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CBSE Class 12 (Commerce) Accounting for Partnership Firms: Retirement and Death of a Partner — practice questions
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Practice CBSE Class 12 (Commerce) Accounting for Partnership Firms: Retirement and Death of a Partner in the app →Which item is added when finding the sum due to a retiring partner?Which of these reduces what the firm owes a retiring partner at exit?Absent any agreement, continuing partners acquire the exit share in which ratio?Asha, Deepti, Nisha share 3:2:1. Deepti retires. New Asha:Nisha ratio?Naveen, Suresh, Tarun share 5:3:2. Suresh exits; they take it 2:1. New ratio?How is the gaining share of a continuing partner calculated?Amit, Dinesh, Gagan share 5:3:2. Dinesh exits; new ratio 3:2. Gaining ratio?Madhu, Neha, Tina share 5:3:2. Neha retires. Madhu:Tina afterwards?At a partner's retirement, who compensates him for his share of goodwill?Why is a retiring partner entitled to a share of goodwill?Goodwill not in books: which account gets credited?A, B, C share 3:2:1. B exits; goodwill Rs. 60,000. B's capital credited with?What is meant by hidden goodwill in a retirement settlement?Revaluation gain or loss at retirement goes to whom?Retirement: general reserve is credited to which capitals?Under Section 37, what interest rate may an outgoing partner claim on the amount due until payment?The firm cannot pay the retiring partner at once. Where is the amount due transferred?Death versus retirement: what major difference exists?When a partner dies, to whom is his claim transferred?Which basis can estimate a deceased partner's profit to death date?B, C, D share 5:4:1; C dies on 30 June; last year profit Rs. 1,00,000. C's April-June share?A firm earned Rs. 1,36,000, Rs. 1,54,000 and Rs. 1,00,000 in its last three years. What is the average profit?Mohit:Sohan 2:1, firm capital Rs. 1,20,000; they hold 82,000 and 41,000. Mohit withdraws?Asha:Lata 3:1 hold Rs. 1,60,000 and 80,000. Capital reset in profit ratio. Asha brings?A retiring partner is paid part cash. Where does the balance go?Keshav, Nirmal, Pankaj share 4:3:2. Nirmal exits; new 5:3. Gaining ratio?Keshav, Nirmal, Pankaj share 4:3:2; goodwill Rs. 72,000. Nirmal's share?J, K, E, S share 2:1:2:1; J exits, rest equal; goodwill Rs. 36,000. K's debit?Deepa, Neeru, Shilpa 5:3:2; Neeru exits; new 2:3; goodwill Rs. 1,20,000. Shilpa pays?Goodwill Rs. 1,20,000; Deepa's old share 5/10 falls to 2/5. Credit given to Deepa?Rajender, Satish, Tejpal share 2:2:1; Satish exits; new 3:2. Gaining ratio?Anand, Bahadur, Chander share equally; Chander exits; they take it 3:2. New ratio?Four-year profits Rs. 13,000, 12,000, 20,000, 15,000; goodwill 2.5 years' purchase of average. Half share?When a retiring partner's loan is repaid in instalments, what does each instalment include?Which step is listed first in retirement accounting?What is the ratio in which continuing partners acquire a retiring partner's share called?What is the new profit sharing ratio after a retirement?How is a continuing partner's new share worked out?Which is added to a deceased partner's dues?Retiring partner's revaluation loss share: effect on sum due?A retiring partner's share of accumulated losses is treated how?Hanny, Pammy, Sunny share 3:2:1; Pammy exits; new 2:1. Gaining ratio?Hanny, Pammy, Sunny share 3:2:1; goodwill Rs. 84,000. Pammy's share?