CBSE Class 12 Accountancy Retirement And Death Of Partner Worksheet Set E

Read and download free pdf of CBSE Class 12 Accountancy Retirement And Death Of Partner Worksheet Set E. Students and teachers of Class 12 Accountancy can get free printable Worksheets for Class 12 Accountancy in PDF format prepared as per the latest syllabus and examination pattern in your schools. Standard 12 students should practice questions and answers given here for Accountancy in Grade 12 which will help them to improve your knowledge of all important chapters and its topics. Students should also download free pdf of Class 12 Accountancy Worksheets prepared by school teachers as per the latest NCERT, CBSE, KVS books and syllabus issued this academic year and solve important problems provided here with solutions on daily basis to get more score in school exams and tests

Retirement And Death Of Partner Class 12 Accountancy Worksheet Pdf

Class 12 Accountancy students should refer to the following printable worksheet in Pdf for Retirement And Death Of Partner in standard 12. This test paper with questions and answers for Grade 12 Accountancy will be very useful for exams and help you to score good marks

Class 12 Accountancy Worksheet for Retirement And Death Of Partner

 

Question : A, B and C are partners in the ratio of 3 : 5 : 7 respectively. C retires and his share was taken up by A & B in the ratio of 3 : 2. New profi t sharing ratio will be :
(a) 5 : 7
(b) 12 : 13
(c) 3 : 5
(d) 7 : 3

Answer :  B
 
Question : A, B and C are partners sharing profit in the ratio 3 : 2 : 1, B retires, A and C decided to share the profit in the ratio of 2 : 1 in future. Gaining ratio of A and C will be :
(a) 3 : 1
(b) 3 : 2
(c) 1 : 1
(d) 2 : 1

Answer :  C
 
Question : A, B and C are three partners sharing profit in the ratio 4 : 3 : 2. A retires, B and C decided to share profi ts in future in the ratio of 5 : 3. Gaining ratio of B and C will be :
(a) 3 : 2
(b) 21 : 11
(c) 4 : 3
(d) 4 : 2

Answer :  B

Question. Gaining ratio is used to distribute ------------------ in case of retirement of a partner.
(a) Goodwill
(b) Revaluation Profit or Loss
(c) Profit and Loss Account (Credit Balance)
(d) Both b and c

Answer: A

Question. If goodwill is already appearing in the books of accounts at the time of retirement, then it should be written off in -------------.
(a) New Ratio
(b) Gaining Ratio
(c) Sacrificing Ratio
(d) Old Ratio

Answer: D

Question. At the time of retirement of a partner, share of retiring partner’s goodwill will be credited to ---------------- Capital Account(s).
(a) Remaining Partner(s)
(b) Retiring Partner’s
(c) Both Sacrificing and Gaining Partner(s)
(d) Gaining Partner(s)

Answer: B

Question. A and B were partners. They shared profits as A- ½; B- 1/3 and carried to reserve 1/6. B died. The balance of reserve on the date of death was Rs. 30,000. B’s share of reserve will be:
(a) Rs. 10,000
(b) Rs. 8,000
(c) Rs. 12,000
(d) Rs. 9,000

Answer: C

Question. P, Q and R are partners sharing profits in the ratio of 8:5:3. P retires. Q takes 3/16th share from P and R takes 5/16th share from P. What will be the new profit sharing ratio?
(a) 1:1
(b) 10:6
(c) 9:7
(d) 5:3

Answer: A

Question. As per Section 37 of the Indian Partnership Act, 1932, interest @ ----------- is payable to the retiring partner if full or part of his dues remain unpaid.
(a) 9% p.m.
(b) 12% p.m.
(c) 6% p.m.
(d) None of the above

Answer: D

Question. X, Y and Z are partners in a firm. Y retires and his claim including his capital and his share of goodwill is R. 1,20,000. He is paid partly in cash and partly in kind. A vehicle at Rs. 60,000 unrecorded in the books of the firm and the balance in cash is given to him to settle his account. The amount of cash to be paid to Y will be:
(a) Rs. 80,000
(b) Rs. 60,000
(c) Rs. 40,000
(d) Rs. 30,000

Answer: A

Question. X, Y and Z are partners sharing profits and losses in the ratio of 4:3:2. Y retires and surrenders 1/9th of his share in favour of X and the remaining in favour of Z. The new profit sharing ratio will be:
(a) 1:8
(b) 13:14
(c) 8:1
(d) 14:13

Answer: B

Question : Kush, Hari and Pratap are partners. On retirement of Kush, the goodwill already appears in the Balance Sheet at Rs. 24.000. The goodwill will be written off:
(a) By debiting all Partners’ Capital Accounts in their old profit-sharing ratio
(b) By debiting remaining Partners’ Capital Accounts in their new profit-sharing ratio
(c) By debiting retiring Partners’ Capital Account from his share of goodwill
(d) None of these.

