Mcq on retirement of partners
COMMERCE DADA
Retirement Of Partners
1. On retirement of a partner’s the amount of General Reserve is transferred to all partner’s capital account in:
(a) New Profit Sharing Ratio. (b) Capital Ratio
(c) Old Profit Sharing Ratio. (d) None of these
2. X, Y and Z were partners sharing profits in the ratio of 5 : 3 : 2. Goodwill does not appear in the books but it is agreed to be worth 1,00,000 Rs.. X retires from the firm and Y and Z decide to share profits equally. X’s share of goodwill will be debited to Y’s and Z’s Capital A/cs in………ratio:
(a) 12:12. (b) 2 : 3
(c) 3 : 2. (d) None of these
3. x,y are z are partners and share profits in the ratio of 5 : 3 : 2. y retires and x takes 1/10 from y and z takes 1/5 from y. The new profit sharing ratio will be :
(a) 7 : 13. (b) 13 : 7
(c) 3 : 2. (d) 1 : 1
4. The old profit-sharing ratio among Rajender, Satish and Tejpal were 2 : 2 : 1. The new profit-sharing ratio after Satish’s retirement is 3 : 2. The gaining ratio is :
(a) 3 : 2. (b) 2 : 1
(c) 1 : 1. (d) 2 : 3
5. The amount due to the deceased partner is paid to his……….
(a) Father. (b) Friend
(c) Wife. (d) Executor
6. In case of death of a partner, the whole amount standing to the credit of his capital account is transferred to :
(a) Capital Accounts of all partners. (b) Capital Accounts of remaining partners
(c) His Executor’s Account. (d) Account of the Government
7. On the death of a partner in a firm payments are made to;
(a) Capital A/c. (b) Executor’s A/c
(c) Current A/c. (d) Loan A/c
8. X, Y and Z share profits in the ratio of 12:13:16,Z dies. New ratio of X and Y will be :
(a) 3 : 2.(b) 2 : 3
(c) 2 : 1. (d) None of these
9. The executors of deceased partner will be paid interest on the amount due from the date of death of the partner at:
(a) 5% p.a.(b) 6% p.a.
(c) 7% p.a.(d) 8% p.a.
10. In the event of death of a partner, the accumulated profits and losses are shared by the partners in their:
(a) Old Profit-sharing Ratio. (b) New Profit-sharing Ratio
(c) Capital Ratio. (d) None of these
Answer:
1.C , 2.B , 3.C , 4.C , 5.D , 6.C , 7.B , 8.A , 9.B , 10.A.
11. On the death of a partner, the amount of Joint Life Insurance Policy is credited to the Capital Accounts of:
(a) Only the deceased partner. (b) All partners including the deceased partner
(c) Remaining partners, in the new (d) Remaining partners, in their old profit-sharing ratio
profit-sharing ratio.
12. On death of a partner, the remaining partner(s) who have gained due to change in profit-sharing ratio should compensate the:
(a) Deceased partner. (b) Remaining partners (who have sacrificed) as well
as decreased partner
(c) Remaining partners (d) None of these
(who have sacrificed).
13. B, C and D are partners sharing profit in the ratio 7:5:4. D died on 30th June, 2016 and profits for the year 2015-16 were ₹ 12,000. How much share in profits for the period 1st April, 2016 to 30th June, 2016 will be credited to D’s Account:
(a) ₹ 3,000. (b) ₹ 750
(c) Nil. (d) ₹ 1,000
14. A, B and C are partners sharing profits and losses in the ratio of 2 : 2 : 1. C died on 31st March, 2016. The profits of the financial year ending 31st March, 2016 is ₹ 64,000. The share of the deceased partner in the profits will be:
(a) ₹ 9,200. (b) ₹ 12,800
(c) ₹ 3,100. (d) ₹ 6,100
15. JLP of the partners is a/an…………..account
(a) Nominal. (b) Personal
(c) Liability. (d) Asset
16. Joint Life Policy amount received by a firm is distributed in:
(a) Opening Capital Ratio. (b) Closing Capital Ratio
(c) Old Profit-sharing Ratio of Partners. (d) New Profit-sharing Ratio
Question 17.
A, B and C are partners sharing profits in the ratio of 3 : 2 : 1. They had a Joint Life Policy of ₹ 3,00,000. Surrender value of JLP in Balance Sheet is ₹ 90,000. C dies what is share of each partner in JLP ?
