COMMERCE TEACHERS FORUM DELHI
Test-2 MCQ-Change in PSR in existing Partners   based on the class held on 23/07/2020

Topic : Treatment of accumulated profits, losses and reserves, revaluation of assets and reassessment of liabilities, preparation of balance sheet
NAME OF STUDENT & Roll No. *
SELECT YOUR SCHOOL *
NAME OF TEACHER *
 Q. : 01   To record the increase/decrease in the value of assets and liabilities which of the following account is opened: *
1 point
 Q. : 02   What is the nature of revaluation account : *
Please Answer in small letter only.
1 point
 Q. : 03   Workmen compensation reserve 30,000. Claim on account of it is 20,000. what amount will be distributed among partners: *
1 point
Q. 4    Investment fluctuation reserve 40,000. Investment 80,000 (cost).Market value of investment is 35,000. Revaluation account will be debited with : *
1 point
Q. 5   X Y and Z are partners sharing profits and losses in the ratio 5 : 3 : 2. They decide to share the future profits in the ratio 3 : 2 : 1. Workmen compensation reserve appearing in the balance sheet on the date if no information is available for the same will be : *
1 point
Fill in the Blanks                Q. 6    To adjust revaluation gain(net effect method) , gaining partners capital/current account (s) are ---------- *
1 point
Fill in the Blanks                Q. 7    Profits or losses arises on the revaluation of assets and liability are shared by the ______partner's in_______. *
1 point
Fill in the Blanks                Q. 8    On change in profit sharing ratio, when revaluation account is opened then ---------- values of assets and liabilities are recorded in new balance sheet. *
1 point
TRUE/FALSE               Q. 9    Profit or loss on revaluation of assets and liability is distributed among all the partners. *
1 point
TRUE/FALSE               Q. 10    Increase in the value of an asset on revaluation is debited to the revaluation account. *
1 point
To Download the Home Work given on 24/07/2020, click below link
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