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WorksheetsClass XII Accountancy Partnership Quiz
Total questions: 20
Worksheet time: 7mins
Number of partners in a partnership firm may be :
Maximum Two
Maximum Ten
Maximum One Hundred
Maximum Fifty
In the absence of Partnership Deed, the interest is allowed on partner’s capital:
@ 5% p.a.
@ 6% p.a.
@ 12% p.a.
No interest is allowed
In the absence of agreement, partners are not entitled to :
Salary
Commission
Equal share in profit
Both (a) and (b)
Which one of the following items cannot be recorded in the profit and loss appropriation account?
Interest on capital
Interest on drawings
Rent paid to partners
Partner’s salary
According to Profit and Loss Account, the net profit for the year is 4,20,000. Salary of a partner is 5,000 per month and the commission of another partner is 10,000. The interest on drawings of partners is 4,000. The net profit as per Profit and Loss Appropriation Account will be :
3,54,000
3,46,000
4,09,000
4,01,000
On the admission of a new partner :
Old firm is dissolved
Old partnership is dissolved
Both old partnership and firm are dissolved
Neither partnership nor firm is dissolved
A and B are partners in a firm sharing profits and losses in the ratio of 2 : 3. C is admitted for 1/5 share in the profits of the firm. If C gets it wholly from A, the new profit sharing ratio after C’s admission will be :
1 : 3 : 3
3 : 1 : 1
2 : 2 : 1
1 : 3 : 1
The formula for calculating the sacrificing ratio is :
New share – Old share
Old share – New share
Giaining Ratio – Old Ratio
Old Ratio – Gaining Ratio
A and B are partners sharing profits and losses as 2 : 1. C and D are admitted and profit sharing ratio becomes 3 : 2 : 4 : 1. Goodwill is valued at 90,000. C and D bring required goodwill in Cash. Credit will be given to :
A 30,000; B 15,000
A 66,000; B 24,000
A 33,000; B 12,000
A 27,000; B 18,000
When a new partner does not bring his share of goodwill in cash, the amount is debited to :
Cash A/c
Premium A/c
Current A/c of the new partner
Capital A/c of the old partners
What journal entry will be recorded for deceased partner’s share in profit from the closure of last balance sheet till the date of his death?
Profit and Loss A/c To Deceased Partner’s Capital A/c Dr.
Deceased Partner’s Capital A/c To Profit and Loss A/c Dr.
Deceased Partner’s Capital A/c To Profit and Loss Suspense A/c Dr.
Profit and Loss Suspense A/c To Deceased Partner’s Capital A/c Dr.
A, B and C are partners in 3 : 4 : 2. B wants to retire from the firm. The profit on revaluation on that date was ₹36,000. New ratio of A and C is 5 : 3. Profit on revaluation will be distributed as :
A 16,000; B 12,000; C 8,000
A 12,000; B 16,000; C 8,000
A 22,500; C 13,500
A 23,625; C 12,375
X, Y and Z have been sharing profits in the ratio of 4 : 2 : 1 Z retires. X and Y take Z’s share equally. New profit sharing ratio will be :
5 : 2
5 : 3
9 : 5
4 : 2
A, B and C are sharing profits in the ratio of 3 : 2 : 1. B retires and on the day of B’s retirement Goodwill is valued at 60,000. A and C decided to share future profits in the ratio of 3 : 2. Journal entry will be :
A’s Capital A/c Dr. 18,000 C’s Capital A/c Dr. 42,000 To B’s Capital A/c 60,000
A’s Capital A/c Dr. 6,000 C’s Capital A/c Dr. 14,000 To B’s Capital A/c 20,000
A’s Capital A/c Dr. 36,000 C’s Capital A/c Dr. 24,000 To B’s Capital A/c 60,000
A’s Capital A/c Dr. 12,000 C’s Capital A/c Dr. 8,000 To B’s Capital A/c 20,000
On the death of a partner, the amount due to him will be credited to :
All partner’s Capital Accounts
Remaining partner’s Capital Accounts
His Executor’s Account
Governments’ Revenue Account
On dissolution of a firm, realisation account is debited with
All assets to be realised
All outside liabilities of the firm
Cash received on sale of assets
Any asset taken over by one of the partners
On dissolution, if a partner undertakes to make payment of a liability of the firm is debited)
Profit & Loss Account
Realisation Account
Partner’s Capital Account
Cash Account
On dissolution, the balance of a partner’s capital account appearing on the assets side of a balance sheet is transferred to :
On the Debit of Realisation Account
On the Credit of Realisation Account
On the Debit of Partner’s Capital Account
On the Credit of Cash Account
There was an Unrecorded asset of 2,000 which was taken over by a partner at 1,500. Partner’s Capital Account will be debited by
2,000
1,500
500
3,500
On dissolution, losses are first of all met:
Out of Capital
Out of Profits
Out of private assets of partners
Out of loan from Bank
