CBSE Questions for Class 12 Commerce Accountancy Reconstitution Of A Partnership Firm - Retirement / Death Of A Partner Quiz 10 - MCQExams.com

Find the goodwill of the firm using capitalization method from the following information: 
Total Capital Employed $$Rs.8,00,000$$;
Reasonable Rate of Return $$15\%$$;
Profits for the year $$Rs.12,00,000$$.
  • $$Rs.82,00,000$$
  • $$Rs.12,00,000$$
  • $$Rs.72,00,000$$
  • $$Rs.42,00,000$$
When required amount of premium for goodwill is not brought in by new partner, goodwill account is created in the books of the firm by debiting goodwill account and crediting partners capital account in ______.
  • New profit sharing ratio.
  • Old profit sharing ratio.
  • Sacrificing ratio.
  • Capital ratio.
Find the goodwill of the firm using capitalization method from the following information:
Capital employed $$Rs.4,80,000$$;
Rate of normal return - $$15\%$$; 
Profits for the year $$Rs.90,000$$.
  • $$Rs.4,20,000$$
  • $$Rs.3,11,000$$
  • $$Rs.1,20,000$$
  • $$Rs.2,20,000$$
Find the goodwill from the following information:
Capital employed - Rs. 11,00,000
Rate of normal return - Rs. $$10\%$$
Future Maintainable profit - Rs. 2,00,000
No. of year purchases - 3 years
  • Rs. 6,00,000
  • Rs. 2,70,000
  • Rs. 9,00,000
  • Rs. 3,70,000
A,B & C Care sharing profits in $$4:3:2$$ ratio. B retires. In A & C shares profits of B in $$5:3$$, then find the new profit sharing ratio.
  • $$47:25$$
  • $$17:11$$
  • $$31:11$$
  • $$14:21$$
A & B are partners sharing profit & losses in the ratio of 3:They take C as a partner for 1/4th share. Calculate future profit sharing ratio.
  • 3:2:4
  • 9:6:4
  • 9:6:5
  • 6:4:4
In which of the following case the need for the valuation of goodwill in a firm may arise?
(I) Admission of new partner
(II) While changing profit sharing ratio
(III) Retirement of partner
(IV) death of partner
Select the correct answer from the options given below 
  • (I) & (III) only
  • (I) , (III) & (IV)
  • (I) , (II) & (III) only
  • All (I) to (IV)
N, S & Z are partners. They withdraw a fixed sum of Rs. $$2,000$$ per month as follows:
N draws at the beginning of each month, S withdraws at the middle of each month and Z withdraws at the end of each month. Rate of interest on drawings is $$8\%$$ p.a. Interest on drawings for the $$3$$ partners respectively will be.
  • $$87, 80$$ & $$73$$
  • $$1,040,$$ $$960$$ & $$880$$
  • $$880, 960$$ & $$1,040$$
  • $$867, 800$$ & $$733$$
A & B were partners sharing profits & losses in the ratio of 3:C was admitted to the firm on the following terms:
C would provide Rs 1,00,000 as a capital and pay Rs 20,000 as goodwill for his 1/3rd share in future profits. Goodwill account would not appear in the books. A, B & C would share profits equally. Which of the following journal is correct in relation to premium for goodwill Rs 20,000 brought in by new partner?
A, B & C are equal partners. D is admitted to the firm for one-fourth share. D brings Rs 40,000 capital and Rs 10,000 being half of the premium for goodwill. The value of goodwill of the firm is ________. 
  • Rs. 20,000
  • Rs. 80,000
  • Rs. 40,000
  • None of the above
A, B & C are partners sharing profits and losses in the ratio 6:3:3, they agreed to take D into partnership for 1/8th share of profits. Find the new profit sharing ratio.
  • 12 : 27 : 36 : 42
  • 14 : 7 : 7: 4
  • 1 : 2 : 3 : 4
  • 7 : 5 : 3 : 1
A, B & C partners in a firm sharing profits and losses in the ratio of 4:3:B decided to retire from the firm B gives his share to A only. What is the gain ratio?
  • 1/3:0
  • 1/9:0
  • 11:7
  • 2:1
A & B are partners sharing profits in the ratio 5:3, they admitted C giving him 3/10th share of profit. If C requires 1/5 from A and 1/10 from B, new sharing ratio will be:
  • 5:6:3
  • 2:4:6
  • 18:24:38
  • 17:11:12
N & Z are partners sharing profits and losses in the ratio 5:They admitted S and agreed to give him 3/10th of the profit. What is the new ratio after S's admission?
  • 34:20:12
  • 42:22:29
  • 35:21:24
  • 35:42:17
A, B & C share profits and losses in the ratio of $$1:1:1$$. B retired from business and his share is purchased by A & C in $$40:60$$ ratio. New profit sharing ratio between A & C would be ________.
  • $$1:1$$
  • $$2:3$$
  • $$7:8$$
  • $$3:5$$
A and B are partners sharing profits in the ratio of $$7 : 3$$. A surrenders $$1/7$$th of his share and B surrenders $$1/3$$rd of his share in favour of C, a new partner. The new profit sharing ratio and sacrificing ratio will be _________. 