(a) ₹ 1,05,000 ; ₹ 70,000; ₹ 35,000. (b) ₹ 45,000 ; ₹ 30,000; ₹ 15,00.
(c) ₹ 1,50,000 ; ₹ 1,00,000 ; ₹ 50,000. (d) ₹ 1,95,000 ; ₹ 1,30,000 ; ₹ 65,000
18. X, Y and Z are partners sharing profits in the ratio of 7 : 5 :4. On 30th June, 2015 Z died and profits for the year ending 31st March, 2016 were ₹ 2,40,000. How much share in profits for the period 1st April to 30th June, 2015 will be credited to Z’s account assuming the profit occurred evenly throughout the year ;
(a) ₹ 60,000. (b) ₹ 15,000
(c) ₹ 20,000. (d) Nil
19. Revaluation Account is prepared at the time of …………
(a) Admission of a partner. (b) Retirement of a partner
(c) Death of a partner. (d) All of the above
20. As per section 37 to the Indian Partnership Act, 1932, the executors would be entitled at their choice to interest calculated from the date of death till the date of payment on the final amount due to the deceased partner at………..percent per annum.
(a) 7. (b) 4
(c) 6. (d) 8
Answer:
11.B , 12.A , 13.B , 14.B , 15.D , 16.C , 17.C , 18.B , 19.D , 20.C.
21. X, Y and Z are the partners sharing profits in the ratio 2 : 1 : 1. Firm has a joint life policy of ₹ 1,20,000 and in the balance sheet it is appeaming at the surrender value, i.e., ₹ 20,000. On the death of X how this JLP will be distributed among partners:
(a) 50,000 : 25,000 : 25,000. (b) 60,000 : 30,000 : 30,000
(c) 40,000 : 35,000 : 25,000. (d) whole ₹ 1,20,000 to A
22. On death of a partner, the firm gets for joint life policy taken for all partners.
(a) Policy amount. (b) Surrender value
(c) Policy amount of deceased partner. (d) Surrender value of all partners
23. A, B and C are partners sharing profits and losses in the ratio of 3 : 2 :1. On 1.3.2016 C died. The average profits of the firm for last four years were ₹ 72,000 Books are closed on 31st December. C’s share of profit till the date of his death will be:
(a) ₹ 2,000. (b) ₹ 12,000
(c) ₹ 1,400. (d) ₹ 24,000
24. A, B and C are partners sharing profits and losses in the ratio of 3 : 2 :1. C dies and goodwill of the firm is valued at ₹ 60,000. The amount payable to the executor’s of the deceased partner will be :
(a) ₹ 30,000. (b) ₹ 25,000
(c) ₹ 10,000. (d) ₹ 20,000
25. M, L and A are partners sharing profits in the ratio of 9:4:3. They have taken a joint life policy of ₹ 96,000. A dies. What is the share of A in the JLP amount ?
(a) ₹ 18,000. (b) ₹ 24,000
(c) ₹ 54,000. (d) ₹ 20,000
26. Which account is prepared at the time retirement or death of a partner to show the changes in the value of assets and liabilities:
(a) Revaluation A/c. (b) Realisation A/c
(c) Partner’s Capital A/c. (d) None of these
27. What are the methods of calculating share of the deceased partner in the profit of the firm upto the date of death:
(a) On time basis. (b) On sales basis
(c) Both (a) and (b). (d) None of these
28. If three partners A, B & C are sharing profits as 5:3:2, then on the death of a partner A, how much B & C will pay to A’s executor on account of goodwill ? Good-will is to be calculated on the basis of 2 years purchase of last 3 years average profits. Profits for the last three years are 10,80,000 Rs. :
(a) ₹ 2,16,000 and ₹ 1,42,000. (b) ₹ 2,44,000 and ₹ 2,16,000
(c) ₹ 3,60,000 and ₹ 2,16,000. (d) ₹ 2,16,000 and ₹ 1,44,000
29. On death of a partner, his excutor is paid the profits of
the deceased partner for the relevant period. This payment is recorded in Profit & Loss A/c :
(a) Adjustment. (b) Appropriation
(c) Suspense. (d) Reserve
30. On the retirement of a partner any accumulated profit should be credited to the capital accounts of:
(a) All partners in old profit-sharing ratio. (b) Remaining partners in new profit-sharing ratio
(c) Retiring partner only in his share. (d) None of these
Answer:
21.B , 22.A , 23.A , 24.C , 25.A , 26.A , 27.C , 28.D , 29.C , 30.A.
