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12th Principles of Accounting Chapter 7 Test

Here you can prepare 12th Class Principles of Accounting Chapter 7 Partnership Accounts-Admission of a Partner Test. Click the button for 100% free full practice test.

12th class Principle of Accounting chapter 7 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 7 (Partnership Accounts-Admission of a Partner)

This online test contains MCQs about following topics:

. Admission of a new Partner . Goodwill and its Treatment in Books of Account . Methods of Valuation of Goodwill . Revaluation of Assets and Liabilities . Calculation of new Profit Sharing Ratio . Readjustment of Partners Capitals

ICOM Part 2 Accounting Ch 7 Test
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12th class Principle of Accounting chapter 7 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 7 (Partnership Accounts-Admission of a Partner)

Sr. # Questions Answers Choice
1 The balance of revalution account is transferred to the capital accounts of the partners in.
  • A. Profit sharing ratios
  • B. Capital ratios
  • C. Equality
  • D. None of these
2 The end or termination of partnership is called.
  • A. Amalgamation
  • B. Dissolution
  • C. Retirement
  • D. Admission
3 In case of Garner Vs. Murray rule, the decision was given is.
  • A. Mr. Justice james
  • B. Mr Garner
  • C. Mr. Justice joyee
  • D. Mr. Murray
4 As per the decision in Garner Va. Murray the solvent partner bring in cash equal to their share of.
  • A. Realization loss
  • B. Profit ratio
  • C. Capital ratio
  • D. None of these
5 Generatal reserve at the time of dissolution is transferred to
  • A. All partners capital accounts
  • B. Realization account
  • C. Solvent partners capital account
  • D. Insolvent patner's capital account
6 On the dissolution of the partnership unrecorded assets if takes away by the partners is debited to.
  • A. Realization account
  • B. Partners capital account
  • C. Assets account
  • D. None of these
7 The Decision in Garner Va. Murray was given in.
  • A. 1905
  • B. 1904
  • C. 1804
  • D. 1933
8 When a firm dissolved with the consent of all the partners it is called.
  • A. Dissolution by notice
  • B. Dissolution by agreement
  • C. Dissolution by court
  • D. Compulsory dissolution
9 If any partner takes the responsibility to pay the liabilities of the firm at the time of dissolution then it should be credited to.
  • A. Partner's capital account
  • B. Realization account
  • C. Liabilities accounts
  • D. Cash accounts
10 Un recorded liability when paid on dissolution of the firmis debited to.
  • A. Realization account
  • B. Liability account
  • C. Partners capital account
  • D. None of these

Top Scorers of Principles of Accounting Icom Part 2 English Medium Chapter 7 Online Test

K

Khudeja Noor

Lahore03 - Jun - 2022

9/15
04 Mins 40 Sec
H

Hamza Abid

Abbottabad12 - Jun - 2022

9/15
10 Mins 50 Sec
S

Samar

Lahore21 - May - 2022

8/15
03 Mins 21 Sec

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