×
8th Chapter

### 12th Principles of Accounting Chapter 8 Test

Here you can prepare 12th Class Principles of Accounting Chapter 8 Partnership Accounts-Retirement and Death Test. Click the button for 100% free full practice test.

## 12th class Principle of Accounting chapter 8 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 8 (Partnership Accounts-Retirement and Death)

This online test contains MCQs about following topics:

. Retirement of a Partner . Accounting Problems of Retirement . Change in Profits Sharing ratio on Retirement . Distinction between Gaining and Sacrificing ratio . Death of a Partner . Calculation od Deceased's Share of Profit . Joint Life Policy and its Accounting Treatment

ICOM Part 2 Accounting Ch 8 Test

### 12th class Principle of Accounting chapter 8 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 8 (Partnership Accounts-Retirement and Death)

1 In case of retirement, when goodwill is raised with retiring partner's share but written off is credited to:
• A. Retiring partners capital A/c
• B. Cash A/c
• C. Goodwill A/c
• D. Remaining partners capital A/c
2 In case of retirement, revaluation loss should be debited to:
• A. Retiring partner's capital A/c
• B. Remaining partners capital A/c
• C. All partners capital A/c
• D. Revaluation A/c
3 In case of retirement, when goodwill is raised but written off is credited to:
• A. Retiring partners capital A/c
• B. Remaining partners capital A/c
• C. All partners capital A/c
• D. Goodwill A/c
4 Suppose A, B &amp; C are partners, sharing profits in the ratio of 1/2,3/10,2/10 respectively, What will be the new ratio if B retires and his share is taken up by A and C in the ratio of 2:1.
• A. 5 : 3
• B. 5 : 7
• C. 7 : 3
• D. 10 : 3
5 On retirement of a partner, the share of retiring partner is taken by
• A. New partner
• B. Remaining Partners
• C. Government
• D. Legal representatives of retiring partner
6 In case of retirement funds for payment may be provided out of
• A. Firm's own resources
• B. Borrowing by the firm
• C. Additional funds may be bought in by continuing partners
• D. All of the above
7 In case of retirement, goodwill raised with retiring partners share but written off to remaining partners in the:
• A. Gaining ratio
• B. Sacrifice ratio
• C. New ratio
• D. Capital ratio
8 On retirement of a partner in partnership it is necessary to calculate
• A. New profit sharing ratio
• B. Goodwill
• C. Revaluation of assets and liabilities
• D. All of these
9 Gaining ratio is calculated on:
• B. Retirement
• C. Death
• D. 'b' &amp; 'c'
10 Retirement of a partner dissolves
• A. Partnership
• B. Firm
• D. "b" &amp; "c"

### Top Scorers of Principles of Accounting Icom Part 2 English Medium Chapter 8 Online Test

A

#### Ayesha Tariq

Lahore11 - Dec - 2021

8/15
09 Mins 15 Sec

Sort By:

## Find the best institute for yourself!

We need a few details from you to suggest you relevant institutes & create your free profile

## Online Pakistan Independence Day Quiz

##### 10 Questions
Start Quiz
X

to continue to ilmkidunya.com

X