Question # 1

The end or termination of partnership is called.

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Amalgamation

Dissolution

Retirement

Admission

Realizaton account is a.

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Nominal account

Real account

Personal account

Cash account

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

In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.

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In capital ratio

In profit sharing ratio

Equality

None of these

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

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Realization account

Cash account

Assets account

None of these

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

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

If any partner takes the responsibility to pay the liabilities of the firm at the time of dissolution then it should be credited to.

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Partner's capital account

Realization account

Liabilities accounts

Cash accounts

The Decision in Garner Va. Murray was given in.

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1905

1904

1804

1933

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

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