31. On the retirement of a partner, full amount of goodwill may be credited to the capital accounts of:
(a) Retiring partners. (b) Remaining partners
(c) All partners. (d) None of these
32. Outgoing partner is compensated for parting with firm’s future profits in favour of remaining partners. The remaining partners contribute to such compensation in:
(a) Gaining Ratio. (b) Capital Ratio
(c) Sacrificing Ratio. (d) Profit-sharing Ratio
33. Gaining ratio is calculated :
(a) At the time of admission of a new partner. (b) At the time of retirement of a partner
(c) On the dissolution of partnership firm. (d) None of these
34. How unrecorded assets are treated at the time of retriement of a partner ?
(a) Credited to Revaluation Account. (b) Credited to Capital Account of Retiring Partner
(c) Debited to Revaluation Account. (d) Credited to Partner’s Capital Accounts
35. On the retirement of a partner, profit on revaluation of assets and liabilities should be credited to the Capital Accounts of:
(a) All partners in the old profit-sharing ratio. (b) The remaining partners in their old profit-sharing ratio
(c) The remaining partners in their new profit-sharing ratio. (d) None of these
36. On retirement of a partner, the retiring Partner’s Capital Account will be credited with:
(a) His/her share of goodwill(b) Goodwill of the firm
(c) Share of goodwill of remaining partners. (d) None of these
37. Joint life policy be taken by the firm on the lives of:
(a) All the partners jointly. (b) All the partners separately
(c) All employees of the firm. (d) Both (a) and (b)
38. A, Band Care equal partners in a firm. B retires and the remaining partners decide to share profits of the new firm in the ratio of 5 : 4. Gaining ratio will be:
(a) 2 : 1. (b) 1 : 2
(c) 4 : 5. (d) 5 : 4
39. A, B are C are sharing profits in the ratio of 12:13÷16 C retired. Gaining ratio will be :
(a) 2 : 1. (b) 2 : 3
(c) 3 : 2. (d) 1 : 2
40. The amount of General Reserve is transferred to all partner’s capital accounts in:
(a) New Profit-sharing Ratio. (b) Capital Ratio
(c) Old Profit-sharing Ratio. (d) None of these
Answer:
31.C , 32.A , 33.B , 34.A , 35.A , 36.A , 37.D , 38.A , 39.C , 40.C.
41. Abhishek, Rajat and Vivek are partners sharing profits in the ratio of 5 : 3 : 2. If Vivek retires, the new profit sharing ratio between Abhishek and Rajat will be:
(a) 3 : 2. (b) 5 : 3
(c) 5 : 2. (d) None of these
42. The balance of Joint Life Policy Account and Joint Life Policy Reserve A/c is:
(a) Always Equal. (b) Always Unequal
(c) Not Necessary। (d) None of these
43. Anand, Bahadur and Chander are partners sharing profit equally. On Chander’s retirement, his share is acquired by Anand and Bahadur in the ratio of 3: 2. The new profit-sharing ratio between Anand and Bahadur will be:
(a) 8 : 7. (b) 4 : 5
(c) 3 : 2. (d) 2 : 3
44. Profit and loss on revaluation at the time of retirement is shared by:
(a) Remaining Partners. (b) All Partners
(c) New Partner. (d) None of these
45. X, Y, Z are equal partners in a firm. Z retires from the firm. The new profit-sharing ratio between X and Y is 1:2. The gaining ratio will be:
(a) 3 : 2. (b) 2 : 1
(c) 4 : 1. (d) Only Y gains by 1/3
46. X, Y, Z are partners sharing profits in the ratio of 3 : 4 : 4. retires and X and Z share their profits in equal ratio. New ratio of X and Z will be :
(a) 1 : 2. (b) 2 : 1
(c) 3 : 1. (d) 1 : 1
47. A, B and C are partners. Their capitals are ₹ 1,00,000, ₹ 75,000 and ₹ 50,000 respectively. On C’s retirement his share is acquired by A and B in the ratio of 6 : 4 Gaining ratio will be :
(a) 3 : 2. (b) 2 : 2
(c) 2 : 3. (d) None of these
48. At the time of retirement of partner, firm gets from the insurance company against joint policy taken jointly for all the partners :
(a) Policy Amount + Bonus. (b) Surrender Value
(c) Policy Amount. (d) None of these
49. Gaining Ratio is :
(a) New Ratio-sacrificing ratio. (b) Old Ratio-sacrificing ratio
(c) New ratio-old ratio. (d) Old ratio-new ratio
50. Partnership Act provides that interest on amount of capital balance left by the retired partner be paid at:
(a) 5%. (b) 6%
(c) Bank Rate. (d) 8%
Answer:
41.B , 42.C , 43.A , 44.B , 45.D , 46.D , 47.A , 48.B , 49.C , 50.B.
