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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 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
2 The credit balance of retiring partner capital account if not paid in cash should be tranferred to.
  • A. Retiring partners loan account
  • B. Retiring partners capital account
  • C. Old partner capital account
  • D. None of these
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 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
5 Amount of to the out going partner is shown in the balance sheet as his.
  • A. Liability
  • B. Loan
  • C. Capital
  • D. Assets
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 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
8 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
9 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
10 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

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