Book- Keeping and Accountancy
STANDARD XII
Chapter 5. Reconstitution of Partnership (Death of Partner)
Page No. in book (201)
Answer in one
sentence only.
1. What is gain ratio?
Ans. The Gain
Ratio is calculated when a partner quit or retire from the business, and the
other continues to do the business in that company.
2. In which ratio General Reserve is
distributed on death of a partner?
Ans. The
amount of general reserve is transferred to the capital accounts of all the
partners in their profit sharing ratio.
3. To whom you distribute General Reserve on
death of a partner?
Ans. General
reserve is distributed to the deceased partner's nominee the required amount of
share in profits of the firm.
4. How death of a partner is a compulsory
retirement?
Ans. When
partner is died, then the partnership will be ceased with him.So, it is considered as a compulsory retirement.
5. To which account Profit is to be
transferred upto the date of his death?
Ans. The
account opened to credit the share of profit of deceased partner, till the time
of his death to his capital account is Profit and Loss Suspense Account.
Telegram Group
Mumbai Univeersity :- https://t.me/mumbaiuniversityidol
Suraj Patel Education :- https://t.me/surajpateleducation
S.S.C EXAM:- https://t.me/joinchat/wIOptdUxh8A3YWU1
F.Y.J.C EXAM :- https://t.me/FYJCexam
S.Y.J.C EXAM :- https://t.me/SYJCexam
F.Y EXAM :- https://t.me/fyexam
S.Y EXAM :- https://t.me/syexam
T.Y EXAM :- https://t.me/tyexam
M.Com Part 1 EXAM :- https://t.me/McomPart1Exam
M.Com Part 2 EXAM :- https://t.me/McomPart2Exam
M.A EXAM :- https://t.me/mastudentsexam