Accountancy MCQ Class 12 Chapter 4 | Reconstitution of Partnership Firm: Retirement and Death of a Partner | Accountancy Quiz for Class 12 and Other Competitive Exams

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

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1. The distribution of a joint life policy amount is received by a firm in _________.
(a) Capital ratio’s closing balance
(b) Partner’s old profit-sharing ratio
(c) New Profit-sharing Ratio
(d) Capital ratio’s opening balance

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2. A, S, and R are partners sharing profit in the ratio 7:5:4. R died on 30th June 2019, and profits for the year 2018-19 were Rs. 12,000. How many shares in profits for the period 1st April 2019 to 30th June 2019 will be credited to R’s account?
(a) Rs. 750
(b) Rs. 5,000
(c) Rs. 7,000
(d) Nil

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3. The amount due to the deceased partner is paid to his ______.
(a) Father
(b) Friend
(c) Wife
(d) Executors

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4. Mr. Akhil, Ms. Bhavya, and Ms. Clara are partners. On the retirement of Mr. Akhil, the goodwill that is already appearing in the balance sheet at Rs. 44,00,000 will be written off _______.
(a) By debiting the capital accounts of the remaining partners in their new profit-sharing ratio
(b) By debiting the capital account of the retiring partners from his share of goodwill
(c) By debiting the capital accounts of all partners in their old profit-sharing ratio
(d) None of the above

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5. B, C and D are partners sharing profit in the ratio 7:5:4. D died on 30th June, 2016 and profits for the year 2015-16 were ₹ 12,000. How much share in profits for the period 1st April, 2016 to 30th June, 2016 will be credited to D’s Account:
(a) ₹ 3,000
(b) ₹ 750
(c) Nil
(d) ₹ 1,000

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6. x,y are z are partners and share profits in the ratio of 5 : 3 : 2. y retires and x takes 1/10 from y and z takes 1/5 from y. The new profit sharing ratio will be :
(a) 7 : 13
(b) 13 : 7
(c) 3 : 2
(d) 1 : 1

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7. Joint Life Policy amount received by a firm is distributed in:
(a) Opening Capital Ratio
(b) Closing Capital Ratio
(c) Old Profit-sharing Ratio of Partners
(d) New Profit-sharing Ratio

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8. A, B and C are partners sharing profits and losses in the ratio of 2 : 2 : 1. C died on 31st March, 2016. The profits of the financial year ending 31st March, 2016 is ₹ 64,000. The share of the deceased partner in the profits will be:
(a) ₹ 9,200
(b) ₹ 12,800
(c) ₹ 3,100
(d) ₹ 6,100

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9. Esha, Yash, and Zack are partners sharing profits in the ratio of 7:5:4. On 30th June 2019, Zack died, and profits for the year ending 31st March 2020 were Rs. 24,00,000. How many shares in profits for the period 1st April to 30th June 2019 will be credited to Zack’s account, assuming the profit incurred evenly throughout the year?
(a) Rs. 6,00,000
(b) Rs. 1,50,000
(c) Rs. 2,00,000
(d) Nil

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10. The old profit-sharing ratio among Rajender, Satish and Tejpal were 2 : 2 : 1. The new profit-sharing ratio after Satish’s retirement is 3 : 2. The gaining ratio is :
(a) 3 : 2
(b) 2 : 1
(c) 1 : 1
(d) 2 : 3

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