CBSE Questions for Class 12 Commerce Accountancy Reconstitution Of A Partnership Firm - Retirement / Death Of A Partner Quiz 11 - MCQExams.com

A, B and C are partners sharing profits in the ratio of $$4 : 3: 2$$. B retires. A and C decide to share profits in the future in the ratio of $$5 : 3$$. The gaining ratio will be _______. 
  • $$11 : 13$$
  • $$4 : 2$$
  • $$3 : 5$$
  • $$13 : 11$$
X, Y and Z are partners sharing profits & losses in the ratio of $$4/8:1/3:2/9$$ respectively. Y retires. The gaining ratio and the new profit sharing ratio will be _________. 
  • $$1 : 1, 1 : 1$$
  • $$1 : 2, 1 : 2$$
  • $$2 : 1, 2 : 1$$
  • none of these
X, Y and Z are partners sharing profits & losses in the ratio of $$4/9$$: $$1/3$$: $$2/9$$ respectively. Y retires, and his share is taken up by X and Z in the ratio of $$13:11$$. The new profit sharing ratio will be _________. 
  • $$3 : 5$$
  • $$1 : 1$$
  • $$5 : 3$$
  • none of these
X, Y, Z are partners sharing profits and losses in the ratio of $$1/2:1/8: 3/8$$. Z retires and surrenders $$4/9$$th of his share in favour of X and remaining in support of Y. The new profit sharing ratio will be ______. 
  • $$1 : 2$$
  • $$2 : 1$$
  • $$4 : 5$$
  • $$5 : 4$$
Under capitalisation of super profit method, goodwill is calculated by ___________. 
  • no. of years purchased multiplied with average profits
  • no. of years purchased multiplied with super profits
  • summation of the discounted multiplied with super profits
  • super profit divided with expected rate of return
X, Y and Z share in the ratio of $$9:6:4$$. Y retires. X and Z decide to share the future profits in the same ratio in which Y and Z shared. The gaining ratio will be _______. 
  • $$3 : 2$$
  • $$2 : 3$$
  • $$1 : 1$$
  • None of these
The profits and losses for the last 4 years are Losses Rs. 20,000; Losses Rs. 5,000; Profits Rs. 1,96,000 & Profits Rs. 1,52,000.The average capital employed in the business is Rs. 4,00,The rate of interest expected from capital invested is 12%. The remuneration of partners is estimated to be Rs. 2,000 per month. The value of goodwill from two years' purchase of super profits based on the average of four years is __________. 
  • Rs. 18,000
  • Rs. 17,500
  • Rs. 17,000
  • Rs. 16.500
Under super profit method goodwill is calculated by ___________. 
  • no. of years purchased multiplied with average profits
  • no. of years purchased multiplied with super profits
  • summation of the discounted multiplied with super profits
  • super profit divided with expected rate of return
Under annuity, basis goodwill is calculated by __________. 
  • no. of years purchased multiplied with average profits
  • no. of years purchased multiplied with super profits
  • summation of the discounted multiplied with super profits
  • super profit divided with expected rate of return
A, B, C are partners sharing profits and losses in the ratio of $$4/9:1/3:2/9$$. B retires and surrenders $$1/9$$th of his share in favour of A and remaining in support of C. The new profit sharing ratio will be ______. 
  • $$13 : 14$$
  • $$14 : 13$$
  • $$1 : 8$$
  • $$8 : 1$$
A, B, C are partners sharing profits and losses in the ratio of 4/9: 1/3: 2/B retires and surrenders 1/9th from his share in favour of A and remaining in support of C. The new profit sharing ratio will be ______. 
  • 13 : 8
  • 1 : 2
  • 4 : 5
  • 2 : 1
The following particulars are available in respect of the business carried on by a partnership firm:
Trading Results:
Year I             Loss         Rs. 10,000
Year Il            Loss         Rs. 12,000
Year Ill           Profit        Rs. 1,50,000
Year IV          Profit        Rs. 1,20,000
The value of goodwill on the basis of 5 years purchase of the average profit of the business is _________. 
  • Rs.2,50,000
  • Rs. 3,10,000
  • Rs, 20,000
  • Rs.3,40,000
The profits and losses for the last years are:  l year Losses Rs.20,000; ll year Losses Rs. 5,000; lll year profits Rs.1,96,000 & IV year profits Rs. 1,52,The average capital employed in the business is Rs. 4,00,The rate of interest expected from capital invested is 12%. The remuneration of partners is estimated to be Rs, 2,000 per month. The value of goodwill by four years purchase of super profits based on the annuity of the four years. ( Take discounting rate as 10%) is ________.
