner will not get share in firm’s goodwill on his retirement from the firm. 3.48K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thAssertion Reason (Retirment)Retirement of Partner 0 Votes 1 Ans Assertion (A): Retiring partner will get his share in firm’s gain (profit) on revaluation of assets and reassessment of liabilities and will bear loss on revaluation. 3.58K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thAssertion Reason (Retirment)Retirement of Partner 0 Votes 1 Ans Assertion (A): Retirement of partner means partnership comes to an end and new partnership becomes operative. 2.90K viewsAnurag Pathak Changed status to publish July 2, 2023Assertion Reason (Retirment) 0 Votes 1 Ans From the following information, calculate the amount due to Mohan (the retiring partner): 5.71K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans Akhil, Vipul and Ritvik were partners sharing profits in the ratio of 5 : 3 : 2. Akhil retired from the firm. On the date of retirement, Goodwill of the firm was valued at ₹ 5,00,000. Amount that will be debited to the capital accounts of Vipul and Ritvik will be 4.04K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans Dev, Anil and Aman were partners sharing profits in the ratio of 2 : 1 : 1. Anil retired from the firm on 1st April, 2023 and Dev and Aman decided to share future profits equally. As on that date, goodwill of the firm was valued at ₹ 1,00,000. The amount of Goodwill that will be paid by Aman to the retiring partner will be 4.81K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans Harish, Girish and Paresh were partners sharing profits in the ratio of 2 : 1 : 1. Paresh retired from the firm on 1st April, 2023 and Harish and Girish decided to share future profits equally. 5.16K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans A, B and C were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. C retired and his capital balance after adjustments regarding reserves, accumulated profits/losses and his share of gain on revaluation was ₹ 2,50,000. 5.98K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans Retiring partner is compensated by the continuing partners in their 3.13K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans A, B and C are partners in the firm, sharing profits in the ratio of 2 : 2 : 1. Their Capital Accounts stand as ₹ 50,000, ₹ 50,000 and ₹ 25,000, respectively. 4.29K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans A, B and C are partners sharing profit and losses in the ratio of 2 : 2 : 1. B retired from the firm. At the time goodwill of the firm was valued at ₹ 30,000. What contribution has to be made by A and C to pay B? 3.39K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans A, B and C are partners sharing profits and losses in the ratio of 5 : 4 : 3. C retires and is credited for ₹ 9,000 as goodwill. How much will be debited to A in respect of goodwill adjustment? 4.70K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) « Previous 1 2 … 162 163 164 165 166 … 185 186 Next » Question and answer is powered by anspress.net
