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Category MCQs (Retirement)

MCQs (Retirement) 39 Questions

0 Votes 1 Ans

X, Y and Z are partners in a firm sharing profits in the ratio of 2 : 2 : 1 respectively. Y retires and X and Z decide to share future profit & Losses in the ratio of 3 : 5.

1.89K viewsAnurag Pathak Changed status to publish July 11, 2023Accountancy Class 12th MCQs (Retirement)Retirement of Partner

0 Votes 1 Ans

Vidya and Jyoti sharing profits equally admit Kalam for 1/5th share in profits. Kalam pays ₹ 50,000 for goodwill out of his share of ₹ 90,000. Goodwill exists in the Balance Sheet at ₹ 1,60,000. Pass Journal entries.

1.95K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12th MCQs (Retirement)

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

1.48K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12th MCQs (Retirement)Retirement of Partner

0 Votes 1 Ans

The retirement of a partner is a situation for the continuing partners which is known as

935 viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12th MCQs (Retirement)Retirement of Partner

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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.

1.45K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12th MCQs (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

929 viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12th MCQs (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:

1.36K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12th MCQs (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

2.36K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12th MCQs (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?

951 viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

From the following information, calculate the amount due to Mohan (the retiring partner):

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

1.71K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (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

1.90K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (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.

2.00K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (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.

2.72K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

Retiring partner is compensated by the continuing partners in their

844 viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (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.

1.68K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (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?

1.07K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (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?

1.98K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

A, B and C are partners sharing profits in the ratio of 3 : 2 : 1. C retires, if A and B take the share of retiring partner equally, new profit sharing ratio will be

2.13K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

A, B and C are partners sharing profits in the ratio of 3 : 2 : 1. C retired, and new profit sharing ratio is 3 : 2. Gaining Ratio will be

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

0 Votes 1 Ans

A B and C are partners sharing profits

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

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

3.09K 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:

1.90K 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

1.14K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

Gaining Ratio is

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

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