12th Accountancy - Unit 6 - Book Back & Creative One Mark Questions - Free Online Test

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On the retirement of a partner, general reserve will be transferred to the

Memorandum revaluation account
Capital account of the continuing partners
Revaluation account
Capital account of all the partners

On revaluation, the increase in liabilities leads to ...................

None of these
Gain
Profit
Loss

A,B & C are sharing profits in the ratio of 2/5, 2/5, 1/5 C retired from business and his share was purchased equally by A and B, Then new profit sharing ratio shall be

A-2/5 B-3/5
A-3/5 B-2/5
A-1/2 B-1/2

In the absence of any specific agreement, between the partners, partners loan to the firms will carry an inters at the rate of ..................%

A partner retires from the partnership firm on 30th June. He is liable for all the acts of the firm up to the

Date of his retirement
Date of his final settlement
End of the previous accounting period
End of the current accounting period

X,Y and Z were partners sharing profits and losses equally. X died on 1st April 2019. Find out the share of X in the profit of 2019 based on the profit of 2018 which showed ₹36,000.

₹36,000
₹1,000
₹12,000
₹3,000

At the time of retirement, the revelation profits of business will be shared by ................... partners.

Continuing partners
Old partners
All the partners

At the time of retirement of a partner, determination of gaining ratio is required

To distribute accumulated profit and losses
None of these
To adjust goodwill
To transfer revaluation profit or loss

If the amount due to the outgoing partner is transferred to loan A/c then he is entitled to interest at ....................... until it is paid out

'A' was a partner in a partnership firm. He died on 31st March 2019. The final amount due to him is ₹ 24,000 which is not paid immediately. It will be transferred to

A's loan account
A's Executor's account
A's capital account
A's Executor's loan account

A,B and C are partners sharing profits in the ratio of 2:2:1. On retirement of B, goodwill of the firm was valued as ₹30,000. Find the contribution of A and C to compensate B

₹10,000 and ₹20,000
₹8,000 and ₹4,000
₹15,000 and ₹15,000
₹20,000 and ₹10,000

A,B&C shares profit as 1/2 to A, 1/3 to B and 1/6 to C. If B retries, then the new profit sharing ratio....................

On the retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners on the basis of

Gaming ratio
Old profit sharing ratio
Sacrificing ratio
New profit sharing ratio

At the time of retirement, of partners, the existing partners stand to

Loss
No change
Gain

The final amount due to a retiring partner is not paid immediately, it is transferred to

Retiring partner's capital A/c
Retiring partner's loan A/c
Bank A/c
Other partner's capital A/c

At the time of retirement of a partner calculation of new profit ratio is

Necessary
Not necessary

A,B and C are partners sharing profits in the ratio of 4:2:3. C retires. The new profit sharing ratio between A and B will be