WorksheetsPARTNERSHIP FINAL ACCOUNTS
Total questions: 10
Worksheet time: 13mins
What is the minimum and maximum number of partners normally will be to form a partnership business?
2 and 4
2 and 50
2 and 20
2 and 10
What is the correct double entry for partners introduce capital?
DR Assets CR Partners Capital
DR Assets CR Partners Current
DR Assets CR Appropriation
DR Capital CR Assets
En Hardep introduced capital at 1/1/2018 for $20,000 and he also introduced further capital $5,000 at 1/9/2018. Interest on capital is 4% per anum. What is the amount of interest on capital for year ended 31/12/2018?
$1,000
$800
$200
$867
En Raj introduced loan at 1/1/2018 for $50,000 and he also introduced further loan $15,000 at 1/6/2018. Interest on loan is 3% per anum. What is the amount of interest on loan for year ended 31/12/2018?
$1,950
$1,500
$1,763
$450
Residual profits for the partnership of En Raja and En Rani for the year ended 31/12/2019 is $230,000. Both of them share profit and losses according to 2:5. What is the share for En Rani?
$230,000
None of these answers.
$65,714
$164,286
All these transactions will be recorded in Partners Current ac except.......
Drawings
Interest on drawings
Salary to partners
Salary to workers
Ali and Baba are in partnership sharing profit and losses 3:2. Ali's share of profits for the year amounts to $36,000. Calculate the residual profits for the partnership?
$14,400
$180,000
$60,000
Non of the above.
En Ko, En Ra and En Na all in partnership sharing profit and losses 3:2:1. En Na's share of losses is $20,000. How much is the share of losses for En Ko?
$70,000
$120,000
$40,000
None of the above
What is the correct entries for Interest on drawings for partners?
DR Partners Current CR Appropriation
DR Appropriation CR Partners Current
DR Partners Capital CR Partners Current
DR Partners Current CR Interest on Drawings
What is the correct entry for share of losses for partners?
DR Appropriation CR Partners Current
DR Partners Current CR Appropriation
DR Appropriation CR Partners Capital
None of the above
