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

12th Class Principle of Accounting Online MCQ's Test with Answers for Chapter 6 (Partnership Accounts Profit Distribution)

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

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ICOM Part 2 Principles of Accounting Chapter Wise Online MCQ's Test

12th Class Principle of Accounting Online MCQ's Test with Answers for Chapter 6 (Partnership Accounts Profit Distribution)

Sr. # Questions Answers Choice
1 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
2 The retired is one who has
  • A. Died
  • B. Withdraw his capital
  • C. Bought his capital
  • D. Decreases his capital
3 In case of retirement when the good will raised with retiring partner written off among the remaining partner.
  • A. In gaiing ratios
  • B. Sacrifing ratios
  • C. Capital ratios
  • D. New ratio
4 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
5 Gaining ratios are equal to.
  • A. New Ratio - Old ratio
  • B. Old ratio- New ratio
  • C. New Ratio + old ratios
  • D. Capital ratios- New Ratios
6 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
7 On retirement of a partner the share of a retiring partner is taken by.
  • A. Remaining partner
  • B. New partner
  • C. Legal representator or retiring partner
  • D. None of these
8 In case of retirement of a partners full good will is credited to the account of.
  • A. Only retring partner
  • B. Only remaining partners
  • C. All partners
  • D. None of these
9 Profit and loss on revalution at the time of retirement must be transerred to the partners in.
  • A. Capital ratio
  • B. Old prifit sharing ratio
  • C. New profit sharing ratio
  • D. Gaining ratio
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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