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Retirement and Death of a Partner MCQs

Prepare for Retirement and Death of a Partner MCQs with verified questions, past-paper solutions, and conceptual explanations for CSS, PMS, FPSC, PPSC, and NTS examinations.

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Topic Notes: Retirement and Death of a Partner

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Master Retirement and Death of a Partner MCQs for Competitive Exams with our comprehensive, verified question bank. Designed for students and competitive exam aspirants across Pakistan, this study resource provides topic-wise practice questions for CSS, PMS, FPSC, PPSC, SPSC, KPPSC, BPSC, NTS, and university entry tests.

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Aligned with FPSC, PPSC, and CSS syllabus criteria for Retirement and Death of a Partner.
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When preparing for Retirement and Death of a Partner MCQs (Commerce), focus on core definitions, historical timelines, relevant provisions, and commonly tested factual points. Review each question below, test your knowledge against the given options, and inspect the detailed explanation to solidify your understanding.

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11
Partners A, B, and C share profits in the ratio of 1/5, 1/3, and 7/15. If C retires and A and B purchase his share in a 3:2 ratio, what is the new profit-sharing ratio of A and B?
12
In a partnership of Govind, Hari, and Pratap, if existing goodwill of Rs. 24,000 appears on the balance sheet upon Govind's retirement, how should this amount be treated?
13
A, B and C are partners in a firm sharing profits in the ratio $$\frac{2}{5}:\,\frac{2}{5}:\,\frac{1}{5}.$$ C retires from the firm and his share is bought by A and B in equal ratio. New profit sharing ratio will be.
14
Upon the retirement of a partner, how should accumulated reserves be distributed?
15
Partners A, B, and C share profits in a 5:3:2 ratio. If partner B retires and A and C decide to maintain their original relative profit-sharing ratio, what will be the new ratio for A and C?
16
When a partner retires from a firm and the settlement of their capital balance is deferred, to which account is the outstanding amount transferred?
17
What amount does a partnership firm receive upon the death of a partner who was covered by a life insurance policy?
18
Upon the retirement of a partner, how is the profit arising from the revaluation of assets and liabilities distributed?
19
Partners X, Y, and Z share profits in the ratio 1/2 : 2/5 : 1/10. If partner X retires, what will be the new profit-sharing ratio between the remaining partners Y and Z?
20
X, Y and Z are partners and share profit and loss in the ratio of $$\frac{1}{2},\,\frac{1}{3}$$ and $$\frac{1}{6}$$. Z dies. The gaining ratio of X and Y will be