Retirement or Death of a partner Test

Result

Retirement or Death of a partner Test - 24

Score
-
out of -
Rank
-
out of -

TIME Taken - -

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Weekly Quiz Competition

Question 1
1 / -0

Match the following:
A B
1 Goodwill 1 Non-depreciable
2 Land 2 Non-cash expense

3 Called up 3 Intangible
4 Depreciation 4 Capital

A
(1, 4), (2,3), (3, 2), (4, 1)

B
(1, 2), (2,3), (3, 4), (4, 1)

C
(1, 4), (2, 2), (3,1), (4, 3)

D
(1,3), (2,1), (3,4), (4,2)
Question 2
1 / -0

Goodwill of the partnership business is the property of the _______.

A
Firm

B
Senior partner

C
Managing partner

D
none of these
Question 3
1 / -0

ABC are three partners sharing profit and loss equally.The firm decides to give only 1/5th share of profit to C in future due to his illness. on the date of change in the profit sharing ratio the goodwill of the firm was valued Rs.6000. What entry would be made to give effect to this change in the profit sharing ratio

A
A's Capital A/c Dr. Rs.2500, B's Capital A/c Dr. Rs.3500, C's Capital A/c Cr. Rs.6000

B
A's Capital A/c Dr. Rs.4000, B's Capital A/c Dr. Rs.2000, C's Capital A/c Cr. Rs.6000

C
A's Capital A/c Dr. Rs.3000, B's Capital A/c Dr. Rs.3000, C's Capital A/c Cr. Rs.6000

D
A's Capital A/c Dr. Rs.2000, B's Capital A/c Dr. Rs.4000, C's Capital A/c Cr. Rs.6000
Question 4
1 / -0

Which of the following statement is true?

A
Balance in share forfeited A/c is transferred to goodwill A/c

B
Shares of private company are not freely transferrable

C
Shares cannot be issued at a premium more than $$20\%$$

D
Debentures cannot be issued at discount
Question 5
1 / -0

In settling the accounts of the firm after dissolution, the goodwill of the firm can be sold ____________.

A
separately

B
along with other assets

C
Either (a) or (b)

D
cannot be sold
Question 6
1 / -0

When goodwill account is subsequently written off after admission of a new partner the capital A/c of all the partners is debited in

A
Old profit sharing ratio

B
New profit sharing ratio

C
Sacrificing ratio

D
Equally
Question 7
1 / -0

The majority rule is applicable when the partners are divided over _______.

A
ordinary business matter

B
fundamental matter

C
legal issues

D
all the three
Question 8
1 / -0

When the personal property of a partner is being used in the business of the firm, it ______.

A
is a question of fact to be determined with reference to the partner's intention whether it has become the property of the firm

B
becomes the joint estate

C
remains an estate of the partner

D
is a question of law to be decided on legal principles
Question 9
1 / -0

Premium method of valuation of goodwill is used when the _________

A
Incoming partner brings in his share of goodwill in cash

B
Incoming partner pays goodwill to the old partners privately

C
When goodwill brought in by the incoming partner is withdrawn by the old partners

D
When the partners decides to raise the goodwill at its full value.
Question 10
1 / -0

Excell Associates is a partnership firm, it intent to revalue its goodwill, average profits for the past five years are Rs 25000 p.a. Goodwill is being valued 3 years purchase of average profit. Good will of the firm will be valued at Rs __pa

A
Rs 90,000

B
Rs 75000

C
Rs 80000

D
Rs 60000

User

Question Analysis

Correct -
Wrong -
Skipped -

My Perfomance

Score
-
out of -
Rank
-
out of -

Re-Attempt Weekly Quiz Competition

A		B
1	Goodwill	1	Non-depreciable
2	Land	2	Non-cash expense
3	Called up	3	Intangible
4	Depreciation	4	Capital

Retirement or Death of a partner Test - 24

Result

Retirement or Death of a partner Test - 24

Score

-

Rank

-

SHARING IS CARING

Question 1

(1, 4), (2,3), (3, 2), (4, 1)

(1, 2), (2,3), (3, 4), (4, 1)

(1, 4), (2, 2), (3,1), (4, 3)

(1,3), (2,1), (3,4), (4,2)

Question 2

Firm

Senior partner

Managing partner

none of these

Question 3

A's Capital A/c Dr. Rs.2500, B's Capital A/c Dr. Rs.3500, C's Capital A/c Cr. Rs.6000

A's Capital A/c Dr. Rs.4000, B's Capital A/c Dr. Rs.2000, C's Capital A/c Cr. Rs.6000

A's Capital A/c Dr. Rs.3000, B's Capital A/c Dr. Rs.3000, C's Capital A/c Cr. Rs.6000

A's Capital A/c Dr. Rs.2000, B's Capital A/c Dr. Rs.4000, C's Capital A/c Cr. Rs.6000

Question 4

Balance in share forfeited A/c is transferred to goodwill A/c

Shares of private company are not freely transferrable

Shares cannot be issued at a premium more than $$20\%$$

Debentures cannot be issued at discount

Question 5

separately

along with other assets

Either (a) or (b)

cannot be sold

Question 6

Old profit sharing ratio

New profit sharing ratio

Sacrificing ratio

Equally

Question 7

ordinary business matter

fundamental matter

legal issues

all the three

Question 8

is a question of fact to be determined with reference to the partner's intention whether it has become the property of the firm

becomes the joint estate

remains an estate of the partner

is a question of law to be decided on legal principles

Question 9

Incoming partner brings in his share of goodwill in cash

Incoming partner pays goodwill to the old partners privately

When goodwill brought in by the incoming partner is withdrawn by the old partners

When the partners decides to raise the goodwill at its full value.

Question 10

Rs 90,000

Rs 75000

Rs 80000

Rs 60000

User

Question Analysis

My Perfomance

Score

-

Rank

-

Results Announcement on: coming Monday

Stay Tuned: We’ll update you on your result via email or SMS.