WorksheetsAccounting for Partnership Firms – Fundamentals
Total questions: 10
Worksheet time: 5mins
Super profit can be calculated:-
a. Average profit – Normal profit
b. Net profit – Average profit
c. Capital Employed –Net Profit
d. Net Profit – Capital Employed
If Goodwill is Rs. 1,20,000, Average Profit is Rs. 60,000 Normal. Rate of Return is10% on Capital Employed Rs. 4,80,000. Calculate capitalized value of the firm:-
a. Rs. 6,00,000
b. Rs. 5,00,000
c. Rs. 4,00,000
d. Rs. 7,00,000
Rani and Shyam is partner in a firm. They are entitled to interest on their capital but the net profit was not sufficient for paying his interest, then the net profit will be disturbed among partner in
a. 1 : 2
b. Profit Sharing Ratio
c. Capital Ratio
d. Equally
Which one of the following items is recorded in the Profit and Loss appropriation account
a. Interest on Loan
b. Partner Salary
c. Rent paid to Partner’s
d. Managers Commission
A,B and C were partner in a firm sharing Profit in the ratio of 3:2:1 during the year the firm earned profit of Rs. 84,000.
Calculate the amount of Profit or Loss transferred to the capital A/c of B.
a. Loss Rs. 87,000
b. Profit Rs. 87,000
c. Profit Rs.28,000
d. Profit Rs.14,000
Salary to a partner under fixed capital account is credited to
a. Partner’s Capital A/c
b. Partner’s current A/c
c. Profit & Loss A/c
d. Partner’s Loan A/c
In the absence of partnership deed partner share profit and loss in
a. Ratio of capital Employed
b. Equal Ratio
c. 2 : 1
d. 1 : 2
As per section a minor may be admitted for the benefit of the partnership if:-
a. One partner agree
b. More than one agree
c. All partners agree
d. Both (a) or (b)
The relation of the partner with the firm is that of
a. An owner
b. An agent and A Principal
c. An agent
d. Manager
A and B are partner’s sharing profit equally. A draw regularly Rs. 4,000 at the end of every month for 6 months. Year ended on 30thSeptember 2018, calculate interest on drawings @ rate 5% p.a.
a. Rs. 350
b. Rs. 450
c. Rs. 150
d. Rs. 250
