12th Standard CBSE - Accountancy - Reconstitution of a Partnership Firm - Retirement of a Partner

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Question - 1

The partnership may come to an end due to the:

  • A  Death of a partner
  • B  Insolvency of partner
  • C By giving notice
  • D All of the above

Question - 2

In case of retirement of a partner full good will is credited to the accounts of:

  • A  All partners
  • B Only retiring partner
  • C Only remaining partnerNone of the above
  • D None of the above

Question - 3

Revaluation account is operated to find out gain or loss at the time of:

  • A Admission of a partner
  • B Retirement of a partner
  • C  Death of a partner
  • D All of above

Question - 4

The accounting procedure at the retirement of partner is valued:

  • A Revaluation of assets and liabilities
  • B Ascertaining his share of good will
  • C Finding the amount due to him
  • D All of above

Question - 5

Partners equity is effected due to:

  • A   Retirement of a partner
  • B  Admission of a partner
  • C  Death of a partne
  • D  All of above

Question - 6

If the remaining partner want to continue the business, after the retirement of a partner, a new partnership agreement:

  • A Necessary 
  • B Not necessary
  • C Optioned
  • D None of above

Question - 7

An account operated to ascertain the loss or gain at the death of a partner is called:

  • A Realization account
  • B Revaluation account
  • C Execution account
  • D Deceased partner A/c

Question - 8

Amount due to out going partner is shown in the balance sheet as his:

  • A Liability
  • B Asset
  • C Capital
  • D Loan

Question - 9

The loss or gain an account of revaluation at the time of retirement of a partner is shared by:

  • A Remaining partners
  • B Retiring partner
  • C  All partners
  • D None of above

Question - 10

On the retirement of a partner any reserve being should be transferred to the capital account of:

  • A All partners in the old profit sharing ratio
  • B Remaining partners in the new profit sharing ratio
  • C Neither the retiring partner, nor the remaining partner
  • D  None of above
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