51. Heri, Roy and Prasad are partners and profit-sharing ratio is 3: 5:1. Roy now wants to retire and his share is taken by Prasad. Find the new ratio of Hari and Prasad:
(a) 1 : 2. (b) 2 : 1
(c) 3 : 5. (d) Equal
52. A, B and C are partners with profit-sharing ratio as 5 :3 :2. A retires. Find the gaining ratio :
(a) 3 : 2. (b) 5 : 3
(c) 5 :2. (d) None of these
53. Surrender value of an insurance policy means that value:
(a) Which is received an death of a partner. (b) Which is received when a policy matures
(c) Which can be received before the due date of the policy. (d) None of the above
54. P, Q and R are partners and share profit in the ratio of 5:3:2.
R retires and surrenders 3/5th of his share in favour of P and 2/5th of the share to Q. Find new profit sharing ratio:
(a) 7 : 3(b) 1 : 2
(c) 31 : 19. (d) None of these
55. Govind, Hari and Pratap are partners. On retirement of
Govind, the goodwill already appears in the Balance Sheet at ₹ 24,000. The goodwill will be written off:
(a) By debiting all Partners’ Capital (b) By debiting remaining Partners’ Capital Accounts
Accounts in their old profit-sharing ratio. in their new profit-sharing ratio
(c) By debiting retiring Partner’s Capital. (d) None of these
Account from his share of goodwill
56. Goodwill is paid out of the retiring partner in :
(a) Old Profit-sharing Ratio. (b) Capital Ratio
(c) Equal Ratio. (d) None of these
57. On retirement of a partner, his share of goodwill is written off among continuing partners in there :
(a) New Profit-sharing Ratio. (b) New Capital Ratio
(c) Gaining Ratio. (d) None of these
58. On retirement of a partner, the retiring partner’s capital account will be credited with :
(a) His/her share of goodwill. (b) Goodwill of the firm
(c) Shares of goodwill of remaining partners. (d) None of these
59.A,BandCarepartnerssharingprofitsintheratioof5:2:1.IfthenewratioontheretirementofAis3:2,whatwillbethegainingratio?
(a)11:14.(b)3:2
(c)2:3.(d)14:11
60.P,QandRarepartnerssharingprofitsintheratioof5:4:3.QretiresandPandRdecidetosharefutureprofitsequally.GainingRatiowillbe:
(a)5:3.(b)1:1
(c)1:3.(d)3:1
Answer:
51.A , 52.A , 53.C , 54.C , 55.A , 56.A , 57.C , 58.A , 59.D , 60.C
61.Retiringpartneriscompensatedforpartingwiththefirm’sfutureprofitsinfavourofremainingpartners.Theremainingpartnerscontributetosuchcompensationamountin
(a)GainingRatio(b)CapitalRatio
(c)SacrificingRatio(d)Profit-SharingRati
62.‘GainingRatio’means:
(a)OldRatio–NewRatio.(b)NewRatio–OldRatio
(c)OldRatio–SacrificingRatio.(d)NewRatio–SacrificingRatio
63.A,B,andCarepartnersintheratioof3:4:2.Bwantstoretirefromthefirm.Theprofitonrevaluationonthatdatewas₹36,000.ThenewratioofAandCis5:3.Profitonrevaluationwillbedistributedas
(a)A₹16,000,B₹12,000,C₹8,000(b)A₹12,000,B₹16,000,C₹8,000
