Students can Download Accountancy Chapter 6 Retirement and Death of a Partner Questions and Answers, Notes Pdf, Samacheer Kalvi 12th Accountancy Book Solutions Guide Pdf helps you to revise the complete Tamilnadu State Board New Syllabus and score more inations.
Question 1. A partner retires from the partnership firm on 30 th June. He is liable for all the acts of the firm up to the ………………….. (a) End of the current accounting period (b) End of the previous accounting period (c) Date of his retirement (d) Date of his final settlement Answer: (c) Date of his retirement
Question 2. On the retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners on the basis of ………………… (a) New profit sharing ratio (b) Old profit sharing ratio (c) Gaining ratio (d) Sacrificing ratio Answer: (b) Old profit sharing ratio
Question 3. On the retirement of a partner, general reserve will be transferred to the ………………….. (a) Capital account of all the partners (b) Revaluation account (c) Capital account of the continuing partners (d) Memorandum revaluation account Answer: (a) Capital account of all the partners
Question 4. On revaluation, the increase in liabilities leads to (a) Gain (b) Loss (c) Profit (d) None of these Answer: (b) Loss
Question 5. At the time of retirement of a partner, determination of gaining ratio is required ………………….. (a) To transfer revaluation profit or loss (b) To distribute accumulated profits and losses (c) To adjust goodwill (d) None of these Answer: (c) To adjust goodwill
Question 6. The final amount due to a retiring partner is not paid immediately, it is transferred to ………………….. (a) Bank A/c (b) Retiring partner’s capital A/c (c) Retiring partner’s loan A/c (d) Other partners’ capital A/c Answer: (c) Retiring partner’s loan A/c
Question 7. ‘A’ was a partner in a partnership firm. He died on 31st ount due to him is ? 25,000 which is not paid immediately. It will be transferred to ………………….. (a) A’s capital account (b) A’s loan account (c) A’s Executor’s account (d) A’s Executor’s loan account Answer: (d) A’s Executor’s loan account
Question 8. 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: (a) ? 20,000 and ? 10,000 (b) ? 8,000 and ? 4,000 (c) ? 10,000 and ? 20,000 (d) ? 15,000 and ? 15,000 Answer: (b) ? 8,000 and ? 4,000
Question 9. 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 …………………. (a) 4:3 (b) 3:4 (c) 2:1 (d) 1:2 Answer: (c) 2:1
Question 10. X, Y and Z were partners sharing profits and losses equally. X died on 1st based on the profit of 2018 which showed ? 36,000. (a) ? 1,000 (b) ? 3,000 (c) ? 12,000 (d) ? 36,000 Answer: (b) ? 3,000
Question 1. What is meant by the retirement of a partner? Answer: When a partner leaves a partnership firm, it is known as retirement. The reasons for the retirement of a partner may be illness, old age, better opportunity elsewhere, disagreement with other partners, etc. On the retirement of a partner, the existing agreement comes to an end. The firm is reconstituted.