Online Exam in Retirement and Death of a Partner in Fundamentals of Accounting for preparation of professional exams of ca cpt, ca foundation, cs foundation, cma foundation,and also for B.com, M.com, MBA
Retirement and Death of a Partner -Test 3
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Subject :Fundamentals of Accounting Questions: 30
Chapter: Retirement and Death of a Partner -Test 3
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A, B and C are partners sharing profits in the ratio of 3 : 2 : 1. They had a Joint Life Policy of Rs.3,00,000. Surrender value of JLP in Balance Sheet is Rs.90,000. C dies. What is share of each partner in JLP ?
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Question 2 of 30
2. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
X, Y and Z are the partners sharing profits in the ratio of 7 : 5 : 4. On 30th June, 2008 Z died and profits for the year ending 31st March,2009 were Rs.2,40,000. How much share in profits for the period 1st April 2008 to 30th June 2008 will be credited to Z’s account assuming the profit occurred evenly throughout the year ?
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Question 3 of 30
3. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
At the time of death of a partner firm gets ____ from the insurance company of the Joint Life Policy taken jointly for all the partners.
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Question 4 of 30
4. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
If a partner dies, then JLP will be reckoned at _______ .
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Question 5 of 30
5. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
In case of death of a partner, share of goodwill of deceased partner, will be borne by the remaining partners in :
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Question 6 of 30
6. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
J, K and L were equal partners in a firm. The firm has taken individual life policy of Rs.50,000 for each partner. J died on 5th March 2011. The surrender value was Rs.2,000 for each policy on the date of death of J. The amount payable to J in respective policies would be _____ .
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Question 7 of 30
7. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
On the death of a partner, his executor paid the share of profits of the dying partner for the relevant period. This payment is recorded in Profit and Loss _____ account.
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Incorrect
Question 8 of 30
8. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
On the death of a partner, his executor is paid the share of profits of the deceased partner for the relevant period. This payment is recorded in Profit and Loss ______ Account .
Correct
Incorrect
Question 9 of 30
9. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A, B, C partners sharing profits in the ratio of 7 : 5 : 4. The profits of the firm for the year ended 31.3.2016 were estimated as Rs.2,40,000. C died on 30th June 2016. What is share of C in profits of financial year 2015-16 ?
Correct
Incorrect
Question 10 of 30
10. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
The amount received on maturity from the Insurance Company on Joint Life Policy of partners in excess of its surrender value, if any, should be credited to partners :
Correct
Incorrect
Question 11 of 30
11. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
On the death of a partner, the amount of Joint Life Policy should be credited to the capital accounts of :
Correct
Incorrect
Question 12 of 30
12. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
X, Y and Z are the partners sharing profits in the ratio 5 : 4 : 3. Z died on 30th September, 2016. Profits for the accounting year 2016-17 is Rs.40,000. How much share in profits for the period from 1st April, 2016 to 30th September, 2016 will the executors of Z would be entitled ? Assuming profits earned evenly during the year :
Correct
Incorrect
Question 13 of 30
13. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A partner may retire with the consent of :
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Incorrect
Question 14 of 30
14. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Unless otherwise agreed, a retiring partner can :
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Incorrect
Question 15 of 30
15. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A partner may retire from an existing firm
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Question 16 of 30
16. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Public notice of retirement must be given :
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Question 17 of 30
17. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A partner can retire on ____ .
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Incorrect
Question 18 of 30
18. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Death of partner has the effect of ___ .
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Incorrect
Question 19 of 30
19. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
In case of death of a partner :
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Incorrect
Question 20 of 30
20. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
In case of a partnership at will, a partner may retire by giving :
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Question 21 of 30
21. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Retiring or outgoing partner :
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Incorrect
Question 22 of 30
22. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Retiring Partner’s share of goodwill is debited to remaining partners in their :
Correct
Incorrect
Question 23 of 30
23. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Profit/Loss on Revaluation of Assets & Liabilities on retirement of a partner is shared by the partners in their :
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Question 24 of 30
24. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Revaluation Account is debited :
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Question 25 of 30
25. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Accumulated Profits/Losses & Reserves on retirement of a partner are shared by the partners in their :
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Incorrect
Question 26 of 30
26. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Joint Life Policy is taken by the firm on the life of _____ .
Correct
Incorrect
Question 27 of 30
27. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
X, Y and Z are partners sharing profits and losses in the ratio of 4/9 : 1/3 : 2/9 respectively. Y retires. The gaining ratio and the new profit sharing ratio will be :
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Question 28 of 30
28. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
At the time of retirement of a partner, firm gets _____ from the insurance company against Joint Life Policy jointly for all the partners .
Correct
Incorrect
Question 29 of 30
29. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Claim of the retiring partner is payable in the following form :
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Question 30 of 30
30. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Outgoing Partner is compensated for parting with firm’s future profits in favour of remaining partners. In what ratio do the remaining partners contribute to such compensation amount ?