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

Thank you for trying out H5P. To get started with H5P read our getting started guide

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

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

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

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

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

Loss
No change
Gain

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

All the partners
Continuing partners
Old partners

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

Gain
Profit
None of these
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,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
₹20,000 and ₹10,000
₹15,000 and ₹15,000

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

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

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

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

Not necessary
Necessary

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

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

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.

₹1,000
₹12,000
₹3,000
₹36,000

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....................

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

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

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