Question # 1

In case of dissolution, assets sold for cash are debited to

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Realization account

Cash account

Assets account

None of these

Where a partner become unsound mind the dissolution is considered as.

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Dissolution by court

Dissolution by Notice

Dissolution by agreement

Compulsory dissolution

In case of dissolution if there is any undivided profit are reserve should be credited to.

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Partners capital accounts

Realization accounts

Reserve account

Revaluation accounts

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.

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Capital ratios

Profit sharing ratios

Equal ratios

None of these

If all the partners but one is solvent it is.

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Compulsory dissolution of firm

Dissolution by agreement

Or may not cause dissolution

None of these

Generatal reserve at the time of dissolution is transferred to

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All partners capital accounts

Realization account

Solvent partners capital account

Insolvent patner's capital account

If any partner takes over any asset at the time of dissolution then it should be debited to.

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Partner's capital accounts

Realization account

Cash account

None of these

The end or termination of partnership is called.

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Amalgamation

Dissolution

Retirement

Admission

On the dissolution of the partnership unrecorded assets if takes away by the partners is debited to.

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Realization account

Partners capital account

Assets account

None of these

When a firm dissolved with the consent of all the partners it is called.

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Dissolution by notice

Dissolution by agreement

Dissolution by court

Compulsory dissolution

As per the decision in Garner Va. Murray the solvent partner bring in cash equal to their share of.

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Realization loss

Profit ratio

Capital ratio

None of these

The Decision in Garner Va. Murray was given in.

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1905

1904

1804

1933

In case of Garner Vs. Murray rule, the decision was given is.

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Mr. Justice james

Mr Garner

Mr. Justice joyee

Mr. Murray

The balance of revalution account is transferred to the capital accounts of the partners in.

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Profit sharing ratios

Capital ratios

Equality

None of these

Reserve for bad and doubtful debts appearing in the books of accounts at the time of dissolution shuld be transferred to.

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Realization account

Revalution account

Debtors account

None of these

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

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