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RETIREMENT AND DEATH OF A PARTNER

Quiz by Pooja Bhatla

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10 questions
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  • Q1
    qs 1 A,B, C had PSR of 3:2;1. C retires. goodwill of firm was valued at 36000. amount of goodwill will be shared by A &B will b
    4500 and 1500
    21600 and 14400
    4000 and 2000
    3600 and 2400
    120s
  • Q2
    qs 2 deceased partners share of profit upto his date of death is recorded in
    PROFIT AND LOSS SUSPENSE /AC
    P&L A/C
    P&L ADJUSTMENT
    P&L APPROPRIATION
    30s
  • Q3
    THE EXECUTOR IS ENTITLED TO INTEREST @ _____IF AMOUNT DUE TO DECEASED PARTNER IS NOT PAID IMMEDIATELY
    6%
    12%
    NOT ENTITLED TO INTEREST
    5%
    45s
  • Q4
    A,B &C were sharing in the ratio of 5:3:2C retires. C's capital after adjustments was 2,50,000.but C was paid Rs 3,00,000. Name the cause of extra payment
    compassion
    none of the above
    hidden goodwill
    charity
    120s
  • Q5
    A,B &C were sharing in the ratio of 5:3:2C retires. C's capital after adjustments was 2,50,000.but C was paid Rs 3,00,000. Find C's share of goodwill.
    500000
    50,000
    300000
    250000
    60s
  • Q6
    A,B &C were sharing in the ratio of 5:3:2C retires. C's capital after adjustments was 2,50,000.but C was paid Rs 3,00,000. Find goodwill of firm
    250000
    50000
    300000
    200000
    120s
  • Q7
    A,B &C were sharing in the ratio of 5:3:2C retires. C's capital after adjustments was 2,50,000.but C was paid Rs 3,00,000. D admits for 1/10 share after C's retirement . How much goodwill should D bring
    50000
    10000
    250000
    25000
    120s
  • Q8
    As per the Balance Sheet Machinery was shown at Rs.40,000 If value of machinery in the balance sheet is undervalued by 20%, then at what value will machinery be shown in new balance sheet:
    48000
    50,000
    32000
    44000
    120s
  • Q9
    X, Y andZ are partners in a firm in the ratio of 5:3:2. As per their partnership agreement, the share of a deceased partner is to be calculated on the basis of profits and turnover of previous accounting year. Y expired on 31st December 2019. Turnover till the date of death was 18, 00,000. Their profits and turnover for the year 2018-19 amounted to 4, 00,000 and 20, 00,000 respectively. An amount of ____________will be given to his executors as his share of profits till the date of death
    36000
    108000
    72000
    360000
    120s
  • Q10
    Fixed Assets (Book Value Rs. 45,000) is undervalued by 10%. Calculate the value (Dr./Cr.) to be Shown in the Revaluation account.
    4500 dr
    5000 dr
    4500cr
    Rs. 5,000, Cr
    120s

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