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Book Keeping & Accountancy Select the correct option (MCQ)

Reconstitution of Partnership (Death of Partner) · Maharashtra Board STD 12 Commerce / Arts (MSBSHSE - English Medium). 14 questions.

Questions

Select the correct option (MCQ)

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14 questions · auto-graded multiple-choice test.

MCQ 11 Mark
The balance on the Capital Account of a partners, on his death is transferred to _______________ Account.
  • A
    Relatives
  • ✓
    Legal Heir’s Loan/Executors Loan
  • C
    Partners’ Capital
  • D
    Partners’ Loan
Answer
Correct option: B.
Legal Heir’s Loan/Executors Loan
Legal Heir’s Loan/Executors Loan.
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MCQ 21 Mark
Death is a compulsory _______________
  • A
    Dissolution
  • B
    Admission
  • ✓
    Retirement
  • D
    Winding up
Answer
Correct option: C.
Retirement
Retirement
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MCQ 31 Mark
Profit and Loss Suspense Account is shown in the new Balance Sheet on _______________ side.
  • A
    debit
  • B
    credit
  • ✓
    asset
  • D
    liabilities
Answer
Correct option: C.
asset
asset
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MCQ 41 Mark
The ratio by which existing partners are benefitted _______________
  • ✓
    gain ratio
  • B
    sacrifice ratio
  • C
    profit ratio
  • D
    capital ratio
Answer
Correct option: A.
gain ratio
gain ratio
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MCQ 51 Mark
Benefit Ratio is the ratio in which _______________
  • A
    The old partner gain on the admission of a new partner
  • B
    The Goodwill of a new partner on admission is credited to old partners
  • ✓
    The continuing partners’ benefits on retirement or death of a partner
  • D
    All partners are benefitted.
Answer
Correct option: C.
The continuing partners’ benefits on retirement or death of a partner
The continuing partner’s benefits on retirement or death of a partner
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MCQ 61 Mark
A balance on the Deceased Partner’s Executor’s Loan Account is shown in the new Balance Sheet on _____________ side.
  • A
    assets
  • B
    credit
  • ✓
    liabilities
  • D
    none of these
Answer
Correct option: C.
liabilities
liabilities
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MCQ 71 Mark
In the case of death of a partner, a _____________ is opened for revaluation of the assets and liabilities.
  • ✓
    Profit and Loss-Adjustment A/c
  • B
    Profit and Loss A/c
  • C
    Profit and Loss Suspense A/c
  • D
    Executor’s Loan A/c
Answer
Correct option: A.
Profit and Loss-Adjustment A/c
Profit and Loss-Adjustment A/c
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MCQ 81 Mark
The interest on drawings of a deceased partner is credited to _____________
  • A
    Profit and Loss-Adjustment A/c
  • B
    Revaluation A/c
  • C
    Capital A/c
  • ✓
    Profit and Loss Suspense A/c
Answer
Correct option: D.
Profit and Loss Suspense A/c
Profit and Loss Suspense A/c
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MCQ 91 Mark
X, Y, and Z share profit as 1/2, 3/10, and 1/5 and Z have expired, the new profit ratio of X and Y will be _____________ respectively.
  • A
    $5 : 8$
  • ✓
    $5 : 3$
  • C
    $2 : 1$
  • D
    $5 : 2$
Answer
Correct option: B.
$5 : 3$
$5 : 3$
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MCQ 101 Mark
M, N, and S are partners in a firm having joint life policy of ₹ 10,00,000 on which premium has been paid by the firm. M dies and his legal representatives want the whole amount of the policy whereas N and S want to distribute the amount among all the partners.
  • A
    M’s representatives are correct
  • ✓
    N and S are correct
  • C
    All are wrong
  • D
    Insurance company will decide
Answer
Correct option: B.
N and S are correct
N and S are correct
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MCQ 111 Mark
An amount received from the Insurance Company against the joint-life policy is _____________
  • A
    debited to the deceased partner
  • B
    credited to the deceased partner
  • C
    credited to Continuing Partners Capital A/c
  • ✓
    credited to All Partners’ Capital A/c’s in their profit sharing ratio
Answer
Correct option: D.
credited to All Partners’ Capital A/c’s in their profit sharing ratio
credited to All Partners’ Capital A/c’s in their profit sharing ratio
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MCQ 121 Mark
Share of profit of a deceased partner till the date of death is _____________
  • A
    debited to Profit and Loss-Adjustment A/c
  • B
    credited to Profit and Loss-Adjustment A/c
  • ✓
    debited to Profit and Loss Suspense A/c
  • D
    credited to Profit and Loss Suspense A/c
Answer
Correct option: C.
debited to Profit and Loss Suspense A/c
debited to Profit and Loss Suspense A/c
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MCQ 131 Mark
Gain ratio is calculated on _____________
  • A
    admission of a partner
  • B
    retirement of a partner
  • C
    death of a partner
  • ✓
    retirement or death of a partner
Answer
Correct option: D.
retirement or death of a partner
retirement or death of a partner
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MCQ 141 Mark
Share of loss of a deceased partner till the date of death is _____________
  • A
    debited to Profit and Loss-Adjustment A/c
  • B
    credited to Profit and Loss-Adjustment A/c
  • C
    debited to Profit and Loss Suspense A/c
  • ✓
    credited to Profit and Loss Suspense A/c
Answer
Correct option: D.
credited to Profit and Loss Suspense A/c
credited to Profit and Loss Suspense A/c
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