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ACCOUNTANCY QUIZ

Quiz by Srishti Jain

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12 questions
Show answers
  • Q1
    Court can make an order to dissolve the firm when :
    (C) Continued future profits are expected
    (D) Firm is running legal business
    (A) Some partner has become fully mad
    (B) Partnership deed is fully followed
    30s
  • Q2
    On dissolution of a firm, realisation account is debited with
    (C) Cash received on sale of assets
    (D) Any asset taken over by one of the partners
    (A) All assets to be realised
    (B) All outside liabilities of the firm
    30s
  • Q3
    On the admission of a new partner :
    Neither partnership nor firm is dssolved
    Old partnership is dissolved
    Old firm is dissolved
    30s
  • Q4
    A and B are partners sharing profit or loss in the ratio of 3 : 2. C is admitted into partnership as a new partner. A sacrifices 1/3 of his share of B sacrifices 1/4 of his share in favour of C. What will be the C’s share in the firm?
    1/5
    none
    2/10
    3/10
    30s
  • Q5
    Retinng partner is compensated for parting with the firm’s future profits in favour of remaining partners. The remaining partners contribute to such compensation amount in:
    Capital Ratio
    Sacrificing Ratio
    Gaining Ratio
    30s
  • Q6
    At the time of retirement of a partner, profit on revaluation will be credited to :
    Capital Account of retiring partner
    Capital Accounts of all partners in the old profit sharing ratio.
    Capital Accounts of the remaining partners in their new profit sharing ratio
    30s
  • Q7
    What journal entry will be recorded for writing off the goodwill already existing in Balance Sheet at the time of retirement of a partner?
    Retiring Partner’s Capital A/c Dr. To Goodwill A/c
    Remaining Partner’s Capital A/cs Dr. (in new ratio) To Goodwill A/c
    Remaining Partner’s Capital A/cs Dr. (in gaining ratio) To Goodwill A/c
    All Partner’s Capital A/cs (including retiring) Dr. (in old ratio) To Goodwill A/c
    30s
  • Q8
    On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all
    Partner’s Capital
    Outside Creditors
    Partner’s additional capital
    Partner’s Loan to Firm
    30s
  • Q9
    When a new partner does not bring his share of goodwill in cash, the amount is debited to :
    Premium A/C
    Current A/c of the new partner
    Cash A/C
    30s
  • Q10
    How goodwill is recorded on the retirement of a partner?
    Remaining Partner’s Capital A/cs Dr. (In Gaining Ratio) To Retiring Partner’s Capital A/c (with his share of goodwill)
    Goodwill A/c Dr. To All Partner’s Capital A/cs (In Old Ratio)
    Remaining Partner’s Capital A/cs Dr. (In New Ratio) To Retiring Partner’s Capital A/c (with his share of goodwill)
    Goodwill A/c Dr. To Retiring Partner’s Capital A/c (with his share)
    30s
  • Q11
    If at the time of admission, there is some unrecorded liability, it will be :
    Credited to Revaluation Account
    Credited to partners’ Capital Accounts
    Debited to Goodwill Account
    Debited to Revaluation Account
    30s
  • Q12
    Revaluation Account or Profit and Loss Adjustment A/c is a
    Personal Account
    Nominal Account
    Real Account
    Asset Account
    30s

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