12th Class Principle of Accounting Online MCQ's Test with Answers for Chapter 7 (Partnership Accounts-Admission of a Partner)

ICOM Part 2 English Medium Principles of Accounting Chapter 7 MCQ's Test

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

MCQ's Test For Chapter 0 "Principles of Accounting Icom Part 2 English Medium Chapter 7 Online Test"

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

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Question # 1

In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.

Question # 2

The Decision in Garner Va. Murray was given in.

Question # 3

The end or termination of partnership is called.

Question # 4

Where a partner become unsound mind the dissolution is considered as.

Question # 5

In case of Garner Vs. Murray rule, the decision was given is.

Question # 6

If all the partners but one is solvent it is.

Question # 7

Realizaton account is a.

Question # 8

The partnership may come to an end due to the

Question # 9

In case of dissolution, assets sold for cash are debited to

Question # 10

Generatal reserve at the time of dissolution is transferred to

Question # 11

As per the decision in Garner Va. Murray the solvent partner bring in cash equal to their share of.

Question # 12

The balance of realization account is transferred to the capital accounts of the partners in.

Question # 13

The balance of revalution account is transferred to the capital accounts of the partners in.

Question # 14

Reserve for bad and doubtful debts appearing in the books of accounts at the time of dissolution shuld be transferred to.

Question # 15

If any partner takes over any asset at the time of dissolution then it should be debited to.

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ICOM Part 2 English Medium Principles of Accounting Chapter 7 MCQ's Test

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ICom Part II Principles of Accounting Chapter 0 Important MCQ's

Sr.# Question Answer
1 The end or termination of partnership is called.
A. Amalgamation
B. Dissolution
C. Retirement
D. Admission
2 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
3 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
4 The Decision in Garner Va. Murray was given in.
A. 1905
B. 1904
C. 1804
D. 1933
5 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
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 If all the partners but one is solvent it is.
A. Compulsory dissolution of firm
B. Dissolution by agreement
C. Or may not cause dissolution
D. None of these
8 At the time of dissolution, all the assets of the firm are transfered in the realization account at.
A. Market value
B. Book value
C. Cost value
D. Bale value
9 The partnership may come to an end due to the
A. Death of a partner
B. Involvency of a partner
C. Both of the above
D. None of these
10 The balance of realization account is transferred to the capital accounts of the partners in.
A. Capital ratio
B. Equality
C. Interest ratio
D. Profit sharing ratio

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