Answer :  B

 

Very Short Answer Type Questions 

Question : Why assets and liabilities are revalued on retirement of a partner?
Answer : On the retirement, an outgoing partner must be given his share of profi t/loss arising out of change in the value of assets and liabilities. That is why assets and liabilities are revalued on retirement of a partner.
 
Question : On the retirement of a partner how is the profit sharing ratio of remaining partners decided?
Answer : As per the agreement of remaining partners.
Note : Unless agreed otherwise, it is presumed that the remaining partners acquire the outgoing partner’s share in their old profit sharing ratio so that the continuing partners continue to share the future profits in the old ratio and hence their New profit sharing ratio is same as their old
Profit Sharing ratio.
 
Question : Jamuna, Ganga and Krishna are partners in a firm. Krishna retired from the firm. After making adjustments for Reserve and Revaluation of Assets and Liabilities the balance in Krishna’s capital account was Rs. 1,20,000. Jamuna and Ganga paid Rs. 1,80,000 in full settlement to Krishna. Identify the item for which Jamuna and Ganga paid Rs. 60,000 more to Krishna.
Answer : Krishna’s share of Goodwill.
 
 

Short Answer Type Questions

Question : K, M and S are three partners sharing profi ts in the ratio of 4 : 3 : 2. K retires. Assuming that M and S will share profi ts in future in the ratio of 5 : 3, determine the gaining ratio.
Answer : Gaining Ratio 21:11.

Question : What Journal entry will be made for writing off the goodwill already existing in Balance Sheet?
Answer : All Partners’ Capital A/cs Dr. (In old profi t-sharing ratio)
To Goodwill A/c
(Being Existing Goodwill A/c written off in old ratio)
 
Question : A, B, C and D are partners sharing profi t in the ratio of 1: 2 :1: 2 respectively. C retires and A, B and D decide to share future profi t-loss equally. Find gaining ratio.
Answer : A Gains l/6th. 


Question : A, B and C are partners sharing profits and losses in the ratio 5:3:2. B retires. Calculate the new ratio.

Question : X, Y and Z are partners sharing profits and losses in the ratio of 1/5, 1/3 and 7/15 respectively. Z retires and his share is taken up by X and Y in the ratio of 3:2. Calculate the new Ratio & gaining ratio.

Question : X, Y and Z are partners sharing profits and losses in the ratio of 4/8, 1/8,and 3/8 respectively. Z retires and surrenders4/9TH of his share in favour of X and remaining in favour of Y. Calculate. the New Ratio.

Question : A,B and C are partners sharing profits and losses in the ratio 4:3:2. B retires and the goodwill is valued at Rs.10,800. No goodwill appears as yet in the books of the firm. Assuming that A and C will share future profits in the ratio5:3, make entries for goodwill.

Question : P,Q and R are partners sharing profits and losses in the ratio 4:3:1. Q retires from the firm selling his share of profit to P for Rs.3,600 and R for Rs.4,500. The profit for the year after Q’s retirement was Rs.10, 500.Calculate the new profit sharing ratio and pass journal entries.

Question : A, B and C are equal partners in a firm. B retires and his claim including his Capital and his share of goodwill is Rs.40,000. He is paid in kind a vehicle valued at Rs.20,000 unrecorded in the books of the firm till the date of retirement and the balance in cash. Give the journal entries.

Question : A ,B and C are partners sharing profits as 20%,30% and 50%. A decided to retire with the consent of other partners and sold his share to B. Goodwill was valued at two and a half years purchase of the average profits of last three yeaRs. Profits of these three years were Rs. 50,000, Rs.70,000 and Rs. 60,000. Reserve fund stood in the balance sheet at Rs. 30,000 at the time of his retirement. You are required to record necessary journal entries to record above adjustments on A’s retirement.

Question : A,B and C are partners in a firm sharing profits in the ratio of 2:3:4 . On April 1, 2013, A retires and on that date there was a debit balance of Rs. 72,000 in the profit and loss account and a General Reserve of Rs.90,000 in the book. B and C decided to share future profits in the ratio of 2:1.Show the necessary journal entry for the treatment of profit and loss account balance on A’s retirement.

Question : Journalise the following :-

(a) Chander, Tara and Ravi were partners in a firm sharing profits in the ratio of 2:1:2 on 15.02.2007 Chander died and the new profit sharing ratio between Tara & Ravi was 4:11. On Chander’s death the goodwill of the firm was valued at Rs. 90,000. Calculate gaining ratio and pass necessary journal entry for the treatment of goodwill on Chander’s death without opening goodwill account.

(b) A, B, C and D are partners sharing profits in the ratio of 3:4:3:2. On the retirement of C, the goodwill was valued at Rs. 60,000. A, B and D decided to share future profits equally. Pass the necessary journal entry for the treatment of goodwill, without opening Goodwill Account.

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