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Test: Death Of A Partner - 1


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30 Questions MCQ Test Crash Course of Accountancy - Class 12 | Test: Death Of A Partner - 1

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Test: Death Of A Partner - 1 - Question 1

On death of a partner, his executor is paid the share of profits of the dying partner for the relevant period. This payment is recorded in Profit & Loss ………..Account

Test: Death Of A Partner - 1 - Question 2

 R, J and D are the partners sharing profits in the ratio 7:5:4. D died on 30th June 2006. It was decided to value the goodwill on the basis of three year’s purchase of last five years average profits. If the profits are Rs. 29,600; Rs. 28,700; Rs. 28,900; Rs. 24,000 and Rs. 26,800. What will be D’s share of goodwill?

Test: Death Of A Partner - 1 - Question 3

 If Joint Life Policy in the Balance Sheet at surrender value, then the firm will be 

Test: Death Of A Partner - 1 - Question 4

As per Section 37 of the Indian Partnership Act, 1932, the executors would be entitled at their choice to the interest calculated from the date of death till the date of payment on the final amount due to the dead partner at ……. Percentage per annum

Test: Death Of A Partner - 1 - Question 5

A, B and C are partners sharing profits in the ratio of 3:2:1. They had a Joint Life Policy of Rs. 3,00,000. Surrender value of JLP in Balance Sheet is Rs. 90,000. C dies. What is share of each partner in JLP?

Detailed Solution for Test: Death Of A Partner - 1 - Question 5

If Joint Life Policy appears in the Balance Sheet at surrender value, then the firm will gain on the death of a partner and partners will get
 policy amount - Surrender value i.e., in their profit sharing ratio
Rs. 3,00,000 - Rs. 90,000 = Rs. 2,10,000
Distribution of JLP among the partners is : 
A = 2,10,000 * (3/6) = 105000
B = 2,10,000 * (2/6) = 70000
C = 2,10,000 * (1/6) = 35000

Test: Death Of A Partner - 1 - Question 6

At the time of death of a partner firm gets________ from the insurance company of the Joint Life Policy taken jointly for all the partners. 

Test: Death Of A Partner - 1 - Question 7

The amount due to the deceased partner is paid to his: 

Test: Death Of A Partner - 1 - Question 8

A, B and C takes a Joint Life Policy their profit sharing ratio is 2:2:1. On death of B, A and C decides to share profits equally. They had taken a Joint Life Policy of Rs. 2,50,000 with the surrender value Rs. 50,000. What will be the treatment in the partner’s capital account on receiving the JLP amount if joint life policy is maintained at the surrender value?

Test: Death Of A Partner - 1 - Question 9

At the time of death of a partner, firm gets………...from the insurance company against the Joint Life Policy taken jointly for all the partners

Test: Death Of A Partner - 1 - Question 10

If three partners A, B & C are sharing profits as 5:3:2, then on the death of a partner A, how much B & C will pay to A’s executer on account of goodwill. Goodwill is to be calculative on the basis of 2 years purchase of last 3 years average profits. Profits for last three years are: Rs. 3,29,000; Rs. 3,46,000 and Rs. 4,05,000.

Test: Death Of A Partner - 1 - Question 11

 A, B, C are partners sharing profits in the ratio 1:1:2. C died on 30th June 2006 and profits for the accounting year ended on 31st December 2006 were Rs. 24,000. How much share in profits will be credited to C’s Account. 

Test: Death Of A Partner - 1 - Question 12

 A, B, C are partners sharing profits and loss in 5:3:2. The firm’s balance sheet as on 31.3.2007 shows Reserve Balance of Rs. 25,000. Profit of the last year Rs. 50,000. Joint Life policy of Rs. 10,00,000, Fixed, assets of Rs. 12,00,000. On 1st June C died and on same date assets were revalued. The executors of C will get along with capital: 

Test: Death Of A Partner - 1 - Question 13

After the death of a partners, amount payable is received by: 

Test: Death Of A Partner - 1 - Question 14

When premium paid on JLP taken up severely for each partner, the amount received on death of a partner would be firm’s profit. It is also necessary to credit Partner’s Capital Account with …………. Of the policy on the lives of the remaining partners

Test: Death Of A Partner - 1 - Question 15

B, C, D are partners sharing profits in the ratio 7:5:4. D died on 30th June 2006 and profits for the year 2005-2006 were Rs. 12,000. How much share in profits for the period 1st April 2006 to 30th June 2006 will be credited to D’s Account?

Test: Death Of A Partner - 1 - Question 16

How is the premium paid on the JLP of partners treated? It is ______ to the _______accounts:

Test: Death Of A Partner - 1 - Question 17

At the time of death of a partner, firm gets ………….. from the insurance company against the Joint Life Policy taken severely for each of the partner. 

Test: Death Of A Partner - 1 - Question 18

Joint Life Policy amount received by a firm is distributed in _________.

Test: Death Of A Partner - 1 - Question 19

JLP of the partners is a/ an ___________account:

Test: Death Of A Partner - 1 - Question 20

In case of death of a partner, share of goodwill of deceased partner, will be borne by the remaining partners in:

Test: Death Of A Partner - 1 - Question 21

The balance of joint life policy account as shown in the balance sheet represents: 

Test: Death Of A Partner - 1 - Question 22

In the absence of proper agreement, representative of the diseased partner is entitled to the Dead partner’s share in the following items.

Test: Death Of A Partner - 1 - Question 23

X, Y and Z are the partners sharing profits in the ratio of 7:5:4. On 30th June, 2008 Z died and profit for the year ending 31st March, 2009 were Rs. 2,40,000. How much share in profits for the period 1st April 2008 to 30th June 2008 will be credited to Z’s account assuming the profit occurred evenly throughout the year?

Test: Death Of A Partner - 1 - Question 24

R, J and D are the partners sharing profits in the ratio 7:5:4. D died on 30th June 2006 and profits for the accounting year 2005-2006 were Rs. 24,000. How much share in profit for the period 1st April 2006 to 30th June 2006 will be credited to D’s Account 

Test: Death Of A Partner - 1 - Question 25

To provide funds to pay to the retiring partner or to the representatives of a deceased partner, generally partners: 

Test: Death Of A Partner - 1 - Question 26

 

Match the following items from column A with column B

Test: Death Of A Partner - 1 - Question 27

 A, B and C are the partners sharing profits and losses in the ratio 2:1:1. Firm has a joint life policy of Rs. 1,20,000 and in the balance sheet it is appearing at the surrender value i.e. Rs. 20,000. On the death of A, how this JLP will be shared among the partners.

Test: Death Of A Partner - 1 - Question 28

 A, B and C are partners sharing profits and losses in the ratio 9:4:3. They took joint life policy of Rs. 25,000 for A, Rs. 20,000 for B and Rs. 51,000 for C. what is the share of C in the JLP amount?

Test: Death Of A Partner - 1 - Question 29

A, B and C are partners sharing profits and losses in the ratio 2:2:1. C dies on 31st March 2007. The profits of the financial year ending 31st March 2007 is Rs. 64,000. The share of the deceased partner in the profits will be: 

Test: Death Of A Partner - 1 - Question 30

All of the following except one is the method of recording joint life Policy

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