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Class 12 Accountancy: Retirement and Death of a Partner — Chapter Test 1

Class 12 • Accountancy • Retirement and Death of a Partner • Chapter Test

MediumFREE

15

Questions

20 min

Duration

15

Marks (1 each)

No

Negative marking

Original practice questions with full solutions by ExamPortal.

Instructions

  • • Read each question carefully and pick the correct answer.
  • • You can mark questions for review and come back to them.
  • • Answers are saved automatically.
  • • The test is submitted automatically when time runs out.

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SYLLABUS & QUESTION BLUEPRINT

Sample Practice Questions

Preview 5 sample questions from this 15-question test. Test your knowledge below or take the full exam in timed CBT mode.

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Question 1 of 15
Gaining ratio =
A
old ratio − new ratio
B
new ratio − old ratio
C
capital ratio
D
sacrificing ratio
View Correct Answer & Step-by-Step Solution
Correct Option:(B)new ratio − old ratio

Detailed explanation is available inside the official test attempt review.

Question 2 of 15
On retirement, the retiring partner's share of goodwill is borne by the continuing partners in their:
A
old ratio
B
gaining ratio
C
capital ratio
D
equal ratio
View Correct Answer & Step-by-Step Solution
Correct Option:(B)gaining ratio

Detailed explanation is available inside the official test attempt review.

Question 3 of 15
A, B and C share 2:2:1. B retires. The new ratio of A and C (if they share B's share in the old ratio) is:
A
2:1
B
1:1
C
3:2
D
4:1
View Correct Answer & Step-by-Step Solution
Correct Option:(A)2:1

Detailed explanation is available inside the official test attempt review.

Question 4 of 15
Amount due to a retiring partner, if not paid immediately, is transferred to his:
A
capital account
B
loan account
C
revaluation account
D
drawings
View Correct Answer & Step-by-Step Solution
Correct Option:(B)loan account

Detailed explanation is available inside the official test attempt review.

Question 5 of 15
In the absence of agreement, interest on the unpaid amount due to a retiring partner (Sec 37) is at:
A
6% p.a. or share of profits, at his option
B
12% p.a.
C
no interest
D
9% p.a.
View Correct Answer & Step-by-Step Solution
Correct Option:(A)6% p.a. or share of profits, at his option

Detailed explanation is available inside the official test attempt review.

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Frequently asked questions

How many questions are there in Class 12 Accountancy: Retirement and Death of a Partner — Chapter Test 1?

There are 15 questions to answer in 20 min. Each correct answer gives 1 mark, for a total of 15 marks.

Is there negative marking?

No. Wrong answers do not lose marks, so attempt every question.

Is this mock test free?

Yes, it is completely free. Just log in with your email to start.

What does this test cover?

It covers the chapter "Retirement and Death of a Partner" of Class 12 Accountancy. All questions are original, with a full solution for each.

Will I see my result and the solutions?

Yes. Right after you submit you get your score, accuracy, rank and percentile, and you can review every question with the correct answer and a step-by-step explanation.

Can I take this test again?

Yes, you can retake it as many times as you like and compare your scores.