12th Principles of Accounting Chapter 6 Test

Here you can prepare 12th Class Principles of Accounting Chapter 6 Partnership Accounts Profit Distribution Test. Click the button for 100% free full practice test.

12th class Principle of Accounting chapter 6 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 6 (Partnership Accounts Profit Distribution)

This online test contains MCQs about following topics:

. Essentials of Partnership . Rules Applicable in the Absence of an Agreement . Final Accounts of Partnership . Distribution of Profits . Fixed and Fluctuating Capitals

ICOM Part 2 Accounting Ch 6 Test
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12th class Principle of Accounting chapter 6 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 6 (Partnership Accounts Profit Distribution)

Sr. # Questions Answers Choice
1 On the detah of the partner the amount of the joint policy credited to the capital account of.
  • A. Remaining partners capital account
  • B. All partners capital accounts
  • C. Deceased parners capital account
  • D. None of these
2 On retirement of a partner the share of a retiring partner is taken by.
  • A. Remaining partner
  • B. New partner
  • C. Legal representator or retiring partner
  • D. None of these
3 Joint life policy account after the maturity of the policy shoul dbe transferred to the capital accounts of the partners in.
  • A. Capital ratios
  • B. Old profit sharing ratios
  • C. New profit sharing ratio
  • D. Gaining ratios
4 Partner's capital are affected due to.
  • A. Admission of a partner
  • B. Retirement of the partner
  • C. Death of a partner
  • D. All of the above
5 The profit on revaluation of assts and liabilities on the retirement of the partners should be credited to the capital account of.
  • A. All the partners
  • B. Retiring partner
  • C. Remaining partner
  • D. None of these
6 Amount due to the deceased partner is generally transferred to
  • A. Executor's loan
  • B. Profit and loss accounts
  • C. Capital account
  • D. None of thess
7 In case of los on revaluation of assets and liabilities should be debited to.
  • A. Retiring partners capital accounts
  • B. All partners capital accounts
  • C. Remaining patners capitala account
  • D. None of these
8 In case of retirement of a partners full good will is credited to the account of.
  • A. Only retring partner
  • B. Only remaining partners
  • C. All partners
  • D. None of these
9 Profit and loss on revalution at the time of retirement must be transerred to the partners in.
  • A. Capital ratio
  • B. Old prifit sharing ratio
  • C. New profit sharing ratio
  • D. Gaining ratio
10 A partner goes out of a firm due to certain event or reason is known as.
  • A. Retired or out going partner
  • B. Junior partner
  • C. Senior partner
  • D. Minor partner

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