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Free MCQ’s Quiz on Class 12 Accountancy Part 1 – Chapter 4 – Reconstitution of a Partnership Firm – Retirement/Death of a Partner – Set 1

Free MCQ’s Quiz for Class 12 Accountancy Part 1 Chapter 4 – Reconstitution of a Partnership Firm – Retirement/Death of a Partner with Answers is prepared based on the latest CBSE Exam Pattern for the Academic Session. Students can solve NCERT based Class 12th Accountancy – ‘Reconstitution of a Partnership Firm – Retirement/Death of a Partner’ Multiple Choice Questions with Answers to know their preparation level on the Success Roar Classes website.

Here, we have provided Free MCQ’s Quiz on Class 12 Accountancy Part 1 – Chapter 4 – Reconstitution of a Partnership Firm – Retirement/Death of a Partner. Due to the limitations of a sole proprietorship, such as limited cash, limited managerial skills, and a small scale of business, which implies greater risk due to unrestricted liability, the necessity for a partnership arises. A partnership is a trusting and believing relationship. There are certain differences between the accounts prepared by a partnership firm and those prepared by a sole proprietorship firm. The essential features of partnership accounting also include maintenance of capital accounts for partners, the distribution of profits to partners, and so on.

To make you perfect in this topic – Reconstitution of a Partnership Firm – Retirement/Death of a Partner, we are here with a set of MCQs Quiz that will help you in brushing up the understanding of the concepts.

Free MCQ’s on Reconstitution of a Partnership Firm – Retirement/Death of a Partner.

Each set of MCQ’s consists of 10 Questions and you can see the results immediately after submitting the Set.

Free MCQ’s on Reconstitution of a Partnership Firm – Retirement/Death of a Partner

Results

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#1. What treatment is made of accumulated profit and losses on the retirement of a partner?

#2. When a partner retires, the profit on revaluation will be credited to:

#3. On the retirement of a partner Goodwill which will be credited to the capital account of?

#4. In the case of a partner's death, the entire amount owing on his capital account is transferred to:

#5. The amount of General Reserve is transferred to all capital accounts of all partners in:

#6. Uncovered assets are credited to the ___account.

#7. The gain (profit) or losses are shown by the revaluation account at the time of retirement of a partner is transferred to the capital account of all partners in their ____ratio.

#8. ____ is the ratio in which the remaining partners take the share of the retiring partner.

#9. Joint Life Policy of the partners is a/an ____ account.

#10. Revaluation Account is prepared at the time of ____.

Finish

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