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12th Principles of Accounting Chapter 6 Test

Here you can prepare 12th Class Principles of Accounting Chapter 6 Partnership Accounts Profit Distribution Test. Click the button for 100% free full practice test.

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)

This online test contains MCQs about following topics:

. Essentials of Partnership . Rules Applicable in the Absence of an Agreement . Final Accounts of Partnership . Distribution of Profits . Fixed and Fluctuating Capitals

ICOM Part 2 Accounting Ch 6 Test
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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)

Sr. # Questions Answers Choice
1 The maximum amount which each partner will draw from the business in anticipation of the share of profit is his:
  • A. Drawings
  • B. Profit
  • C. Loss
  • D. Capital
2 The essential element of partnership is
  • A. There must be an agreement entered into by all the persons concerned
  • B. The agreement must be to share the profits of a business
  • C. The business must be carried on by all or any of them acting for all
  • D. All of the above
3 Current accounts of the partners should be opened when the capitals are
  • A. Fluctuating
  • B. Fixed
  • C. Either fixed or fluctuating
  • D. Variable
4 The interest on partners capital accounts is to be credited to
  • A. Partners capital accounts
  • B. Profits and loss account
  • C. Interest account
  • D. Trading account
5 The debit balance of interest on loan account is transferred to:
  • A. Partner's capital account
  • B. Profit & loss account
  • C. Partner's loan account
  • D. Trading account
6 In the absence of an agreement, profit and loss are divided by partners in the ratio of
  • A. Capital
  • B. Time devoted by each partner
  • C. Equally
  • D. Interest on capital
7 Partnership act is
  • A. 1932
  • B. 1912
  • C. 1962
  • D. 1984
8 In the absence of an agreement, interest on drawings is to be charged by the firm at the rate of:
  • A. 5% p.a.
  • B. 6% p.a.
  • C. 8% p.a.
  • D. None of these
9 The current account of a partner
  • A. Will always have a credit balance
  • B. Will always have a debit balance
  • C. May have a debit balance or a credit balance
  • D. None of these
10 Where a partner to entitled to interest on capital subscribed by him, such interest will be payable
  • A. Only out of profits
  • B. Only out of capitals
  • C. Out of profits or out of capitals
  • D. None of these

Top Scorers of Principles of Accounting Icom Part 2 English Medium Chapter 6 Online Test

A

Ayesha Tariq

Lahore11 - Dec - 2021

11/15
06 Mins 46 Sec

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