Jagran Josh
MCQs for CBSE Class 12 Accountancy Chapter 3: Find attached, list of important MCQ type questions for CBSE Class 12 Accountancy Chapter 3: Reconstitution of a firm-Retirement/death of a partner. You can also download these questions in PDF, by clicking on the link mentioned in the article below. All these questions and answers have been prepared by our subject matter experts, as per latest CBSE guidelines and syllabus.
According to CBSE’s updated exam pattern, MCQs will play an important part in upcoming CBSE Board Examination(2023-24). Weightage of approximately 10 marks has been alloted to MCQ type questions, as per CBSE Sample Paper 2024. This has been done to prepare students for competitive exams like JEE, NEET etc. It also ensures practical application of theoretical knowledge gained from the concepts, taught in these chapters. Thus, practise of MCQ type questions would help you in scoring good marks in academics.
Related:
CBSE Class 12 Accountancy Syllabus 2023-24 (PDF)
CBSE Class 12 Accountancy Sample Paper 2023-24 (PDF)
MCQ-type question for CBSE Class 12 Accountancy chapter 3 are listed down as:
1)On the death of a partner, the amount due to him will be credited to:
a. All partner’s capital accounts
b. Remaining partner’s capital accounts.
c. His executor’s account.
d. Government’s revenue account.
Answer. c) is executor’s account
2.Gaining Ratio is calculated by deducting
a) Sacrificed profit share from new profit share of the partner.
b) Sacrificed profit share from old profit share of the partner.
c) New profit share from old profit share of the partner.
d) Old profit share from new profit share of the partner.
Answer. d) old profit share from new profit share of the partner
3)When the balance sheet is prepared after retirement (subsequent to preparation of Revaluation Account), ————- values are shown in it.
a) Historical
b) Realisable
c) Market
d) Revalued
Answer. d) Revalued
4)At the time of retirement of a partner, Workmen Compensation Reserve after meeting the legal requirement, is transferred to: –
a) Revaluation Account
b) All Partners Capital A/C
c) Sacrificing Partners’ capital A/C
d) Old Partners Capital A/C.
Answer. b) All Partners capital A/c
5)As per Section 37 of the Indian Partnership Act, 1932, interest @ ———– is payable to the retiring partner if full or part of his dues remain unpaid.
a) 9% p.m.
b) 12% p.m.
c) 6% p.m.
d) None of the above
Answer. d) None of the above
6)B and C were partners sharing profits in the ratio 2 : 2 : 1, having capital accounts as Rs. 50,000, Rs. 50,000 and Rs. 25,000, respectively. B retired. On that date, balance in General Reserve was Rs.15,000. If firm’s Goodwill is valued at Rs. 30,000 and Gain (profit) on Revaluation is Rs. 7,050, amount payable to B will be:
a) Rs. 50,820
b) Rs. 70,820
c) Rs. 8,820
d) Rs. 9,000
Answer. b) Rs.70,820
7)Assertion (A): At the time of retirement of a partner, the combined profit share of the ren continuing partners increases.
Reason (R): Remaining or Continuing partners take a part of profit share of the retiring partner their individual profit share increases:
In the context of above two statements, which of the following is correct?
(a) Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation
(b) Assertion (A) and Reason (R) are correct but Reason (R) is not the correct
(c) Assertion (A) is correct but Reason (R) is not correct
(d) Assertion (A) is not correct but Reason (R) is correct.
Answer: b) Assertion and Reason are correct but Reason is not correct
8)As per section ———— of the Indian Partnership Act, a retiring partner becomes entitled to profits after retirement if his dues remain unpaid
a) Section 73
b) Section 26
c) Section 4
d) Section 37
Answer. d) Section 37
9)P, Q and R were partners sharing profits in the ratio 2:2:1. Q retires and the new profit-sharing ratio of P and R will be 3:1. Gaining ratio will be:
a) 1:7
b) 2:1
c) 1:2
d) 7:1
Answer. d) 7:1
10)The share of goodwill of the retiring partners debited to remaining partners in their
a) Capital ratio
b) New ratio
c) Gaining ratio
d) Sacrifice ratio
Answer. d) Gaining ratio
11)Assertion (A): At the time of death of a partner the deceased partner will get his share in General Reserve and credit balance in Profit & Loss Account
Reason (R): Deceased partner will get his share of Workmen Compensation Reserve remaining after claim if any in the context of above two statements, which of the following a correct?
(a) Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation
(b) Assertion (A) and Reason (R) are correct but Reason (R) is not the correct
(c) Assertion (A) is correct but Reason (R) is not correct
(d) Assertion (A) is not correct but Reason (R) is correct.
Answer. b) Assertion and Reason are correct but Reason is not the correct explanation
12)A, B and C are partners with profit sharing ratio of 4:3:2. B retired and goodwill was valued ₹ 1,08,000. If A & C share profits in 5:3, find out the goodwill shared by A and C in favour of B.
(a) ₹ 22,500 and ₹ 13,500
(b) ₹ 16,500 and ₹ 19,500
(c) ₹ 67,500 and ₹ 40,500
(d) ₹ 19,500 and ₹ 16,500
Answer. d) Rs 19,500 and Rs 16,500
13)P, Q and R sharing profit and losses in the ratio of 8:5:3. P retire from the firm, Q takes 3/16 from P and R takes 5/16 from P. New profit-sharing ratio between Q and R will be
(a) 1:1
(b) 10:6
(c) 9:7
(d) 5:3
Answer. a) 1:1
14)State the true statement out of the following:
a) Goodwill at the time of retirement of a partner is credited to continuing Partners’ Capital Accounts in their sacrificing ratio.
b) Goodwill at the time of retirement of a partner is credited to continuing Partners’ Capital Accounts in their gaining ratio.
c) Goodwill at the time of retirement of a partner is debited to continuing Partners’ Capital Accounts in their sacrificing ratio.
d) Goodwill at the time of retirement of a partner to the extent of retiring partner’s share is debited to continuing Partners’ Capital Accounts in their gaining ratio.
Answer. d) Goodwill at the time of retirement of a partner to the extent of retiring partner’s share is debited to continuing Partners’ Capital Accounts in their gaining ratio.
15)X Y and Z were partners in a firm sharing profit in the ratio 1⁄2, 1/3, and 1/6 respectively. Z decided to retire from the firm on the date workman compensation reserve of Rs 120000 was appearing in the balance sheet of the firm. The claim on account of workmen compensation was determined at Rs 67500 excess of amount over the claim will be
a) Debited to revaluation account
b) Credited to revaluation account
c) Debited to partner capital account
d) Credited to partner capital account
Answer. d) Credited to partner capital account.
Download MCQs for CBSE Class 12 Accountancy Chapter 3, by clicking on the link below.
Also Read:
CBSE Class 12 Syllabus 2023-24 (All Subjects)
CBSE Class 12 Sample Papers 2023-24 (All Subjects)
#MCQs #CBSE #Class #Accountancy #Chapter #Based #Revised #Syllabus202324