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)

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

Sr. #	Questions	Answers Choice
1	The balance of revalution account is transferred to the capital accounts of the partners in.	Profit sharing ratios Capital ratios Equality None of these
2	In case of dissolution if there is any undivided profit are reserve should be credited to.	Partners capital accounts Realization accounts Reserve account Revaluation accounts
3	Un recorded liability when paid on dissolution of the firmis debited to.	Realization account Liability account Partners capital account None of these
4	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
5	If any partner takes over any asset at the time of dissolution then it should be debited to.	Partner's capital accounts Realization account Cash account None of these
6	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
7	Generatal reserve at the time of dissolution is transferred to	All partners capital accounts Realization account Solvent partners capital account Insolvent patner's capital account
8	In case of dissolution, assets sold for cash are debited to	Realization account Cash account Assets account None of these
9	Realizaton account is a.	Nominal account Real account Personal account Cash account
10	The Decision in Garner Va. Murray was given in.	1905 1904 1804 1933
11	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
12	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.	Capital ratios Profit sharing ratios Equal ratios None of these
13	In case of Garner Vs. Murray rule, the decision was given is.	Mr. Justice james Mr Garner Mr. Justice joyee Mr. Murray
14	The balance of realization account is transferred to the capital accounts of the partners in.	Capital ratio Equality Interest ratio Profit sharing ratio
15	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

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