Worksheets12th Acc partnership fundamentals
Total questions: 15
Worksheet time: 7mins
Accounting rules for partnership are governed by the partnership act of
1933
1956
1932
2013
It is mandatory to have a written partnership aggreement.
True
False
following are essential elements of a partnership firm except:
atleast two persons
there is an agreement among all partners
equal share of profit and losses
partnership is for some business
In the absence of a partnership deed the partners are entitles to interest on capital at the rate of
6%
9%
12%
nil
A and B are partners in a firm , they are entitled to interest on their capitals but the net profit was not sufficient for this interest, then the net profit will be distributed among partners in :
Agreed ratio
Captial ratio
Profit sharing ratio
equally
A and B are partners. B withdraws a fixed amount at the END of every MONTH. IOD is charged at 15%p.a. At the end of the year, interest on B's Drawings amounts to rs 1650. Drawings of B were:
24000 p.m.
24000
12000
10000
which of the following items can not be recorded in the P & L appropriation a/c
IOC
IOD
Rent paid to partners
Partner's salary
A & B are partners, their firm charges interest on drawing @10%. Be draws 1000 at the beginning of every month. what will be Average period for which IOD will be calculated
11/2
12
13/2
6
As per the companies act 2013, what is the maximum number of partners in firm
50
10
100
unlimited
Under which capital method, two accounts are prepared
fixed
fluctuating
both
none
a capital account can never have a debit balance
true
false
which of the following are shown on the debit side of current account ( u can tick more than one option)
Drawing
Interest on capital
Interest on drawing
salary
if a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total drawing will be calculated?
6.5
7.5
8.5
6
what is the journal entry for creating Reserve ?
Profit & Loss a/c - dr
to P & L app a/c
P & L app a/c - dr
to P & L a/c
Reserve a/c - dr
to P & L appropriation a/c
P & L app a/c
to Reserve a/c
how is/was the quiz?
awesome
Boring
Just Ok
Dont know
