Test: Death Of A Partner - 2


15 Questions MCQ Test Principles and Practice of Accounting | Test: Death Of A Partner - 2


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QUESTION: 1

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

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QUESTION: 2

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

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QUESTION: 3

Revaluation account is prepared at the time of 

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QUESTION: 4

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?

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QUESTION: 5

 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?

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QUESTION: 6

J, K and L were equal partners in a firm. The firm has taken individual life policy of Rs. 50,000 for each partner. J died on 5th March 2011. The surrender value was Rs. 2,000 for each policy on the date of death of J. The amount payable to J in respective policies would be _______.

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QUESTION: 7

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. 

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QUESTION: 8

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. 

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QUESTION: 9

A, B and C are the partners sharing profits and losses in the ratio of 5:3:2, took a joint life policy of Rs. 30,000. On the death of B what amount will be payable to each partner

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QUESTION: 10

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

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QUESTION: 11

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

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QUESTION: 12

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

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QUESTION: 13

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

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QUESTION: 14

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

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QUESTION: 15

 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 along with the reserve?

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