Pop Quiz 6 - AAFD123

Which of the following rights, cannot be claimed by a partner as matter of right?

• Right to share profits

• right to receive remuneration

• right to take part in business

• right to have access to account book

• A

• B

• C

• D

Why does a partnership prepare an appropriation account?

• to allocate profit for the year to each partner

• to calculate interest on partner's loan

• to ensure the drawings are accounted for

• to record dividend paid and proposed

A and B were in partnership. Their current accounts for the year were as follows. What was profit for the year?

• 7,000

• 14,000

• 17,000

• 27,000

Beth and Carla are in partnership, sharing profits and losses 3:2. They provided the following information at 31 January 2018.

What was the total amount credited to Beth's current account on 31 January 2018?

• 15,000

• 25,200

• 29,000

• 39,200

A and B are partners sharing in the ratio of 3:2. C is admitted for 1/5th share and brings RM 15,000 as capital and necessary amount for his share of goodwill. The goodwill of the entire firm is valued at RM60,000. Goodwill brought by C will be.....

• 12,000

• 10,000

• 15,000

• 60,000

How many people can make up a partnership?

• 2-22

• 1-20

• 20-50

• 2-20

The amount of control each parter has is determined formally through a legal document known as a....

• Partnership Staus

• 
  Partnership Legality

• Partnership Creed

• Partnership Agreement

In the revaluation account an increase in the value of land and building appears on the

• Debit side

• Credit side

• not record at all

For getting share in profits, a new partner brings.......

• Capital

• Goodwill

• Loan