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12th Principles of Accounting Chapter 9 Test

Here you can prepare 12th Class Principles of Accounting Chapter 9 Partnership Accounts Dissolution of the Firm Test. Click the button for 100% free full practice test.

12th class Principle of Accounting chapter 9 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 9 (Partnership Accounts Dissolution of the Firm)

This online test contains MCQs about following topics:

. Distinction between Dissolution of Partnership and Dissolution of Firm . Modes of Dissolution of a firm . Settlement of Accounts on Dissolution . Preparation of Realisation Account . Dissolution of Firm when all the Partners are Solvent . Dissolution of Firm when on Partner is Insolvent . Dissolution of Firm when all the Partners are Insolvent . Gradual Relization of Assets and piecemeal Distribution

ICOM Part 2 Accounting Ch 9 Test
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12th class Principle of Accounting chapter 9 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 9 (Partnership Accounts Dissolution of the Firm)

Sr. # Questions Answers Choice
1 In case of dissolution, the payment of liabilities should be credited to:
  • A. Realization account
  • B. Cash account
  • C. Profit and loss account
  • D. Liabilities account
2 According to the decision of Garner Vs Murray rule, the loss of insolvent partner is to be shared by solvent partners in the:
  • A. New profit sharing ratio
  • B. Old profit sharing ratio
  • C. Capital ratio
  • D. Gaining ratio
3 Dissolution of firm by the consent of all the partners is called:
  • A. Dissolution by agreement
  • B. Dissolution by court
  • C. Dissolution on the happening of certain contingencies
  • D. Dissolution by notice
4 In case of dissolution, the payment of unrecorded liability is debited to:
  • A. Realization account
  • B. Liability account
  • C. Revaluation account
  • D. Cash account
5 The balance left in the capital accounts in case of dissolution is transferred to:
  • A. Revaluation account
  • B. Realization account
  • C. Bank account
  • D. Profit & loss appropriation A/c
6 Dissolution of firm due to the insolvency or due to the happening of an event, which makes it unlawful for partners to carry on partnership is called:
  • A. Dissolution by agreement
  • B. Compulsory dissolution
  • C. Dissolution on the happening of certain contingencies
  • D. Dissolution by court
7 Reserve of bad and doubtful appearing in the books at the time of dissolution is transferred to:
  • A. Debtors account
  • B. Revaluation account
  • C. Reserve for bad debts account
  • D. Realization account
8 The end or termination of partnership is called:
  • A. Admission
  • B. Retirement
  • C. Death
  • D. Dissolution
9 Joint life policy at the time of dissolution is transferred to:
  • A. Realization account
  • B. Solvent partners capital
  • C. Insolvent partner's capital account
  • D. All partners capital account
10 In case of dissolution, assets taken over by a partner should be debited to:
  • A. Realization account
  • B. Partner's capital account
  • C. Asset account
  • D. Cash account

Top Scorers of Principles of Accounting Icom Part 2 English Medium Chapter 9 Online Test

A

Ayesha Tariq

Lahore11 - Dec - 2021

10/15
07 Mins 53 Sec

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