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Category Accountancy Class 12th

Accountancy Class 12th 922 Questions

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0 Votes 1 Ans

Srishti, Nitya and Anand were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Srishti retired from the firm selling her share of profits to Nitya and Anand in the ratio of 2 : 1. The new profit sharing ratio between Nitya and Anand will be

3.30K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

Amla, Bimla and Kavita were partners sharing profits and losses in the ratio of 4 : 3 : 1. Bimla retires and gives her share of profit to Amla for ₹ 3,600 and to Kavita for ₹ 3,000. The gaining ratio of Amla and Kavita will be:

2.04K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

On the retirement of Hari from the firm of Hari, Ram and Sharma, the Balance Sheet showed a debit balance of ₹ 12,000 in the Profit & Loss Account. For calculating the amount payable to Hari, this balance will be transferred

1.21K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

Gaining Ratio is

980 viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

Amount credited to a retiring partner in his capital Account is ₹ 2,01,000. He took investments at ₹ 58,000. He also took 20% of the debtors. The amount transferred to his loan account is ₹ 1,23,000. What is the total value of the debtors?

2.56K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

Amay, Bina and Chander are partners in a firm with capital balances of ₹ 50,00, ₹ 70,000 and ₹ 80,000 respectively on 31st March, 2022. Amay decides to retire from the firm on 31st March, 2022.

4.58K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

At the time of retirement of Mohan, stock is given as ₹ 60,000 in the Balance Sheet of the firm. If stock is undervalued by ₹ 10,000. the Journal entry passed for the above is:

2.42K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

At the time of retirement of a partner, loss on revaluation will be debited to the Capital Accounts of:

856 viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

At the time of retirement of a partner, profit (gain) on revaluation will be credited to the capital accounts of

894 viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

Unrecorded assets at the time of retirement of a partner are

848 viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

At the time of retirement of a partner, compensation paid to sacrificing partner as Goodwill is recorded by passing the following Journal entry:

1.24K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

At the time of retirement of a partner, Goodwill existing in the Balance Sheet is written off by passing the following Journal entry:

851 viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

Which of the following statement is correct?

998 viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

Sonu, Monu and Gopal are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. The extract of their Balance Sheet is as follows:

2.32K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

Accumulated losses are:

914 viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

Accumulated Profits are

817 viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

Gaining Ratio is calculated as:

856 viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

Retiring Partner is compensated for foregoing his profit share in favour of all or some of the partners remaining as partners. The compensation is paid by the remaining partners in

1.04K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

Atal and Jawahar are partners with capital of ₹ 1,30,000 and ₹ 90,000 respectively. They admit Mohan as a partner with 1/5th share in the profits fo the firm. Mohan brings in ₹ 80,000 as capital and also his share of goodwill. Goodwill is to be calculated on the basis of Mohan’s share in the profits and capital contributed by him. Pass necessary Journal entries.

1.70K viewsAnurag Pathak Changed status to publish July 1, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Anuj and Vinod are partners in a firm. They admit Samar as a partner for 1/4th share in the profits of the firm. Samar brings ₹ 5,00,000 as his capital. The value of the total assets of the firm is ₹ 13,50,000 and outside liabilities are valued at ₹ 2,50,000 on that date. Calculate Samar’s share of goodwill.

1.87K viewsAnurag Pathak Changed status to publish July 1, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Reema and Seema are partners with capitals of ₹ 50,000 each. They admit Sam as a partner with 1/4th share in the profits of the firm. Sam brings ₹ 80,000 as his share of capital. Profit and Loss Account showed a credit balance of ₹ 40,000 as on date of admission of Sam. Pass necessary Journal entries to record the goodwill.

1.75K viewsAnurag Pathak Changed status to publish July 1, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Rajat and Amar are partners with capitals of ₹ 90,000 respectively. They admit Karan into partnership for 1/5th sahre in the profit of the firm. Karan brings ₹ 80,000 as his capital but is unable to bring for goodwill. Goodwill is to be calculated on the basis of Karan’s share in the profits and the capital contributed by him. Give Journal entries to record the goodwill.

1.83K viewsAnurag Pathak Changed status to publish July 1, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Arun, Arvind and Alok are in partnership sharing profits and losses in the ratio of 5 : 4 : 1. Two new partners Ankur and Aseem are admitted.

2.23K viewsAnurag Pathak Changed status to publish July 1, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Nimrat and Rantej are partners in a firm sharing profits and losses in the ratio of 5 : 3. Anahat is admitted as a new partner for 1/8th share in the profits of the firm. Anahat brings ₹ 80,000 as her capital but is not able to bring amount of goodwill. Goodwill of the firm is valued at ₹ 60,000. It is decided that new profit sharing ratio will 9 : 5 : 2. Pass necessary Journal entry for the adjustment of goodwill.

2.59K viewsAnurag Pathak Changed status to publish July 1, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Nidhi and Preeti are partners sharing profits and losses in the ratio of 3 : 2. They admit Gurman into the firm for 1/4th share in profits which he gets 1/6th from Nidhi and 1/12th from Preeti. Gurman brings in 60% of his share of firm’s goodwill. Goodwill of the firm is valued at ₹ 1,00,000. Pass necessary Journal entries to record this arrangement.

2.94K viewsAnurag Pathak Changed status to publish June 28, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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