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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
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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)

Sr. # Questions Answers Choice
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 & 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:
  • A. Admission
  • B. Retirement
  • C. Death
  • D. 'b' & 'c'
10 Retirement of a partner dissolves
  • A. Partnership
  • B. Firm
  • C. Business
  • D. "b" & "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

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