Class XII

Retirement or death of a partner will create a situation for the continuing partners, which is known as:
  1. Reconstitution of Firm
  2. Liquidation
  3. Dissolution of firm
  4. Both Dissolution of firm and Liquidation
If the retiring partner not be paid fully immediately on retirement how should his capital account be shown in subsequent Balance Sheet
  1. Capital account on liabilities side
  2. His Loan account on assets side
  3. Creditors account on liabilities side
  4. His Loan account on liabilities side
Reason for preparing Profit and Loss suspense Account is to ___________
  1. Adjust the capital of deceased partner
  2. Adjust the Revaluation profit
  3. Adjust the Revaluation loss
  4. Adjust the profit of deceased partner
When Retiring partners balance is treated as loan , in the absence of any information, he will get:
  1. Interest only 6% per annum
  2. Bank Rate (Fluctuating rate)
  3. Interest 10%
  4. Interest 7.5%
X, Y and Z are partners sharing profits in the ratio of 1/2, 2/5 and 1/10. What will be the new ratio of X and Y after the retirement of Z.
  1. 5:4
  2. 4:5
  3. 3:2
  4. 1:1
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LKG - 12th

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