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Online Tests
Principles of Accounting Icom Part 2 English Medium Chapter 5 Online Test MCQs With Answers
Question # 1
On the admission of a new partneer the decreasein the value of assets is debited to.
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Revaluation account
Assets account
Old parner's capital account
New partner capital account
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Question # 2
The amount of good will broght in cash by nw partner will be credited to old partner in.
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Gaining Ratio
New Ratio
Old Ratio
Sacrifice Ratio
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Question # 3
When the incoming partner pays the firm for good willin cash the amount should be debited to firms books to.
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Good will accounts
Cash Account
Capital account of the incoming partner
All of the above
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Question # 4
Value of the good will is calculated under capitalization formula.
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Average profit / reasonable return x 100
Resonable return / average profit x 100
Averager profit x 100 / resonable return
None of these
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Question # 5
In the absence of an agreement, the share of new partner in patnership will be.
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In the portion of capital
Equal
According to work
None of the above
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Question # 6
Profit on revalutin is to be caredited to old partners in their
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Sacrificing ratio
New profit shiaring ratio
Old prift sharing ratio
Equal prift sharing ratio
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Question # 7
Good will is
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Expense
Profit
Assets
Liability
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Question # 8
A new partner may be admitted to a partnership.
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With the consent of all the partners
With the consent of any one of the partners
With consent of two third the old partners
Without the consent of old partners
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Question # 9
General reserve at the time of admission of anew partner is credited.
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New partner capital account
General reserve account
Old parners capital account
All partners capital account
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Question # 10
Sacrificing rations are equal to.
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Capital Ratios- New ratios
Old ratios - New ratios
New ratio - old ratios
None of these
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Question # 11
Profit of revaluation should be credited to.
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Revaluation account
Liabilites accounts
Old partners capital accounts
Assets accounts
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Question # 12
If the goods will raised at the tim e of admissionof a new partner will be written off in.
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Old prifit sharing ratios
Capitals ratios
New profit - Old ratios
Sacrificing ratios
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Question # 13
The balance of revaluation accoun tis transferred to the old partners capital accounts in their.
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Sacrificing ratio
Old profit shairng ratio
New profit sharing ratio
Equal profit shairng ratio
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Question # 14
The extra amount charged fromt he new partner over and above the capital is for.
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Purchase of Machinery
Good will
Purchaser of furniture
Payment of liabilities
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Question # 15
Old prifit sharing ratio minus new profit sharing ratio is equal for.
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Sacrifing ratios
Gaining ratios
Distributing ratios
None of these
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Question # 16
Revaluation loss should be debited to.
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Revaluation account
All partners capital account
Old partners capital accounts
New partners capital account
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Question # 17
When a new partner is admitted with out the consent of the old partner.
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Partnership will be dissolved
Will value
Agreed value
None of these
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Question # 18
Good will is.
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Tangible asset
Imtamgon;e asset
Wasting assets
Frictious assets
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Question # 19
Revaluation account is a.
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Real account
Personal account
Cash account
Nominal account
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Question # 20
On the addimissionof a new partner the increase int he value of assets is debited
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Revaluation account
Assets account
Old partners capital account
New partners capital account
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