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WorksheetsChapter 15 Partnership (1)
Total questions: 10
Worksheet time: 11mins
1.How many owners in a partnership organisation to carry on a business to make profit?
0 to 20
1 to 20
2 to 20
3 to 20
2. The partners usually draw up a ________________ to protect each other in case of any disagreements.
Hire Purchase Agreement
Partnership Agreement
Partnership Act 1961 Agreement
Registration of Business Agreement
3. The partnership normally includes the following statements, except for ____________.
The capital that each partner is not allowed to contribute.
The ratio in which profit or loss is shared among partners.
The rate of interest, if any, is charged on partners' drawings.
Salaries and drawings, if any, are allowed to partners.
4. Which of the following item is recorded in Partner's Current Account?
Loan From Partner
Partner's Salary paid
Bank Interest
Drawings of goods
5. Which of the following item will appear on the credit site of the Profit And Loss Appropriation Account?
Interest On Capital
Interest On Drawings
Partners' Drawings
Partners' Salaries
6. "Balance of Loss Shared" should be debited to _______________.
Profit And Loss Appropriation Account
Profit And Loss Account
Current Account
Bank Account
7. A and B are in partnership and profits and losses were to be shared in the ratio of 3:1. During 2019, the Profit And Loss Appropriation Account shows the balance of net profit shared (after appropriation) among partners is RM11,500. Calculate the share of the net profit for partner A if no partnership agreement existed.
RM8,625
RM5,750
RM3,830
RM2,875
8. If the partners were entitled to Partners's Bonus, which of the following account should be debited?
Current Account
Capital Account
Profit And Loss Account
Profit And Loss Appropriation Account
9. The double entry of "Interest On Loan From Partner" is (a) .
10. The debit balance of current account is represent ____________.
Undrawn Profit
Overdrawn Profit
