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

Question # 1

Generatal reserve at the time of dissolution is transferred to

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All partners capital accounts

Realization account

Solvent partners capital account

Insolvent patner's capital account

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Question # 2

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

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Realization account

Revalution account

Debtors account

None of these

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Question # 3

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

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Partner's capital accounts

Realization account

Cash account

None of these

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Question # 4

Un recorded liability when paid on dissolution of the firmis debited to.

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Realization account

Liability account

Partners capital account

None of these

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Question # 5

Realizaton account is a.

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Nominal account

Real account

Personal account

Cash account

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Question # 6

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

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Profit sharing ratios

Capital ratios

Equality

None of these

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Question # 7

Reliization account is opened to find out gain or loss at the time of.

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Admisson of a new partner

Retirement of the partner

Death of the partners

None of these

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Question # 8

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.

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Capital ratios

Profit sharing ratios

Equal ratios

None of these

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Question # 9

If all the partners but one is solvent it is.

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Compulsory dissolution of firm

Dissolution by agreement

Or may not cause dissolution

None of these

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