WorksheetsPartnership Accounts
Total questions: 15
Worksheet time: 12mins
In the absence of partnership deed interest on loan will be given at rate of ?
5%
6%
7%
8%
Accounting rules for partnership are governed by the partnership act of
1933
1956
1932
2013
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 .A drew Rs 20000 .If the rate of Interest on Drawing is 5% per annum then (a) will amount of interest on drawing.
What do you mean by Partnership?
According to the Garner Vs. Murray rule Capital deficiency of insolvent partner will have to borne by remaining solvent partner--------.
(a)
Tick the situations in which a partnership firm comes to an end
Retirement
Death
Insolvency
Fulfillment of the object
Tick the Provisions of Partnership Act, 1932 in the absence of Partnership Deed
profits and losses of the firm are to be shared equally by partners
No interest on capital is payable
Interest is to be charged on drawings @ 6% p.a
No partner is entitled to get salary or other remuneration
for taking part in the conduct of the business of the firm
No interest on loan payable to partners
The written agreement of partnership is most commonly referred to as :
Agreement
Partnership Deed
Partnership contract
Partnership Act
Ram , a partner in a partnership firm withdrew Rs. 7,000 in the beginning of each month.Interest on drawing would be charged for------.
(a)
When the partners capitals are fixed, the drawings made by a partner will be recorded in _____.
Partner'sCapital account
Partner's current account
Profit and Loss Account
None of these.
Interest payable on the capitals of the partners is charged to
Profit and Loss Account
Profit and Loss Adjustment Account
Realisation Account
Profit and Loss Appropriation Account
Which of the following is an appropriation of profit?
Interest on loan
Salary to partner
Employees’ salary
Rent
A and B agree to admit C into partnership, the premium for goodwill is paid directly to A and B. How do you treat the premium for goodwill ?
No entry is required.
It is to be entered in Cash Book.
It is to be retained for business use.
It is to be recorded in the partnership’s books.
It is mandatory to have a written partnership aggreement.
True
False