  • Rs. 27,000
  • Rs. 27,136
  • Rs. 27,336
  • Rs. 27,729
X, Y and Z are partners sharing profits & losses in the ratio of 4/9:1/3:2/9 respectively. Y retires and surrenders 13/72nd from his share in favour of X and the remaining In support of Z. The gaining ratio will be ______. 
  • 13 : 11
  • 11 : 13
  • 5 : 3
  • 3 : 5
A, B and C are partners sharing profits in the ratio of 4:3:D is admitted for 2/9th share of profits and bring Rs 30,000 capital and 10,000 for his share of goodwill. The new profit sharing ratio between partners will be 3:2:2:The premium for goodwill will be credited in the capital accounts of __________.
  • A only
  • A, B and C (equally)
  • A and B (equally)
  • A and C ( equally)
A and B are partners, sharing profits in the ratio of 5:3 ,they admitted C , who acquires 1/10th equally from the both. What will be the new profit sharing ratio?
  • 21:11:8
  • 20:10:4
  • 15:10:5
  • None
A, B, and C share profit and losses in the ratio of 3: 2:D is admitted with 1/6 share which he gets entirely from A. New ratio will be ___________.
  • 1/3:1/3:1/6:1/6
  • 3:1:1:1
  • 2:2:2:1
  • None
Total Capital Employed in the firm Rs. 16,00,000.
Reasonable Rate of Return 15%.
Profits for the year Rs. 24,00,000.
The value of goodwill using capitalization method is _________. 
  • Rs.1,64,00,000
  • Rs. 24,00,000
  • Rs. 1,44,00,000
  • Rs. 84,00,000
A firm has an average profit of Rs 60,Rate of return on capital employed is 12.5% p.a. Total capital employed is Rs 4,00,Goodwill is to be calculated on the basis of two years purchase of super profit. Find the amount of goodwill?
  • Rs 20,000
  • Rs 15,000
  • Rs 10,000
  • None
The profits for Year I are Rs 4,000; for Year ll is Rs.52,200, and for Year lll is Rs. 62,Closing stock for Year ll and Year lll includes the defective items of Rs. 4,400 and Rs. 12,400 respectively which were considered as having market value NIL. The value of goodwill on average profit method is ________. 
  • Rs. 47,400
  • Rs. 35,400
  • Rs. 27,400
  • Rs. 34,600
What do you mean by purchasing years?
  • No. of years in which goodwill is purchased.
  • No. of years the goodwill is expected to remain.
  • Both of these
  • None of these
What is the extra amount over and above the values of the identifiable assets in a going concern is known as?
  • Goodwill
  • Revaluation profit
  • Super profit
  • Surplus
X and Y share profit and losses in the ratio of $$4:3$$ they admit Z in the firm it $$3/7$$ share which he gets $$2/7$$ from X and $$1/7$$ from C. The new profit sharing ratio will be __________ .
  • $$7:3:3$$
  • $$2:2:3$$
  • $$5:2:3$$
  • $$2:3:3$$
What do you mean by super profit?
  • Total profit/number of years
  • Weighted profit /number of years
  • Average profit -normal profit
  • None
X, Y, Z are partners sharing profits in the ratio $$3:4:3$$ Y retires, and X and Z share his profits in equal ratio. Find the new ratio of X and Z.
  • $$1:2$$
  • $$2:1$$
  • $$3:1$$
  • $$1:1$$
Ram, Rahim, Singh and John are partnership sharing profits and losses equally. They mutually agree to change their profit sharing ratio to $$2:2:1:1$$. In this case John's share would decrease by __________ Share of profit and loss.
  • $$1/24$$
  • $$1/12$$
  • $$1/10$$
  • $$1/6$$
How unrecorded assets are treated at the time of retirement of a partner?
  • Credited to revaluation account.
  • Credited to the capital account of retiring partner only.
  • Debited to revaluation account.
  • Credited to partner's capital account.
The articles of association can be altered by ___________ .
  • A resolution of the board of directors
  • An ordinary resolution in general meeting
  • A special resolution in general meeting
  • Obtaining permission from the Company Law Board
A, B and C are partners sharing profits and losses I the ratio of $$1/2, 3/10$$ and $$1/5$$, B retires from the firm, A and C decide to share the future profits and losses in $$3: 2$$, Calculate gaining ratio.
  • $$1:2$$
  • $$1:3:2$$
  • $$2 : 3$$
  • None of these
 If the firm gets dissolved due to the retirement of one the partners then what amount of JLP will be credited in partner's capital A/c?
  • Maturity Value.
  • Surrender Value.
  • Policy Value.
  • None of these.
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