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

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

Principles of Accounting Icom Part 2 English Medium Chapter 7 Online Test

Try the Principles of Accounting Icom Part 2 English Medium Chapter 7 Online Test.

  • Total Questions15

  • Time Allowed20

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Principles of Accounting Icom Part 2 English Medium Chapter 7 Online Test (MCQs With Answers)

Sr. # Questions Answers Choice
1 The balance of realization account is transferred to the capital accounts of the partners in. Capital ratio Equality Interest ratio Profit sharing ratio
2 As per the decision in Garner Va. Murray the solvent partner bring in cash equal to their share of. Realization loss Profit ratio Capital ratio None of these
3 If any partner takes the responsibility to pay the liabilities of the firm at the time of dissolution then it should be credited to. Partner's capital account Realization account Liabilities accounts Cash accounts
4 At the time of dissolution, all the assets of the firm are transfered in the realization account at. Market value Book value Cost value Bale value
5 When a firm dissolved with the consent of all the partners it is called. Dissolution by notice Dissolution by agreement Dissolution by court Compulsory dissolution
6 In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners. In capital ratio In profit sharing ratio Equality None of these
7 The balance of revalution account is transferred to the capital accounts of the partners in. Profit sharing ratios Capital ratios Equality None of these
8 The Decision in Garner Va. Murray was given in. 1905 1904 1804 1933
9 Reliization account is opened to find out gain or loss at the time of. Admisson of a new partner Retirement of the partner Death of the partners None of these
10 Reserve for bad and doubtful debts appearing in the books of accounts at the time of dissolution shuld be transferred to. Realization account Revalution account Debtors account None of these
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