Reconstitution of Partnership Firm: Admission of a partner Class 12 MCQs Questions with Answers

1. As per section 37 to the Indian Partnership Act, 1932, the executors would be entitled at their choice to interest calculated from the date of death till the date of payment on the final amount due to the deceased partner at………..percent per annum.

2. On death of a partner, the firm gets for joint life policy taken for all partners

3. On retirement of a partner’s the amount of General Reserve is transferred to all partner’s capital account in:

4. On death of a partner, the remaining partner(s) who have gained due to change in profit-sharing ratio should compensate the:

5. A, B and C are partners sharing profits and losses in the ratio of 2 : 2 : 1. C died on 31st March, 2016. The profits of the financial year ending 31st March, 2016 is ₹ 64,000. The share of the deceased partner in the profits will be:

6. JLP of the partners is a/an…………..account

7. A, B and C are partners sharing profits and losses in the ratio of 3 : 2 :1. On 1.3.2016 C died. The average profits of the firm for last four years were ₹ 72,000 Books are closed on 31st December. C’s share of profit till the date of his death will be:

8. X, Y and Z are partners sharing profits in the ratio of 7 : 5 :4. On 30th June, 2015 Z died and profits for the year ending 31st March, 2016 were ₹ 2,40,000. How much share in profits for the period 1st April to 30th June, 2015 will be credited to Z’s account assuming the profit occurred evenly throughout the year ;

9. Joint Life Policy amount received by a firm is distributed in:

10. The amount due to the deceased partner is paid to his……….

11. The old profit-sharing ratio among Rajender, Satish and Tejpal were 2 : 2 : 1. The new profit-sharing ratio after Satish’s retirement is 3 : 2. The gaining ratio is :

12. B, C and D are partners sharing profit in the ratio 7:5:4. D died on 30th June, 2016 and profits for the year 2015-16 were ₹ 12,000. How much share in profits for the period 1st April, 2016 to 30th June, 2016 will be credited to D’s Account:

13. x,y are z are partners and share profits in the ratio of 5 : 3 : 2. y retires and x takes 1/10 from y and z takes 1/5 from y. The new profit sharing ratio will be

14. In case of death of a partner, the whole amount standing to the credit of his capital account is transferred to :

15. On the death of a partner, the amount of Joint Life Insurance Policy is credited to the Capital Accounts of:

16. What are the methods of calculating share of the deceased partner in the profit of the firm upto the date of death:

17. On the death of a partner in a firm payments are made to;

18. The executors of deceased partner will be paid interest on the amount due from the date of death of the partner at:

19. Revaluation Account is prepared at the time of …………

20. A, B and C are partners sharing profits in the ratio of 3 : 2 : 1. They had a Joint Life Policy of ₹ 3,00,000. Surrender value of JLP in Balance Sheet is ₹ 90,000. C dies what is share of each partner in JLP ?