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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 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
2 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
3 The which is calculated at the time of retirment of partner is
  • A. Gaining ratio
  • B. Serching ratio
  • C. Capita ratio
  • D. New ratio
4 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
5 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
6 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
7 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
8 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
9 Amount of to the out going partner is shown in the balance sheet as his.
  • A. Liability
  • B. Loan
  • C. Capital
  • D. Assets
10 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

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

H

Hamza Abid

Abbottabad12 - Jun - 2022

10/15
10 Mins 50 Sec
H

Hamza Abid

Abbottabad12 - Jun - 2022

9/15
10 Mins 50 Sec

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