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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 Decision in Garner Va. Murray was given in.
  • A. 1905
  • B. 1904
  • C. 1804
  • D. 1933
2 In case of dissolution if there is any undivided profit are reserve should be credited to.
  • A. Partners capital accounts
  • B. Realization accounts
  • C. Reserve account
  • D. Revaluation accounts
3 According to the decision in Garner Va. Murray rule the loss due to insolvency of a partner is be shared by solvent, partner in the.
  • A. Capital ratios
  • B. Profit sharing ratios
  • C. Equal ratios
  • D. None of these
4 Where a partner become unsound mind the dissolution is considered as.
  • A. Dissolution by court
  • B. Dissolution by Notice
  • C. Dissolution by agreement
  • D. Compulsory dissolution
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 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
7 Reliization account is opened to find out gain or loss at the time of.
  • A. Admisson of a new partner
  • B. Retirement of the partner
  • C. Death of the partners
  • D. None of these
8 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
9 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
10 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

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