12th class Principle of Accounting chapter 6 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 6 (Partnership Accounts Profit Distribution)

ICOM Part 2 English Medium Principles of Accounting Chapter 6 MCQ's Test

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Principles of Accounting

6th Chapter

ICOM Part 2 English Medium Principles of Accounting Chapter 6 MCQ's Test

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ICom Part II Principles of Accounting Chapter 0 Important MCQ's

Sr.#	Question	Answer
1	Joint life policy account after the maturity of the policy shoul dbe transferred to the capital accounts of the partners in.	A. Capital ratios B. Old profit sharing ratios C. New profit sharing ratio D. Gaining ratios
2	The amount payable to the retiring partner is shown in the balance sheet of partnership as.	A. Capital B. Loan C. Investment D. Assets
3	The profit on revaluation of assts and liabilities on the retirement of the partners should be credited to the capital account of.	A. All the partners B. Retiring partner C. Remaining partner D. None of these
4	Amount due to the deceased partner is generally transferred to	A. Executor's loan B. Profit and loss accounts C. Capital account D. None of thess
5	If the good will raised at the time of retirement of a partner is to be written off, then the capital accounts of the remaiing partners are debited in.	A. Capital ratio B. Old profit sharing ratio C. New profit shiaring ratio D. None of these
6	The which is calculated at the time of retirment of partner is	A. Gaining ratio B. Serching ratio C. Capita ratio D. New ratio
7	A partner goes out of a firm due to certain event or reason is known as.	A. Retired or out going partner B. Junior partner C. Senior partner D. Minor partner
8	The gaining ratio are calculated on.	A. Admissionof a partner B. Death of a partner C. Retirement of a partner D. None of these
9	In case of los on revaluation of assets and liabilities should be debited to.	A. Retiring partners capital accounts B. All partners capital accounts C. Remaining patners capitala account D. None of these
10	On the detah of the partner the amount of the joint policy credited to the capital account of.	A. Remaining partners capital account B. All partners capital accounts C. Deceased parners capital account D. None of these

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