WorksheetsPartnership Accounts
Total questions: 15
Worksheet time: 8mins
Mutual Agency is one of the essential Element of Partnership Agreement
Yes
No
The Written Agreement of Partnership is called as
Partnership Firm
Partnership Deed
Partnership Document
Partnership File
In the absence of Partnership Deep, partners will share the profits and losses in the equal ratio
True
False
In absence of Partnership Deed, partners will get salary, commission etc.
Yes
No
The main purpose of preparing P&L Appropriation A/C of a Partnership concern is to
Calculate & Distribute the Divisible Profit & Loss
Distribute the Dividends
Distribute the Capital
None of the above
Under Fluctuating Capital Method, how many accounts are maintained for each partner?
2
1
3
4
Under Fluctuating Capital Method, Which account is maintained for each partner?
Current Account
P&L Appropriation Account
Capital Account
None of the above
Under Fixed Capital Method, how accounts are maintained for each partner?
1
3
4
2
Which accounts are maintained under Fixed Capital Method?
Capital Account
Current Account
Capital and Current Account
Any One
Under Fixed Capital method, under which account adjustments related to partners are maintained?
Capital Account
Current Account
Both
None
If drawings are made at the beginning of each month, Interest on drawing is calculated at what rate?
6%
6.5%
5%
5.5%
If drawings are made at the end of each month, Interest on drawing is calculated at what rate?
6%
5%
5.5%
6.5%
If drawings are made in middle of each month, Interest on drawing is calculated at what rate?
6%
5%
5.5%
6.5%
Drawings against capital reduces capital
True
False
Current account fluctuates from year to year?
False
True
