Category MCQs (Retirement) MCQs (Retirement) 39 Questions Ask question Search Order By: ActiveClear Filter 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. 1.25K viewsAnurag Pathak Changed status to publish July 11, 2023Accountancy Class 12thMCQs (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. 1.11K viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (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 870 viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (Retirement)Retirement of Partner 0 Votes 1 Ans The retirement of a partner is a situation for the continuing partners which is known as 600 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. 941 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 628 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: 835 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 1.55K 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? 589 viewsAnurag Pathak Changed status to publish July 3, 2023Accountancy Class 12thMCQs (Retirement) 0 Votes 1 Ans From the following information, calculate the amount due to Mohan (the retiring partner): 1.69K 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 1.14K 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 1.23K 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. 1.32K 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. 1.87K 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 503 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. 1.14K 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? 633 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? 1.24K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (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 1.22K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (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 445 viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12thMCQs (Retirement) 1 2 Next » Question and answer is powered by anspress.net