(c)A₹22,500,C₹13,500(d)A₹23,625,C₹12,375
64.A,B,andCshareprofitsandlossesofthecompanyequally.BretiresformbusinessandhisshareispurchasedbyAandCintheratioof2:3.NewprofitsharingratiobetweenAandCrespectivelywouldbe
(a)1:1(b)2:2
(c)7:8(d)3:5
65.P,Q,andRhavebeensharingprofitsintherationof8:5:3.Pretires.Qtakes3/16thsharefromPandRtake5/16thsharefromP.Newprofitsharingratiowillbe
(a)1:1(b)10:6
(c)9:7(d)5:3
66.A,B,andCareequalpartners.Cretires.Hesurrenders3/5thofhisshareinfavourofAand2/5thinfavourofB.Newratiowillbe
(a)3:2(b)8:7
(c)7:8(d)2:3
67.P,Q,andRaresharingprofitandlossesequally.Rretiresandthegoodwillisappearinginthebookat₹30,000.Goodwillofthefirmisvaluedat₹1,50,000.CalculatethenetamounttobecreditedtoR’scapitalA/c
(a)₹60,000(b)₹50,000
(c)₹40,000(d)₹10,000
68.A,B,andCarepartnerswithprofitsharingratio4:3:2.Bretiresandgoodwillwasvalued₹1,08,000.IfAandCshareprofitsin5:3,findoutthegoodwillsharedbyAandCinfavourofB
(a)₹22,500and₹13,500(b)₹16,500and₹19,500
(c)₹67,500and₹40,500(d)₹19,500and₹16,500
69.A,B,andCarepartnersinacompanysharingprofitandlossintheratioof2:2:2.OnMarch31,2018,Cdied.AccountsareclosedonDecember31steveryyear.Thesalefortheyear2017was₹6,00,000andprofitswere₹60,000.ThesalesfortheperiodfromJan1,2018,toMarch31,2018,were₹2,00,000.Theshareofthedeceasedpartnerinthecurrentyear’sprofitsonthebasisofsaleis
(a)₹20,000(b)₹8,000
(c)₹3,000(d)₹4,000
70.A,B,andCwerepartnerssharingprofitandlossintheratioof2:2:1.Booksareclosedon31stMarcheveryyear.Cdiesonthe5thofNovember2018.Underthepartnershipdeed,theexecutorsofthedeceasedpartnerareentitledtohisprofittothedateofdeath,calculatedonthebasisoflastyear’sprofit.Profitfortheyearended31stMarch2018was₹2,40,000.C’sshareofprofitwillbe
(a)₹28,000(b)₹32,000
(c)₹28,800(d)₹48,000
Answer:
61.A , 62.B , 63.B , 64.C , 65.A , 66.B , 67.C , 68.D , 69.D , 70.C.
71.L,PandGarethreepartnerssharingprofitsintheratio15:9:8.Gretires.LandPdecidedtoshareprofitsinequalratio.Gainingratiowillbe:
(a)15:9.(b)9:15
(c)7:1.(d)1:7
72.On1stApril,2019A,BandCwerepartnerssharingprofitsandlossesintheratioof5:3:2respectively.OnthisdateBretires.ThenewprofitsharingratioofAandCwillbe3:2.Gainingratiowillbe:
(a)1:2.(b)2:1
(c)1:1.(d)5:2
73.B,PandLsharingprofitsintheratio4:3:2.Bretires,PandLdecidedtoshareprofitsinfutureintheratioof5:3.Gainingratiowillbe:
(a)11:21.(b)21:11
(c)11:13.(d)13:11
74.P,QandRwerepartnerssharingprofitsintheratio2:2:1.QretiresandthenewprofitsharingratioofPandRwillbe3:1.Gainingratiowillbe:
(a)1:7.(b)2:1
(c)1:2.(d)7:1
75.A,BandCareequalpartnersinafirm.Bretiresandtheremainingpartnersdecidetosharetheprofitsofthenewfirmintheratioof5:4.Gainingratiowillbe:
(a)1:1.(b)1:2
(c)2:1.(d)5:4
76.A,BandCarepartnerssharingprofitorlossintheratioof3:2:1.BretiresandafterB’sretirementAandCagreedtoshareprofitorlossintheratioof
