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Category MCQs (Retirement)

MCQs (Retirement) 39 Questions

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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?

4.07K 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.

6.71K 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:

3.65K 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:

1.96K 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

1.80K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

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Unrecorded assets at the time of retirement of a partner are

1.78K 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:

2.29K 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:

1.97K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

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Which of the following statement is correct?

1.93K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

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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:

3.55K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

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Accumulated losses are:

1.97K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

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Accumulated Profits are

1.80K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

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Gaining Ratio is calculated as:

1.80K 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

1.95K viewsAnurag Pathak Changed status to publish July 2, 2023Accountancy Class 12th MCQs (Retirement)

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