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Category MCQs (Retirement)

MCQs (Retirement) 39 Questions

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?

2.40K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

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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.

4.28K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

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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:

2.23K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

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

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

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

818 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

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

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

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

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

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

0 Votes 1 Ans

Which of the following statement is correct?

904 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:

2.19K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

0 Votes 1 Ans

Accumulated losses are:

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

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Accumulated Profits are

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

0 Votes 1 Ans

Gaining Ratio is calculated as:

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

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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

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

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