3:2infuture.Theirgainingratiowillbe:
(a)3:1.(b)1:3
(c)3:7.(d)Noneoftheabove
77.A,BandCarepartnerssharingprofitorlossintheratioof4:3:2.CretiresandafterC’sretirement4andBagreedtoshareprofitorlossintheratioof4:3infuture.Theirgainingratiowillbe:
(a)3:2.(b)4:3
(c)3:4.(d)1:1
78.A,BandCarepartnerssharingprofitorlossintheratioof2:3:4.AretiresandafterA’sretirementBandCagreedtoshareprofitorlossintheratioof3:4infuture.Theirgainingratiowillbe:
(a)2:3.(b)4:3
(c)3:4.(d)1:1
79.A,BandCwerepartnersinafirmsharingprofitsandlossesintheratioof2:2:1.Thecapitalbalanceare₹50,000forA,?₹70,000forB,₹35,000forC.Bdecidedtoretirefromthefirmandbalancein.reserveonthedatewas₹25,000.Ifgoodwillofthefirmwasvaluedat₹30,000andprofitonrevaluationwas₹7,500then,whatamountwillbepayabletoB1
(a)₹70,820.(b)₹76,000
(c)₹75,000.(d)₹95,000
80.P,QandRaresharingprofitsandlossesequally.Rretiresandthegoodwillisappearinginthebooksat₹30,000.Goodwillofthefirmisvaluedat.₹1,50,000.CalculatethenetamounttobecreditedtoR’sCapitalA/c.
(a)₹60,000.(b)₹50,000
(c)₹40,000.(d)₹10,000
Answer:
71.D , 72.A , 73.B , 74.B , 75.C , 76.C , 77.B , 78.C , 79.D , 80.C.
81.Retinngpartneriscompensatedforpartingwiththefirm’sfutureprofitsinfavourofremainingpartners.Theremainingpartnerscontributetosuchcompensationamountin:
(a)GainingRatio.(b)CapitalRatio
(c)SacrificingRatio.(d)ProfitSharingRatio
82.Ram,KrishnaandGaneshweresharingprofitsandlossesintheratioof5:3:2.RamretiresandKrishnaandGaneshsharethefutureprofitsandlossesequally.Goodwillofthefirmisvaluedat₹1,00,000.CalculatetheamountofgoodwilltobedebitedtoKrishna’sandGanesha’sCapitalA/c.
(a)₹60,000&₹40,000.(b)₹20,000&₹30,000
(c)₹40,000&₹60,000(d)₹30,000&₹20,000
83.A,BandCarepartnersinafirmsharingprofit/lossintheratioof2:2:1.OnMarch31,2019,Cdied.AccountsareclosedonDec.,31everyyear.Thesalesfortheyear2018was₹6,00,000andtheprofitswere?60,000.ThesalesfortheperiodfromJan.1,2019toMarch31,2019were?2,00,000.Theshareofdeceasedpartnerinthecurrentyear’sprofitsonthebasisofsalesis:
(a)₹20,000.(b)₹8,000
(c)₹3,000.(d)₹4,000
84.A,BandCarepartnerswithprofitsharingratio4:3:2.Bretiresandgoodwillwasvalued₹1,08,000.IfA&Cshareprofitsin5:3,findoutthegoodwillsharedbyAandCinfavourofB.
(a)₹22,500and₹13,500.(b)₹16,500and₹19,500
(c)₹67,500and₹40,500.(d)₹19,500and₹16,500
85.X,YandZarepartnerssharingprofitsintheratioof2:2:1.Zretired.ThenewprofitsharingratiobetweenXandYwillbe,
(a)2:1.(b)1:1
(c)3:1.(d)1:3
86.Duringtheretirementofapartner,ifgoodwillappearsintheBalanceSheet,itmustbewrittenoffandthecapitala/cofallthepartnersaredebitedin
(a)Theoldprofitsharingratio.(b)Thenewprofitsharingratio
(c)Thecapitalratio.(d)Noneoftheabove
87.Onretirementofapartner,goodwillwillbecreditedtotheCapitalAccountof:
(a)RetiringPartner.(b)RemainingPartners
(c)AllPartners.(d)NoneoftheAbove.
