Accountancy MCQ Class 12 Chapter 4: Check the below NCERT MCQ Questions for Accountancy MCQ Class 12 Chapter 4 with Answers Pdf free download. Accountancy MCQ Class 12 Chapter 4 Questions for Accountancy with Answers were prepared based on the latest exam pattern. We have provided Accountancy MCQ Class 12 Chapter 4 with Answers to help students understand the concept very well.

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Accountancy MCQ Class 12 Chapter 4

1. In the event of death of a partner, the accumulated profits and losses are shared by the partners in their:
(a) Old Profit-sharing Ratio
(b) New Profit-sharing Ratio
(c) Capital Ratio
(d) None of these

2. The amount of a joint life insurance policy is credited into the capital accounts of _________ on account of the death of a partner.
(a) Deceased partner only
(b) The deceased partner as well as all the remaining partners
(c) In the new profit-sharing ratio of the remaining partners
(d) In the old profit-sharing ratio of the remaining partners

3. The executors of deceased partner will be paid interest on the amount due from the date of death of the partner at:
(a) 5% p.a.
(b) 6% p.a.
(c) 7% p.a.
(d) 8% p.a.

4. On the death of a partner, the amount of Joint Life Insurance Policy is credited to the Capital Accounts of:
(a) Only the deceased partner
(b) All partners including the deceased partner
(c) Remaining partners, in the new profit-sharing ratio
(d) Remaining partners, in their old profit-sharing ratio

5. At the time of _______ revaluation, an account is prepared.
(a) Retirement of an existing partner
(b) Death of an existing partner
(c) Admission of a new partner
(d) All of the above

6. On retirement of a partner’s the amount of General Reserve is transferred to all partner’s capital account in:
(a) New Profit Sharing Ratio
(b) Capital Ratio
(c) Old Profit Sharing Ratio
(d) None of these

7. On death of a partner, the remaining partner(s) who have gained due to change in profit-sharing ratio should compensate the:
(a) Deceased partner
(b) Remaining partners (who have sacrificed) as well as decreased partner
(c) Remaining partners (who have sacrificed)
(d) None of these

8. On the retirement of a partner, the capital account of the retiring partner will be credited with _______.
(a) Goodwill of the firm
(b) Shares of goodwill of the remaining partners
(c) His/her share of goodwill
(d) None of the above

9. Abhi, Bhanu, and Clarin are partners sharing profits in the ratio of 3:2:1. Together they had a joint life policy of Rs. 3,00,000. The surrender value of the joint life policy in the balance sheet is Rs. 90,000. Clarin dies; what is the share of each partner in the joint life policy?
(a) Rs. 45,000 , Rs. 30,000, Rs. 15,000
(b) Rs. 1,50,000 , Rs. 1,00,000 , Rs. 50,000
(c) Rs. 1,95,000 , Rs. 1,30,000 , Rs. 65,000
(d) Rs. 1,05,000 , Rs. 70,000, Rs. 35,000

10. In case of death of a partner, the whole amount standing to the credit of his capital account is transferred to :
(a) Capital Accounts of all partners
(b) Capital Accounts of remaining partners
(c) His Executor’s Account
(d) Account of the Government

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By Team Learning Mantras