1:42 elearn.ict.edu.om Question 17 Not yet answered p Flag question Marked out of 1.00 On dissolution of a firm, its Balance Sheet revealed total creditors of OMR100,000; Total Capital OMR 96,000; Cash Balance OMR 6,000. Its non-cash assets were realised at 12% less than their book value. The profit (loss) on realisation is; a. (OMR 12,000) b. OMR 7,200 C. OMR 22,520 d. (OMR 22,800) Previous page Next page + 12 1:42 elearn.ict.edu.om Question 21 Not yet answered p Flag question Marked out of 1.00 Which one of the following is a written agreement of partnership? a. Memorandum of association b. Articles of association C. Certificate of incorporation d. Partnership deed Previous page Next page * Quiz navigation 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 1 + 12 1:42 elearn.ict.edu.om Question 22 Not yet answered p Flag question Marked out of 1,00 The loss or gain on revaluation at the time of retirement of a partner is shared by a. Retiring partner b. Remaining partners c. All partners d. Neither retiring nor remaining partners Previous page Next page * Quiz navigation 8 1 2 3 4 5 6 7 9 10 11 12 13 14 15 16 T 1 + 12 1:42 elearn.ict.edu.om Question 23 Marked out of 1.00 Not yet answered p Flag question Thuraya, Dayan and Hafedha were partners of a firm sharing profits and losses in the ratio of 3:2:1, respectively. As Hafedha wanted to retire, they decided to revalue the firm's assets and liabilities as indicated below: a. To increase the value of buildings by OMR 33,000. b. To bring into record at OMR6,000 investments which have not so far been brought into account c. To decrease stock by OMR3,000 and furniture by OMR 1,500 d. To write off sundry creditor by OMR 1,500 The profit (loss) on revaluation is a OMR 33,000 b. OMR 36,000 C. (OMR 33,000) d. (OMR 36,000) + 12 1:42 elearn.ict.edu.om At the time of admission of a new partner, goodwill belongs to; a. No answer from the given options b. New partner C. The old partners d. All the partners, new and old Previous page Next page * Quiz navigation 6 7 8 23 4 5 6 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 + 12 1:42 elearn.ict.edu.om Question 26 Not yet answered p Flag question Marked out of 1.00 At the time of dissolution of a firm, which one of the following is used to distribute the gain or loss on realization? a. Solvency of partners b. Equally C. Profit or loss sharing ratio d. Capital ratio Previous page Next page * Quiz navigation 7 1 2 34 5 6 00 9 10 11 12 13 14 15 16 f 1 + 12 1:42 elearn.ict.edu.om Question 27 Not yet answered p Flag question Marked out of 1.00 At the time of admission of a new partner, the partnership is; a. Not affected b. Terminated c. Dissolved d. Closed Previous page Finish attempt * Quiz navigation 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 + 12
