
RETIREMENT AND DEATH OF A PARTNER
Quiz by Pooja Bhatla
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10 questions
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- Q1qs 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 b4500 and 150021600 and 144004000 and 20003600 and 2400120s
- Q2qs 2 deceased partners share of profit upto his date of death is recorded inPROFIT AND LOSS SUSPENSE /ACP&L A/CP&L ADJUSTMENTP&L APPROPRIATION30s
- Q3THE EXECUTOR IS ENTITLED TO INTEREST @ _____IF AMOUNT DUE TO DECEASED PARTNER IS NOT PAID IMMEDIATELY6%12%NOT ENTITLED TO INTEREST5%45s
- Q4A,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 paymentcompassionnone of the abovehidden goodwillcharity120s
- Q5A,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.50000050,00030000025000060s
- Q6A,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 firm25000050000300000200000120s
- Q7A,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 bring500001000025000025000120s
- Q8As 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:4800050,0003200044000120s
- Q9X, 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 death3600010800072000360000120s
- Q10Fixed Assets (Book Value Rs. 45,000) is undervalued by 10%. Calculate the value (Dr./Cr.) to be Shown in the Revaluation account.4500 dr5000 dr4500crRs. 5,000, Cr120s