Assignment Details

Reconstitution of a Partnership Firm - Retirement / Death of a Partner

Practice set

1674 minutes

Jan 08, 10:06 AM

30.0 marks

MCQ

11 questions

veena mahto

My name is veena mahto, a commerce teacher in saraswati shishu vidya mandir dhurwa. I have been teaching since 2011. I have teaching experience in class 12 Economics, Accountancy, Business Studies. I also teach in coaching- COMMERCE MENTORS, harmu bypass road shivdayal nagar. I have 2 NGOs. one in ranchi by name Rang Society and another in my native place west singhbhum by name aadivasi kalyaan samiti in short AAKAS, As member headed my by father (Ex- sub. Major, army) Mr. sonaram kumhar.

Class Details

Accountancy

Class 12F Accountancy

Accountancy

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Question Text

Question 1 :
Profit or loss on revaluation of assets and liabilities is transferred to __________.

Question 2 :
A,B, C and D are four partners in a firm sharing profits and loss in the ratio of 18:15:18:3, D retires from the firm and his share of profit is purchased by the remaining partners A,B and C as 1/54,1/54 and 1/54.<br/>What is the gaining ratio remaining partners?

Question 3 :
The profits and losses for the last years are : 2001-02 Losses Rs.8,000; 2002-03 Losses Rs.4,500; 2003-04 Profits Rs.1,00,000 & 2004-05 Profits Rs.74,000.The average capital employed in the business is Rs.2,40,000. The rate of return expected from capital invested as 10%. The remuneration of partners is estimated to be Rs.1,000 per month. Calculate the value of goodwill on the basis of two years' purchase of super profits base on the average of four years.

Question 4 :
A partnership firm can be formed with a minimum share capital of Rs. ____________.

Question 5 :
To ascertain profit or loss on retirement / death of  a partner _____________ is prepared.

Question 6 :
Profit or loss on revaluation of assets and liabilities is distributed in the __________ ratio.

Question 7 :
Decrease in assets at the time of retirement of partner is _________.

Question 8 :
A, B & C partners in a firm sharing profits losses in the ratio of 4:3:2. B decided to retire from the firm. Calculate the new profit sharing ratio of A & C if B gives his share to A & C in the original ratio of A & C.

Question 9 :
There are three partners P,Q and R sharing profit and loss in the ratio of 4:5:3. Q retires, and the remaining partners agreed to share profit and loss in future in the ratio of 7:8. What is the gaining ratio of the old partners?

Question 10 :
The ratio at which the continuing partners take up the retiring partner's share is _________.

Question 11 :
A, B & C are sharing profits in 4:3:2 ratio. B retires. If A & C shares profits of B in 5:3, then find the new profit sharing ratio.

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