  • NR $$1 : 3 : 1$$, SR $$1 : 1$$
  • NR $$2 : 2 : 1$$, SR $$1 : 1$$
  • NR $$3 : 1 : 1$$, SR $$7 : 3$$
  • NR $$3 : 1 : 1$$, SR $$1 : 1$$
A and B are partners sharing profits in the ratio of $$4: 1$$. C is admitted for $$1/4$$th share in profits which he acquires wholly from A. The new profit sharing ratio will be _________. 
  • $$4 : 11 : 5$$
  • $$10 : 5 : 5$$
  • $$8 : 7 : 5$$
  • $$11 : 4 : 5$$
A and B are partners sharing profits and losses in the ratio of $$3: 2$$. They admit C into the partnership for one-fourth share of the profits while A and B as between themselves are sharing profits & losses equally. The new profit sharing ratio will be _______. 
  • NR $$3 : 3 : 2$$, SR $$1 : 9$$
  • NR $$4 : 2 : 2$$, SR $$9 : 1$$
  • NR $$3 : 3 : 2$$, SR $$9 : 1$$
  • None of these
X and Y shared profit and losses in the ratio of 3:With effect from 1st April they agreed to share profits equally. The goodwill of the firm was valued at Rs 30,The necessary single adjusting entry will involve.
  • Debit Y and Credit X by Rs 3,000
  • Debit X and Credit Y with Rs 3,000
  • Debit X and Credit Y with Rs 300
  • Debit Y and Credit X with Rs 300
Accumulated profits/losses & reserves are shared by the old partners in their ________.
  • Capital ratio
  • New profit sharing ratio
  • Sacrificing ratio
  • Old profit sharing ratio
A and B are two partners sharing profits in the ratio of $$3: 2$$. They admit C into partnership as a partner. A gives 1/3rd of his share while B gives $$1/10$$th from his share. The new profit sharing ratio will be __________. 
  • $$3 : 4 : 3$$
  • $$6 : 1 : 3$$
  • $$2 : 4 : 3$$
  • $$10 : 9 : 6$$
A and B are partners sharing profits in the ratio of $$3: 2$$. They admit C who takes $$2/7$$th from A and $$1/7$$th from B. The new profit sharing ratio will be _______. 
  • $$15 : 9 : 11$$
  • $$15 : 11 : 9$$
  • $$11 : 9 : 15$$
  • $$9 : 11 : 15$$
A, B and C are partners in the ratio of $$3: 2: 1$$. W is admitted with a $$1/6$$th share in profits. C would retain his original share. The new profit sharing ratio will be ______. 
  • $$8 : 12 : 5 : 5$$
  • $$10 : 6 : 4 : 4$$
  • $$12 : 8 : 5 : 5$$
  • None of these
A and B are partners sharing profits in the ratio of $$3: 2$$. C is admitted into the firm for $$1/5$$th share in the profit which he acquires equally from A and B. The new profit sharing ratio will be ________. 
  • $$3 : 5 : 2$$
  • 4:4:24:4:2
  • $$5 : 3 : 2$$
  • 6:2:2
Accumulated profits/losses & reserves on the retirement of a partner are shared by the partners in their __________. 
  • Capital ratio
  • New profit sharing ratio
  • Old profit sharing ratio
  • Gaining ratio
A and B are partners sharing profits in the ratio of $$1 : 2$$. They admit C for $$1/5$$th share and decide to share future profits equally. The new profit sharing ratio will be _______. 
  • $$2 : 2 : 1$$
  • $$3 : 1 : 1$$
  • $$1 : 3 : 1$$
  • None of these
A, B and C share profits as $$1/2$$ to A,$$1/3$$ to B, $$1/6$$ to C. B retires, and his share is taken up by A and C in the ratio of $$1 : 3$$. The new profit sharing ratio will be ________. 
  • $$\displaystyle \frac{1}{2} : \frac{1}{6}$$
  • $$5 : 7$$
  • $$7 : 5$$
  • none of these
A, B and C are partners sharing profits in the ratio of $$1/2, 1/3$$ and $$1/6$$. B retires. A and C decide to share future profits in the ratio of $$3: 2$$. The gaining ratio will be ______. 
  • $$3 : 2$$
  • $$2 : 3$$
  • $$7 : 3$$
  • $$3 : 7$$
A, B and C are partners sharing profits in the ratio of $$1/2, 2/5$$ and $$1/10$$. B retires and his share is taken up by A and C in the ratio of $$1 : 5$$. The new profit sharing ratio of A and C will be __________.
  • $$\displaystyle \frac{1}{2} : \frac{1}{10}$$
  • $$13 : 17$$
  • $$17 : 13$$
  • none of these
A, B and C share profits in the ratio of $$4/9, 1/3$$ and $$2/9$$. B retires. The new ratio, if A purchases B's share, will be __________. 
  • $$4 : 2$$
  • $$2 : 7$$
  • $$7 : 2$$
  • none of these
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