WorksheetsPop Quiz - Partnership Accounts
Total questions: 18
Worksheet time: 31mins
The minimum number of persons in a partnership firm is
1
2
3
4
In a partnership, partners share their profits and losses in ______ ratio.
their capital
equal
agreed
Interest on capital is calculated on the ___________.
Opening Capital
Closing Capital
Average Capital
In partnership, partners liabilities are
Limited
Unlimited
Limited to the capital invested
Limited to the amount mentioned
Which 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
Which is/are the items included in current account?
drawings
interest on loan
interest on capital
capital
"Balance of Loss Shared" should be debited to _______________.
Profit And Loss Appropriation Account
Profit And Loss Account
Current Account
Bank Account
Loans from partners are not part of the capital of the business and are treated the same way as any other loan.
True
False
The double entry of "Interest On Loan From Partner" is _________________________________.
eg. dr__ , cr __ (write only the account names with ',')
(a)
7. A and B are in partnership and profits and losses were to be shared in the ratio of 3:1. During 2019, the Profit And Loss Appropriation Account shows the balance of net profit shared (after appropriation) among partners is RM11,500. Calculate the share of the net profit for partner A.
RM8,625
RM5,750
RM3,830
RM2,875
Goodwill is not to be considered when _________.
a new partner is admitted
a partner retires or dies
a partner puts in additional capital
the profit and loss sharing ratio is changed
The entry to record 'Goodwill being created / raised in the books' is:
Dr Goodwill
Cr Old Partner's Capital Accounts
Dr Goodwill
Cr Existing Partner's Capital Accounts
Dr Old Partner's Capital Accounts
Cr Goodwill
Dr Existing Partner's Capital Accounts
Cr Goodwill
A and B are in partnership sharing profits and losses in the ratio of 3:2. On 1 January 2004, they agreed to admit C as new partner. Besides capital invested by C, he brought in cash premium of RM 4,000 for his share of the goodwill. The cash was to be retained in the partnership but no goodwill account was raised. Show the entries of the above transaction.
Dr Bank RM 4,000
Cr Capital - C RM 4,000
Dr Bank RM 4,000
Cr Goodwill RM 4,000
Dr Bank RM 4,000
Cr Capital A RM 2,400
Cr Capital B RM 1,600
Dr Goodwill RM 4,000
Cr Capital A RM 2,400
Cr Capital B RM 1,600
All assets including cash are transferred to the Realisation Account.
True
False
At the time of dissolution, all assets are transferred to Realisation Account at their __________.
realised value
market value
book value
none of these
When an asset is sold on dissolution, it is credited to ______________.
realisation account
revaluation account
asset account
none of these
Asset taken over by a Partner at the time of dissolution of the firm is _____________ to his Capital Account.
Debited
Credited
When a partnership is dissolved, what is the double entry for the profit on realisation?
Debit: Realisation
Credit: Profit And Loss
Debit: Profit And Loss
Credit: Realisation
Debit: Realisation
Credit: Partners’ Capital
Debit: Partners’ Capital
Credit: Realisation
