Matching Type MCQs of Retirement of Partner Accountancy class 12

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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 RatioA) Old + Gaining
ii) Gaining RatioB) Old – New
iii) New RatioC) 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 RevaluationA – Sacrificing Ratio
ii) Retirement of a PartnerB – Old Ratio
iii) Increase in LiabilitiesC – Loss
iv) Admission of a partnerD – 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 theirA – Capital Ratio
ii) In the event of the death of a partner the general reserve is transferred to partner’s capital A/cs inB – 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 theA – Profit and Loss A/c
ii) Balance of profit and loss A/c appearing in the balance sheet is transferred toB – 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 toA – Revalutaoin A/c
ii) Decrease in the value of an assetB – 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 retirementA – Old profit sharing ratio
ii) Share of goodwill of retiring partnerB – New profit sharing ratio
iii) Workmen Compensation Reserve appearing in the Balance SheetC – 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 ₹40,000A – 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 ₹60,000B – 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 AccountA – Distribution of General Reserve
ii) Profit and Loss Suspense AccountB – 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 partnerA – New ratio
ii) Profit earned after retirement of partner is distributed among remaining partners inB – 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 onA – Debit side Revaluation A/c
ii) Creditors of ₹12,000 were not likely to be claimedB – 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 toC) 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 AB) ₹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)

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Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.

Articles: 2015

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