Matching Type MCQs of Retirement of Partner Accountancy class 12
Looking for Matching type MCQs of Retirement of Partner chapter with answers and explanation of Accountancy class 12 CBSE, ISC and other State Board.
We have compiled a huge list of Matching type Multiple choice questions of the Retirement of Partner chapter with answers of class 12 Accountancy
Multiple Choice Questions of Retirement of Partner chapter with answers of Accountancy class 12
Let’s Practice.
Match the following in case of Retirement of a partner:
| i) sacrificing Ratio | A) Old + Gaining |
| ii) Gaining Ratio | B) Old – New |
| iii) New Ratio | C) New – Old |
a) i – A, ii – B, iii – C
b) i – B, ii – C, iii – A
c) i – C, ii – A, iii – B
Ans – b)
Match the following items:
| i) Profit or Loss on Revaluation | A – Sacrificing Ratio |
| ii) Retirement of a Partner | B – Old Ratio |
| iii) Increase in Liabilities | C – Loss |
| iv) Admission of a partner | D – Gaining Ratio |
Options
a) i – B, ii – D, iii – C, iv – A
b) i – A, ii – B, iii – D, iv – C
c) i – C, ii – D, iii – A, iv – B
d) i – D, ii – A, iii – B, iv – C
Ans – a)
Match the following items:
| i) The share of goodwill of the retiring partner is debited to the remaining partners in their | A – Capital Ratio |
| ii) In the event of the death of a partner the general reserve is transferred to partner’s capital A/cs in | B – New Ratio |
| C – Gaining Ratio | |
| D – Old Ratio |
a) i) – C, ii – D
b) i) – A, ii – B
c) i) – B, ii – C
d) i) – D, ii – A
Ans – a)
Match the following items:
| i) At the end of the accounting period profit and loss suspense A/c is closed by transferring its balance to the | A – Profit and Loss A/c |
| ii) Balance of profit and loss A/c appearing in the balance sheet is transferred to | B – Profit and Loss Appropriation A/c |
| C – Capital A/cs |
a) i – A, ii – C
b) i – B, ii – A
c) i – C, ii – A
d) i – B, ii – C
Ans – a)
Match the following items:
| i) Debit the share of profit of the deceased partner up to the date of death to | A – Revalutaoin A/c |
| ii) Decrease in the value of an asset | B – Profit and Loss Suspense A/c |
| C – Profit and Loss Appropriation A/c |
a) i – B, ii – A
b) i – A, ii – C
c) i – C, ii – B
d) i – A, ii – B
Ans – a)
Match the following items:
| i) Gain on revaluation on retirement | A – Old profit sharing ratio |
| ii) Share of goodwill of retiring partner | B – New profit sharing ratio |
| iii) Workmen Compensation Reserve appearing in the Balance Sheet | C – Sacrificing ratio |
| D – Gaining Ratio |
a) i – A, ii – D, iii – A
b) i – B, ii – C, iii – D
c) i – C, ii – B, iii – A
d) i – D, ii – C, iii – B
Ans – a)
Match the following items at the time of retirement workmen compensation reserve in Balance Sheet is ₹50,000.
| i) Actual claim for workmen claim is ₹40,000 | A – Debit workmen compensation reserve by ₹50,000 and credit provision for workmen claim b ₹40,000 and partner’s capital a/cs by ₹10,000. |
| ii) Actual claim for workmen claim is ₹60,000 | B – Debit workmen compensation reserve by ₹50,000 and Revaluation A/c by ₹10,000 and credit provision for workmen claim by ₹60,000. |
| iii) | C – Debit Provision for workmen claim and credit revaluation a/c by ₹10,000. |
| D – Debit partner’s capital A/c and credit workmen compensation reserve a/c by ₹10,000. |
a) i – A, ii – B
b) i – B, ii – C
c) i – C, ii – D
d) i – D, ii – A
Ans – a)
Match the following items:
| i) Profit and Loss Appropriation Account | A – Distribution of General Reserve |
| ii) Profit and Loss Suspense Account | B – Distribution of Net Profit |
| C – Deceased Partner’s share of loss up to the date of his death. |
Options
a) i – B, ii – C
b) i – A, ii – B
c) i – C, ii – A
d) i – D, ii – B
Ans- a)
Match the following items:
| i) Retirement of a partner leads to: | A – No change in profit sharing ratio |
| ii) Death of a partner leads to: | B – Loss in profit sharing ratio |
| iii) Admission of a partner leads to: | C – Gain in profit sharing ratio |
Options
a) i – C, ii – C, iii – B
b) i – A, ii – B, iii – C
c) i – B, ii – A, iii – C
d) i – A, ii – C, iii – B
Ans – a)
Match the following items:
| i) Advertisement Suspense A/c appearing in Balance Sheet at the time of death of a partner | A – New ratio |
| ii) Profit earned after retirement of partner is distributed among remaining partners in | B – Old ratio |
