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

Question # 1

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

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In capital ratio

In profit sharing ratio

Equality

None of these

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Question # 2

At the time of dissolution, all the assets of the firm are transfered in the realization account at.

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Market value

Book value

Cost value

Bale value

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Question # 3

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 # 4

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

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Realization account

Cash account

Assets account

None of these

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Question # 5

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

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Capital ratio

Equality

Interest ratio

Profit sharing ratio

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Question # 6

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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Question # 7

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

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Dissolution by court

Dissolution by Notice

Dissolution by agreement

Compulsory dissolution

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Question # 8

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 # 9

On the dissolution of the partnership unrecorded assets if takes away by the partners is debited to.

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Realization account

Partners capital account

Assets account

None of these

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