Partnership-basic concepts

Partnership-basic concepts

9th - 12th Grade

11 Qs

quiz-placeholder

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Partnership-basic concepts

Partnership-basic concepts

Assessment

Quiz

Other

9th - 12th Grade

Medium

Created by

RAMLA ISMAIL

Used 1+ times

FREE Resource

11 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the absence partnership deed, interest on loan of a partner is allowed

8%

6%

No interest

12%

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Partners current accounts are opened, when their capital accounts are------

fixed

fluctuating

fixed and fluctuating

None of these

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The interest on capital accounts of partners under fluctuating capital account method is credited to----e

Interest account

profit and loss account

partners capital account

partners current account

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the absence of an agreement, to the contrary, partners share profits and losses in the-----

capital ratio

average capital

capital at the beginning

Equal ratio

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

current account of a partner

only credit balance

will always have debit balance

may have debit or credit balance

None

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

when capitals are fixed, the drawings made by a partner will be recorded in ------

partners capital account

profit and loss account

partners current account

none

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To which account, partners commission ,salary & interest on capital be debited

P& L Appropriation account

capital account

current account

P&L account

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