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 In case of retirement when the good will raised with retiring partner written off among the remaining partner.
  • A. In gaiing ratios
  • B. Sacrifing ratios
  • C. Capital ratios
  • D. New ratio
2 The credit balance of retiring partner capital account if not paid in cash should be tranferred to.
  • A. Retiring partners loan account
  • B. Retiring partners capital account
  • C. Old partner capital account
  • D. None of these
3 If the good will raised at the time of retirement of a partner is to be written off, then the capital accounts of the remaiing partners are debited in.
  • A. Capital ratio
  • B. Old profit sharing ratio
  • C. New profit shiaring ratio
  • D. None of these
4 Gaining ratios are equal to.
  • A. New Ratio - Old ratio
  • B. Old ratio- New ratio
  • C. New Ratio + old ratios
  • D. Capital ratios- New Ratios
5 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
6 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
7 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
8 The profit on the revaluation of the assets and liabilities o the retirement of the partner should be credited to.
  • A. All partners capital accounts
  • B. Only retiring partners capitals accounts
  • C. Remaiingng partners capital account
  • D. None of these
9 The gaining ratio are calculated on.
  • A. Admissionof a partner
  • B. Death of a partner
  • C. Retirement of a partner
  • D. None of these
10 The amount payable to the retiring partner is shown in the balance sheet of partnership as.
  • A. Capital
  • B. Loan
  • C. Investment
  • D. Assets

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