Retirement and death of a partner MCQs

AccountingQnA.com has 8 Retirement and death of a partner MCQs

The loss or gain on account of revaluation at the time of retirement of a partner is shared by:

  • A. Remaining partners
  • B. Retiring partners
  • C. All partners
  • D. None
  • Correct Answer: Option C

Amount due to outgoing partner is shown on the balance sheet as his:

  • A. Liability
  • B. Asset
  • C. Capital
  • D. Loan
  • Correct Answer: Option D

An account operated to ascertainthe loss or gain at the death of a partner is called:

  • A. Realisation account
  • B. Revaluation account
  • C. Executors account
  • D. Decreased partner's A/c.
  • Correct Answer: Option B

if the remaining partner want to continuethe business, after the retirement of a partner, a new partnership agreement is:

  • A. Necessary
  • B. Not necessary
  • C. Optional
  • D. None
  • Correct Answer: Option A

The accounting procedure at the retirement of a partner involves:

  • A. Revaluation of assets and liabilities
  • B. Ascertaining his share of goodwill
  • C. Finding the amount due to him
  • D. All ob above
  • Correct Answer: Option A

Partner’s equity is affected due to:

  • A. Retirement of a partner
  • B. Admission of a partner
  • C. Death of a partner
  • D. All of above
  • Correct Answer: Option D

Revaluation account is operated to find out gain or loss at the time of:

  • A. Admission of a partner
  • B. Retiremnet of a partner
  • C. Death of a partner
  • D. All of above
  • Correct Answer: Option D

The partnership may cam to an end due to the:

  • A. Death of a partner
  • B. Insolvency of a partner
  • C. Both of above
  • D. None
  • Correct Answer: Option C