88.Onthedeathofapartner,theamountduetohimwillbecreditedto:
(a)Allpartner’sCapitalAccounts.(b)Remainingpartner’sCapitalAccounts
(c)HisExecutor’sAccount.(d)Governments’RevenueAccount
89.Theshareofthegoodwillofaretiringpartnerisdebitedtoremainingpartnersintheir,
(a)CapitalRatio.(b)NewRatio
(c)GainingRatio.(d)FixedRatio
90.A,BandCarepartnersin3:4:2.Bwantstoretirefromthefirm.Theprofitonrevaluationonthatdatewas₹36,000.NewratioofAandCis5:3.Profitonrevaluationwillbedistributedas:
(a)A₹16,000;B₹12,000;C₹8,000.(b)A₹12,000;B₹16,000;C₹8,000
(c)A₹22,500;C₹13,500.(d)A₹23,625;C₹12,375
Answer:
81.A , 82.B , 83.D , 84.D , 85.B , 86.A , 87.A , 88.C , 89.C , 90.B.
91.A,BandCwerepartnerssharingprofitsandlossesintheratioof2:2:1.Booksareclosedon31stMarcheveryyear.Cdieson5thNovember,2018.Underthepartnershipdeed,theexecutorsofthedeceasedpartnerareentitledtohisshareofprofittothedateofdeath,calculatedonthebasisoflastyear’sprofit.Profitfortheyearended31stMarch,2018was₹2,40,000.C’sshareofprofitwillbe:
(a)₹28,000.(b)₹32,000
(c)₹28,800.(d)₹48,000
92.P,QandRwerepartnerssharingprofitsintheratiooftheirCapital‘contributionwhichwere₹6,00,000;₹4,00,000and₹5,00,000respectively.Theirbooksareclosedon31stMarcheveryyear.Pdieson24thAugust,2018.Underthepartnershipdeed,deceasedpartnerisentitledtohisshareofprofit/losstothedateofdeathbasedontheaverageprofitsofprecedingthreeyears.Profitswere2015₹50,000;2016₹1,20,000(Loss);2017₹30,000and2018₹60,000.P’sshareofprofit/losswillbe:
(a)₹3,200.(b)₹6,400
(c)₹12,000.(d)₹4,800
93.A,BandCarepartnerssharingprofitsintheratioof1/2:1/4:1/4.NewratioontheretirementofBwillbe:
(a)2:4.(b)1:2
(c)2:1.(d)1/4:1/2
94.A,BandCarepartnerssharingprofitsintheratioof1/4:3/10:9/20.TheNewratioontheretirementofCwillbe:
(a)6:5.(b)5:6
(c)4:3.(d)4:10
95.X,YandZhavebeensharingprofitsintheratioof4:2:1Zretires.XandYtakeZ’sshareequally.Newprofitsharingratiowillbe:
(a)5:2.(b)5:3
(c)9:5.(d)4:2
96.P,QandRhavebeensharingprofitsandlossesintheratioof5:3:2.Qretires.HisshareistakenbyPandRintheratioof2:1.Newprofitsharingratiowillbe:
(a)6:4.(b)7:3
(c)7:2.(d)6:3
97.A,BandCshareprofitsandlossesofthefirmequally.BretiresfrombusinessandhisshareispurchasedbyAandCintheratioof2:3.NewprofitsharingratiobetweenAandCrespectivelywouldbe:(C.S.Foundation,Dec.2012)
(a)01:01.(b)02:02
(c)07:08.(d)03:05
98.P,QandRhavebeensharingprofitsintheratioof8:5:3.Pretires.Qtakes3/16thsharefromPandRtakes5/16thsharefromP.Newprofitsharingratiowillbe:
(a)1:1.(b)10:6
(c)9:7.(d)5:3
99.A,BandCareequalpartners.Cretires.Hesurrenders3/5thofhisshareinfavourofAand2/5thinfavourofB.Newratiowillbe:
(a)3:2.(b)8:7
(c)7:8.(d)2:3
100.P,QandRarepartnerssharingprofitsintheratioof4:3:2.QretiresandhissharewastakenupbyPandRintheratio3:2.Newprofitsharingratiowillbe:
(a)16:29.(b)29:16
(c)3:2.(d)2:3
Answer:
91.C , 92.D , 93.C , 94.B , 95.C , 96.B , 97.C , 98.A , 99.B
, 100.B.
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