12 + Interview Questions in RETIREMENT IN GENERAL AWARENESS Page 1 InterviewSolution

1.	Fill in the blanks:Time basis and __________ basis are the two methods for ascertainment of the profits of the deceased partner in case of death.
Answer» Time basis and turnover basis are the two methods for ascertainment of the profits of the deceased partner in case of death.

Discussion

2.	Fill in the blanks:According to section 35 of the Partnership Act, a partnership firm may not be _______ by the death of a partner.
Answer» According to section 35 of the Partnership Act, a partnership firm may not be dissolved by the death of a partner.

Discussion

3.	Fill in the blanks:Under time method for ascertainment of profit in case of death of a partner, it is assumed that profit has been earned ___________ throughout the year.
Answer» Under time method for ascertainment of profit in case of death of a partner, it is assumed that profit has been earned uniformly throughout the year.

Discussion

4.	Fill in the blanks:The amount due to the deceased partner is reduced by amount of drawings, ________and share in undistributed losses of the firm.
Answer» The amount due to the deceased partner is reduced by amount of drawings Interest on drawings and share in undistributed losses of the firm.

Discussion

5.	Fill in the blanks:Retirement can be anticipated and plannedbut ________cannot be.
Answer» Retirement can be anticipated and plannedbut death cannot be.

Discussion

6.	State whether the following statements are True or False:1. Theaccounts of assets and liabilities which are taken over by the new firm will be closed by transferring them to the New Firm A/c at agreed values 2. Partners’ Capital accounts of the old firm are to be closed with the net balance by transferring them to the New Firm account
Answer» 1.True, 2.True,

6.

State whether the following statements are True or False:1. Theaccounts of assets and liabilities which are taken over by the new firm will be closed by transferring them to the New Firm A/c at agreed values 2. Partners’ Capital accounts of the old firm are to be closed with the net balance by transferring them to the New Firm account

Answer»

1.True,

2.True,

Discussion

7.	State whether the following statements are True or False:1. If an asset is taken over by any partner, then Partner’s Capital account is debited and asset account is credited. 2. The net profit or loss on P&L Adjustment account is tobe transferred to Partner's Capital A/c in the capital ratio
Answer» 1.True, 2.False

7.

State whether the following statements are True or False:1. If an asset is taken over by any partner, then Partner’s Capital account is debited and asset account is credited. 2. The net profit or loss on P&L Adjustment account is tobe transferred to Partner's Capital A/c in the capital ratio

Answer»

1.True,

2.False

Discussion

8.	Dakshay, Dev and Kapil are partners sharing profits in the ratio of 2:2:1. Kapil dies on 1st April 2014. The profit for the accounting year ending on 31st December, 2014 amount to Rs.2,40,000. Calculate the share of the deceased partner in profits of the firm.
Answer» Profit of the year is Rs. 2,40,000 Profit from 1st January to 1^st April, 2014 i.e. for 3 months= 2,40,000 x 3/12 = Rs.60,000 Kapil’s share will be 60,000 x 1/5 = Rs. 12,000

8.

Dakshay, Dev and Kapil are partners sharing profits in the ratio of 2:2:1. Kapil dies on 1st April 2014. The profit for the accounting year ending on 31st December, 2014 amount to Rs.2,40,000. Calculate the share of the deceased partner in profits of the firm.

Answer»

Profit of the year is Rs. 2,40,000

Profit from 1st January to 1^st April, 2014 i.e. for 3 months= 2,40,000 x 3/12 = Rs.60,000

Kapil’s share will be 60,000 x 1/5 = Rs. 12,000

Discussion

9.	State whether the following statements are True or False:1. In the event of amalgamation, the goodwill of each firm is credited to the partners’ capitals of the respective firm in their capital ratio. 2. The assets and liabilities not taken over by the new firm are transferred to Partner's Capital Accounts.
Answer» 1. False, 2. True,

9.

State whether the following statements are True or False:1. In the event of amalgamation, the goodwill of each firm is credited to the partners’ capitals of the respective firm in their capital ratio. 2. The assets and liabilities not taken over by the new firm are transferred to Partner's Capital Accounts.

Answer»

1. False,

2. True,

Discussion

10.	Akul, Sumit and Nakul are sharing profits in the ratio of 2:2:1. Nakul dies on March 31, 2014. Sales for the year 2014 amounts to Rs.6,00,000 out of which Rs.2,00,000 amounted between the period from January 1, 2014 to March 31, 2014. The profit for the year amounted to Rs.60,000. Calculate the share of the deceased partner in profits of the firm.
Answer» The profit up to the death on the basis of turnover: (60,000 x 2,00,000/6,00,000) = 20,000 Nakul’s share will be 20,000 x 1/5 = Rs. 4,000

10.

Akul, Sumit and Nakul are sharing profits in the ratio of 2:2:1. Nakul dies on March 31, 2014. Sales for the year 2014 amounts to Rs.6,00,000 out of which Rs.2,00,000 amounted between the period from January 1, 2014 to March 31, 2014. The profit for the year amounted to Rs.60,000. Calculate the share of the deceased partner in profits of the firm.

Answer»

The profit up to the death on the basis of turnover:

(60,000 x 2,00,000/6,00,000) = 20,000

Nakul’s share will be 20,000 x 1/5 = Rs. 4,000

Discussion

11.	Fill in the blanks:In the event of death of a partner, the accumulated profits and losses are shared by partners in the ________ratio
Answer» In the event of death of a partner, the accumulated profits and losses are shared by partners in the old ratio.

Discussion

12.	Fill in the blanks:In the event of death of a partner, ________of the Deceased Partner will be entitled to receive from the firm the amount due to Deceased partner.
Answer» In the event of death of a partner the Legal Representatives of the Deceased Partner will be entitled to receive from the firm the amount due to Deceased partner.

Discussion

Explore topic-wise InterviewSolutions in .

Fill in the blanks:Time basis and __________ basis are the two methods for ascertainment of the profits of the deceased partner in case of death.

Fill in the blanks:According to section 35 of the Partnership Act, a partnership firm may not be _______ by the death of a partner.

Fill in the blanks:Under time method for ascertainment of profit in case of death of a partner, it is assumed that profit has been earned ___________ throughout the year.

Fill in the blanks:The amount due to the deceased partner is reduced by amount of drawings, ________and share in undistributed losses of the firm.

Fill in the blanks:Retirement can be anticipated and plannedbut ________cannot be.

State whether the following statements are True or False:1. If an asset is taken over by any partner, then Partner’s Capital account is debited and asset account is credited. 2. The net profit or loss on P&amp;L Adjustment account is tobe transferred to Partner's Capital A/c in the capital ratio

Dakshay, Dev and Kapil are partners sharing profits in the ratio of 2:2:1. Kapil dies on 1st April 2014. The profit for the accounting year ending on 31st December, 2014 amount to Rs.2,40,000. Calculate the share of the deceased partner in profits of the firm.

Fill in the blanks:In the event of death of a partner, the accumulated profits and losses are shared by partners in the ________ratio

Fill in the blanks:In the event of death of a partner, ________of the Deceased Partner will be entitled to receive from the firm the amount due to Deceased partner.

State whether the following statements are True or False:1. If an asset is taken over by any partner, then Partner’s Capital account is debited and asset account is credited. 2. The net profit or loss on P&L Adjustment account is tobe transferred to Partner's Capital A/c in the capital ratio