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CBSE Class 12 Commerce Accountancy · Ch 3: Reconstitution of a Partnership Firm – Retirement/Death of a Partner

CBSE Class 12 Commerce Accountancy · Ch 3: Reconstitution of a Partnership Firm – Retirement/Death of a Partner is an online chapter test in the CBSE Class 12 Commerce pattern, covering Reconstitution of a Partnership Firm – Retirement/Death of a Partner. Attempt it on SeatBeat with a timer like the real exam, then see a detailed solution for every question and your score and weak-topic analysis.

30
Questions
20
Minutes
30
Marks
None
Negative marking
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Topics in this test

TopicQuestions
Reconstitution of a Partnership Firm – Retirement/Death of a Partner30

Difficulty: 7 medium · 23 hard

Reconstitution of a Partnership Firm – Retirement/Death of a Partner MCQ questions with answers

The first 3 of 30 questions. Unlock the series for the rest, each with a solution.

  1. Q1. Assertion (A): On the retirement of a partner, the continuing partners compensate the retiring partner for his share of goodwill in their gaining ratio. Reason (R): The gaining partners acquire the retiring partner's share of profit, so they must sacrifice to pay for the goodwill attached to that share. Choose the correct option:

    अभिकथन (A): किसी साझेदार की सेवानिवृत्ति पर, निरंतर रहने वाले साझेदार सेवानिवृत्त होने वाले साझेदार को उसके ख्याति-हिस्से के लिए अपने लाभ-ग्रहण अनुपात में क्षतिपूर्ति करते हैं। कारण (R): लाभ-ग्रहण करने वाले साझेदार सेवानिवृत्त होने वाले साझेदार के लाभ-हिस्से को प्राप्त कर लेते हैं, अतः उन्हें उस हिस्से से जुड़ी ख्याति का भुगतान करने के लिए त्याग करना पड़ता है। सही विकल्प चुनिए:

    • A. A is true but R is false / A सत्य है परंतु R असत्य है
    • B. Both A and R are true, and R is the correct explanation of A / A और R दोनों सत्य हैं, और R, A की सही व्याख्या है
    • C. A is false but R is true / A असत्य है परंतु R सत्य है
    • D. Both A and R are true, but R is not the correct explanation of A / A और R दोनों सत्य हैं, परंतु R, A की सही व्याख्या नहीं है
    Solution

    Both statements are true and R correctly explains A — because the continuing partners gain the retiring partner's share, they bear his goodwill in the gaining ratio.

    दोनों कथन सत्य हैं और R, A की सही व्याख्या करता है — क्योंकि निरंतर रहने वाले साझेदार सेवानिवृत्त होने वाले साझेदार का हिस्सा प्राप्त करते हैं, वे उसकी ख्याति का भार लाभ-ग्रहण अनुपात में वहन करते हैं।

  2. Q2. While preparing the retiring partner's Capital Account, which one of the following items is placed on the DEBIT side (i.e. is the odd one out among the rest)?

    सेवानिवृत्त होने वाले साझेदार का पूँजी खाता तैयार करते समय, निम्नलिखित में से कौन-सी मद नामे (DEBIT) पक्ष में रखी जाती है (अर्थात् शेष में से भिन्न है)?

    • A. His share of goodwill / उसका ख्याति का हिस्सा
    • B. His drawings during the year / वर्ष के दौरान उसका आहरण
    • C. His share of general reserve / उसका सामान्य संचय का हिस्सा
    • D. His share of profit on revaluation / उसका पुनर्मूल्यांकन लाभ का हिस्सा
    Solution

    Share of goodwill, general reserve and revaluation profit are credited to the retiring partner, but his drawings reduce his capital and are therefore debited.

    ख्याति का हिस्सा, सामान्य संचय और पुनर्मूल्यांकन लाभ सेवानिवृत्त होने वाले साझेदार को जमा किए जाते हैं, परंतु उसके आहरण (drawings) उसकी पूँजी को घटाते हैं और इसलिए नामे किए जाते हैं।

  3. Q3. When the amount due to a deceased partner is not paid immediately and there is no agreement on how to treat the balance, the Indian Partnership Act, 1932 provides that the executor may receive interest at the rate of:

    जब किसी मृत साझेदार को देय राशि का भुगतान तुरंत नहीं किया जाता और शेष राशि के व्यवहार के बारे में कोई समझौता नहीं होता, तो भारतीय साझेदारी अधिनियम, 1932 यह प्रावधान करता है कि निष्पादक (executor) निम्नलिखित दर पर ब्याज प्राप्त कर सकता है:

    • A. 12% per annum / 12% प्रति वर्ष
    • B. No interest is allowed / कोई ब्याज नहीं दिया जाता
    • C. 6% per annum / 6% प्रति वर्ष
    • D. 9% per annum / 9% प्रति वर्ष
    Solution

    As per Section 37 of the Act, in the absence of an agreement the outgoing/deceased partner's representative is entitled to interest @ 6% p.a. on the amount due.

    अधिनियम की धारा 37 के अनुसार, किसी समझौते के अभाव में बाहर जाने वाले/मृत साझेदार के प्रतिनिधि को देय राशि पर 6% प्रति वर्ष की दर से ब्याज पाने का अधिकार है।

Frequently asked questions

How many questions are in the CBSE Class 12 Commerce Accountancy · Ch 3: Reconstitution of a Partnership Firm – Retirement/Death of a Partner?

30 questions for 30 marks, to be answered in 20 minutes.

Is there negative marking in the CBSE Class 12 Commerce Accountancy · Ch 3: Reconstitution of a Partnership Firm – Retirement/Death of a Partner?

No — wrong answers are not penalised in this test.

Which topics does the CBSE Class 12 Commerce Accountancy · Ch 3: Reconstitution of a Partnership Firm – Retirement/Death of a Partner cover?

Reconstitution of a Partnership Firm – Retirement/Death of a Partner (30 questions).

Is the CBSE Class 12 Commerce Accountancy · Ch 3: Reconstitution of a Partnership Firm – Retirement/Death of a Partner free?

It is part of the CBSE Class 12 Commerce Test Series 2027 — Chapter-wise + Full Tests (22 tests, ₹199). You can first try Accountancy · Ch 1: Accounting for Partnership: Basic Concepts for free.

More tests in the CBSE Class 12 Commerce Test Series 2027 — Chapter-wise + Full Tests

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Reconstitution of a Partnership Firm – Retirement/Death of a Partner MCQ Questions with Answers | CBSE Class 12 | SeatBeat