ICOM Part 2 English Medium Principles of Accounting Chapter 7 MCQ's Test

12th Class Principle of Accounting Online MCQ's Test with Answers for Chapter 7 (Partnership Accounts-Admission of a Partner)

ICOM Part 2 English Medium Principles of Accounting Chapter 7 MCQ's Test

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ICOM Part 2 Principles of Accounting Chapter Wise Online MCQ's Test

12th Class Principle of Accounting Online MCQ's Test with Answers for Chapter 7 (Partnership Accounts-Admission of a Partner)

Sr. # Questions Answers Choice
1 If any partner takes the responsibility to pay the liabilities of the firm at the time of dissolution then it should be credited to.
  • A. Partner's capital account
  • B. Realization account
  • C. Liabilities accounts
  • D. Cash accounts
2 When a firm dissolved with the consent of all the partners it is called.
  • A. Dissolution by notice
  • B. Dissolution by agreement
  • C. Dissolution by court
  • D. Compulsory dissolution
3 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
4 In case of dissolution if there is any undivided profit are reserve should be credited to.
  • A. Partners capital accounts
  • B. Realization accounts
  • C. Reserve account
  • D. Revaluation accounts
5 According to the decision in Garner Va. Murray rule the loss due to insolvency of a partner is be shared by solvent, partner in the.
  • A. Capital ratios
  • B. Profit sharing ratios
  • C. Equal ratios
  • D. None of these
6 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
7 Where a partner become unsound mind the dissolution is considered as.
  • A. Dissolution by court
  • B. Dissolution by Notice
  • C. Dissolution by agreement
  • D. Compulsory dissolution
8 On the dissolution of the partnership unrecorded assets if takes away by the partners is debited to.
  • A. Realization account
  • B. Partners capital account
  • C. Assets account
  • D. None of these
9 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
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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