Retirement or Death of a partner Test

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Retirement or Death of a partner Test - 26

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SHARING IS CARING

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Weekly Quiz Competition

Question 1
1 / -0

Which of these would reduce the net profit of a partnership firm

A
Charging interest on drawing of the partners

B
Allowing interest on capital of the partners

C
Distribution of goodwill

D
Changing profit sharing ratio
Question 2
1 / -0

Which of these can be described as the sum of those intangible attributes or benefits enjoyed by the enterprise which contributes to its success.

A
Research and Development

B
Goodwill

C
Deferred revenue expenditure

D
Intangible Assets
Question 3
1 / -0

Sacrificing ratio is used at the time of .. of a partner for distribution of goodwill

A
Retirement

B
Death

C
Admission

D
Expulsion
Question 4
1 / -0

X and Y are sharing profits and losses in the ratio of 3 :2. Z is admitted with 1/5th share in profits of the firm which he gets from X. Now the new profit sharing ratio among X, Y and Z will be _________.

A
$$12:8:5$$

B
$$8:12:5$$

C
$$2:2:1$$

D
$$2:2:2$$

Solution

Old ratio ( X: Y) = 3 : 2
Z admitted for 1/5 share of profit
X sacrifices in favour of Z = 1/5
New ratio = Old ratio - sacrificing ratio
X's new share = (3/5) - (1/5)
= 2/5
Y's new share = (2/5) - 0
= 2/5
Z's share = 1/5
Therefore, new profit sharing ratio among X, Y and Z is 2 : 2 : 1
Question 5
1 / -0

A and B are partners sharing profits and losses in the ratio of 3 : 1. They have agreed to admit C into the partnership firm. C is given 1/4th share of future profits which he acquires in the ratio of 2: 1 from A and B. The new profit sharing ratio would be:

A
4 : 3 : 1

B
7 : 2 : 3

C
3 : 1 : 7

D
7 : 3 : 2

Solution
Question 6
1 / -0

A and B are partners in a business sharing profits in the ratio of 5 : 3. They admit C as a partner with 1/4 share in the profits which he acquires 3/4 from A and 1/4 from B. He pays 4,000 as his share of Goodwill A and B will be credited by:

A
2,500 and 1,500 respectively

B
2,000 each

C
1,000 and 3,000 respectively

D
3,000 and 1,000 respectively

Solution
Question 7
1 / -0

A and B are partners in a firm sharing profits in the ratio of 3 : 2. They admit C as a new partner for 1/3 share in the profits of the firm. The new profit sharing ratio of A, B and C is ________________.

A
3:2:1

B
3:2:2

C
3:2:3

D
6:4:5

Solution
Question 8
1 / -0

X and Y share profits and losses in the ratio of 4 : 3. They admit Z in the firm with 3/7 share which he gets 2/7 from X and 1/7 from Y. The new profit sharing ratio will be:

A
7:3:3

B
2:2:3

C
5:2:3

D
2:3:3
Question 9
1 / -0

X and Y are sharing profits in the ratio of 2: 1. They admitted Z into the firm with 1/4 shares in profits for which he brings 15,000 as his share of capital. The partners decide to have their capitals according to the new profit sharing ratio. As a result, the adjusted capital of Y will be:

A
10,000

B
15,000

C
16,000

D
24,000

Solution

Overall capital of the firm = 15000 * 4/1 = 60000
New PSR = 2 : 1 : 1
Y's Capital = 60000 * 1 / 4 = Rs 15000
Question 10
1 / -0

Goodwill of a firm of A and B is valued at 30,000. It is appearing in the books at 12,000. C is admitted for 1/4 share. What amount he is supposed to bring for goodwill?

A
3,000

B
4,500

C
7,500

D
10,500

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Re-Attempt Weekly Quiz Competition

Retirement or Death of a partner Test - 26

Result

Retirement or Death of a partner Test - 26

Score

-

Rank

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SHARING IS CARING

Question 1

Charging interest on drawing of the partners

Allowing interest on capital of the partners

Distribution of goodwill

Changing profit sharing ratio

Question 2

Research and Development

Goodwill

Deferred revenue expenditure

Intangible Assets

Question 3

Retirement

Death

Admission

Expulsion

Question 4

$$12:8:5$$

$$8:12:5$$

$$2:2:1$$

$$2:2:2$$

Solution

Question 5

4 : 3 : 1

7 : 2 : 3

3 : 1 : 7

7 : 3 : 2

Solution

Question 6

2,500 and 1,500 respectively

2,000 each

1,000 and 3,000 respectively

3,000 and 1,000 respectively

Solution

Question 7

3:2:1

3:2:2

3:2:3

6:4:5

Solution

Question 8

7:3:3

2:2:3

5:2:3

2:3:3

Question 9

10,000

15,000

16,000

24,000

Solution

Question 10

3,000

4,500

7,500

10,500

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