| C – Sacrificing Ratio | |
| D – Gaining Ratio |
Options
a) i – B, ii – A
b) i – A, ii – C
c) i – C, ii – D
d) i – A, ii – B
Ans -a)
Match the following Items:
| i) Salary outstanding is recorded on | A – Debit side Revaluation A/c |
| ii) Creditors of ₹12,000 were not likely to be claimed | B – Credit side Revaluation A/c |
| C – Debit Partners Capital A/cs | |
| D – Credit Partners Capital A/cs |
Options
a) i – A, ii – B
b) i – B, ii – C
c) i – C, ii – d
d) i – D, ii – A
Ans -a)
Match the following items:
| i) At the time of retirement of a partner, profit on revaluation is credited to: | A) Capital Account of retiring partner |
| ii) At the time of retirement of a partner, loss on revaluation is debited to: | B) Capital Accounts of all partners in old ratio |
| ii) At the time of retirement of a partner, goodwill appearing in the Balance Sheet is debited to | C) Capital Accounts of remaining partners in new ratio |
| D) Capital Accounts of remaining partners in old ratio. |
options
a) i – B, ii – B, iii – B
b) i – A, ii – B, iii – C
c) i – C, ii – A, iii – B
d) i – D, ii – B, iii – A
Ans – a)
Match the following items:
| i) A, B and C are partners in a firm sharing in 1:2:3. C retires. What will be the gaining ratio between A and B? | A – Only A gains |
| ii) A, B and C are partners in a firm. C retires. C gives a share to A for ₹8,000 and to B for ₹4,000. Calculate the gaining ratio between A and B. | B – 1:2 |
| iii) A, B and C are partners in a firm. C retires. C gives his share to A for ₹1,00,000. Calculate the gaining ratio. | C – 2:1 |
Options
a) i – B, ii – C, iii – A
b) i – A, ii – B, iii – C
c) i – C, ii – A, iii – B
d) i – A, ii – C, iii – B
Ans – a)
Match the following items:
| i) A, B and C are partners sharing in 5:3:2. B retires and the new ratio between A and C is 4:1. Which partners gain? | A) A and B both gain |
| ii) A, B and C are partners sharing in 6:4:5. B retires and new ratio between A and C is 2:3. Which partners gain? | B) Only A gain |
| C) Only C gains | |
| D) A and B both sacrifice |
Options
a) i – B, ii – C
b) i – A, ii – B
c) i – C, ii – D
d) i – D, ii – A
Ans – a)
Match the following items:
| i) A, B and C are partners in 2:3:4. B retires from the firm. The capitals of A and C after all adjustments is ₹50,000 and ₹70,000. Adjust their capitals in new profit sharing ratio. Calculate the new capital of C. | A) ₹53,333 |
| ii) A, B and C are partners in 2:1:1. B retires from the firm. The capital of new firm is fixed at ₹1,20,000. Calculate the new capital of partner A | B) ₹60,000 |
| C) ₹40,000 | |
| D) ₹80,000 |
Options
a) i – D, ii – D
b) i – A, ii – B
c) i – C, ii – D
d) i – B, ii – C
Ans – a)
Match the following items:
| i) A, B and C are partners sharing profits in 3:2:1. C retires from the firm. There is a workmen compensation reserve appearing in the Balance Sheet of ₹1,20,000. Claim on account of workmen compensation is ₹1,20,000. Calculate the amount credited to C for workmen’s compensation reserve. | A) ₹5,000 |
| ii) A, B and C are partners sharing profits in 3:2:1. C retires from the firm. There is a workmen compensation reserve appearing in the Balance Sheet of ₹1,20,000. Claim on account of workmen compensation is ₹90,000. Calculate the amount credited to C for workmen’s compensation reserve. | B) Nil |
| C) ₹20,000 |
Options
a) i – A, ii – B
b) i – B, ii – A
c) i – C, ii – A
d) i – B, ii – C
Ans -b)
Match the following items:
| i) A, B and C are partners in ratio of 3:2:1. C retires from the firm. The capital Balance of A, B and C are ₹1,60,000; ₹1,40,000 and ₹1,00,000. C was to be paid in cash brought in by A and B. What be the new capital of A and B in their newly constituted from. | A) New capital of A ₹1,80,000 and of B ₹1,20,000. |
| ii) A, B and C are partners in ratio of 3:2:1. C retires from the firm. The capital Balance of A, B and C are ₹1,60,000; ₹1,40,000 and ₹1,00,000. C waw to be paid in cash brought in by A and B and to leave ₹1,00,000 in the Bank Account. How much amount will be brought in by A and B. | B) New Capital of A ₹2,40,000 and of B ₹1,60,000 |
| C) Amount brought in by A is ₹1,40,000 and by B is ₹60,000 | |
| D) Amount brought in by A is ₹80,000 and by B is ₹20,000. |
Options
Options
a) i – B, ii – C
b) i – A, ii – B
c) i – C, ii – A
d) i – B, ii – A
Ans – a)
