12th Principles of Accounting Chapter 7 Test

Here you can prepare 12th Class Principles of Accounting Chapter 7 Partnership Accounts-Admission of a Partner Test. Click the button for 100% free full practice test.

12th class Principle of Accounting chapter 7 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 7 (Partnership Accounts-Admission of a Partner)

This online test contains MCQs about following topics:

. Admission of a new Partner . Goodwill and its Treatment in Books of Account . Methods of Valuation of Goodwill . Revaluation of Assets and Liabilities . Calculation of new Profit Sharing Ratio . Readjustment of Partners Capitals

ICOM Part 2 Accounting Ch 7 Test
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12th class Principle of Accounting chapter 7 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 7 (Partnership Accounts-Admission of a Partner)

Sr. # Questions Answers Choice
1 As per the decision in Garner Va. Murray the solvent partner bring in cash equal to their share of.
  • A. Realization loss
  • B. Profit ratio
  • C. Capital ratio
  • D. None of these
2 Realizaton account is a.
  • A. Nominal account
  • B. Real account
  • C. Personal account
  • D. Cash account
3 At the time of dissolution, all the assets of the firm are transfered in the realization account at.
  • A. Market value
  • B. Book value
  • C. Cost value
  • D. Bale value
4 In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.
  • A. In capital ratio
  • B. In profit sharing ratio
  • C. Equality
  • D. None of these
5 The balance of realization account is transferred to the capital accounts of the partners in.
  • A. Capital ratio
  • B. Equality
  • C. Interest ratio
  • D. Profit sharing ratio
6 The balance of revalution account is transferred to the capital accounts of the partners in.
  • A. Profit sharing ratios
  • B. Capital ratios
  • C. Equality
  • D. None of these
7 Reliization account is opened to find out gain or loss at the time of.
  • A. Admisson of a new partner
  • B. Retirement of the partner
  • C. Death of the partners
  • D. None of these
8 The Decision in Garner Va. Murray was given in.
  • A. 1905
  • B. 1904
  • C. 1804
  • D. 1933
9 The end or termination of partnership is called.
  • A. Amalgamation
  • B. Dissolution
  • C. Retirement
  • D. Admission
10 In case of Garner Vs. Murray rule, the decision was given is.
  • A. Mr. Justice james
  • B. Mr Garner
  • C. Mr. Justice joyee
  • D. Mr. Murray

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