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	In case of retirement the amount of the general reserve any other profit is credited to all partners in.	A. Sacrificing Ratios B. New profit sharing ratios C. Old prift sharing ratios D. Gaining ratios
2	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
3	The profit on the revaluation of the assets and liabilities o the retirement of the partner should be credited to.	A. All partners capital accounts B. Only retiring partners capitals accounts C. Remaiingng partners capital account D. None of these
4	The gaining ratio are calculated on.	A. Admissionof a partner B. Death of a partner C. Retirement of a partner D. None of these
5	The amount payable to the retiring partner is shown in the balance sheet of partnership as.	A. Capital B. Loan C. Investment 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	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
8	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
9	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
10	Partner's capital are affected due to.	A. Admission of a partner B. Retirement of the partner C. Death of a partner D. All of the above

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