Worksheetspertnership final account
Total questions: 76
Worksheet time: 57mins
When there is no partnership agreement between partners, the division of Profits take place in ..................... ratio
Equal
capital ratio
initial contribution
experience and tenrue of partners.
To find out Net Profit or Net Loss of the business ..................... account is prepared.
Trading
Capital
Current
Profit & Loss
A ..................... is an Intangible Asset.
Goodwill
Stock
Cash
Furniture
In the absence of an agreement, interest on loan advanced by the partner to the firm is allowed at the rate of .....................
5%
6%
10%
9%
Liability of partners in a partnership business is ..................... .
Limited
Unlimited
Limited and Unlimited
None of the above
The Indian Partnership act is in force since .....................
1932
1881
1956
1984
Maximum number of Partners in a firm are ..................... according to Companies Act 2013.
10
25
20
50
Persons who form the partnership firm.
(a)
Amount of cash or goods withdrawn by partners from the business from time to time.
(a)
An association of two or more persons according to Indian partnership Act 1932.
(a)
Act under which partnership firms are regulated.
(a)
Process of entering the name of partnership firm in the register of Registrar.
(a)
Partnership agreement in written form.
(a)
Under this method capital balances of partners remains constant.
(a)
Proportion in which partners share profits.
(a)
Such capital method in which only capital account is maintained for each partner.
(a)
The account to which all adjustment are made when capital is fixed.
(a)
Expenses which are paid before they are due.
(a)
The accounts that are prepared at the end of each accounting year.
(a)
An asset which can be converted into cash easily.
(a)
Order in which fixed assets are recorded first in Balance sheet.
(a)
The account in which selling expenses of business are recorded.
(a)
Debit balance of Trading Account.
(a)
Credit balance of profit & loss account.
(a)
Partnership firm is a Non Trading Concern.
True
False
Profit and Loss Account is a Real Account.
True
False
Carriage Inward is carriage on purchases.
True
False
Adjustments are recorded in Partners Current Account in Fixed Capital Method
True
False
Prepaid expenses are treated as liabilities.
True
False
If Partnership Deed is silent partners share profits and losses in proportion to their capital.
True
False
Balance sheet is an Account.
True
False
Wages paid for installation of Machinery is a Revenue expenditure.
True
False
Income received in advance is a liability.
True
False
R.D.D is created on creditors.
True
False
Depreciation is not calculated on Current Assets.
false
True
1. Wages, Salary, Royalty, Import Duty.
wages
salary
royalty
import duty
2. Postage, Stationery, Advertising, Purchases.
postage
stationery
advertising
purchases
Capital, Bills Receivable, Reserve Fund, Bank overdraft
capital
bills receiable
reserve fund
bank overdraft
Building, Machinery, Furniture, Bills payable.
Building
Machinery
Furniture
Bills payable
Discount received, Dividend received, Interest received, Depreciation.
discount received
dividend received
interest received
depreciation
Partners share profit & losses in (a) ratio in the absence of partnership deed
Registration of Partnership is (a) in India.
Partnership business must be (a)
Liabilities of Partners in Partnership firm is (a)
The balance of Drawings Account of a partner is transferred to his (a) account under the Fixed Capital Method.
The interest on capital of a partner is debited to (a) account.
Partners are (a) liable for the debts of the firm.
Partnership Deed is an (a) of Partnership.
The withdrawal by partner for personal use from the firm is (a) to his account.
Commission payable to partner is (a) to the firm.
When partners adopt Fixed Capital Method then they have to operate (a) Account.
If partners Current Account shows (a) balance it is shown on the liability side of the Balance sheet.
The expenses paid for trading purposes are known as (a) expenses.
The expenses paid for trading purposes are known as (a) expenses.
Return outward is deducted from (a)
Expenses which are paid before the due date are called as (a)
Assets which are held in the business for a long period are called (a)
Trading Account is prepared on the basis of is (a) expenses.
When commission is allowed to any partner, it is (a) of the business.
When goods are distributed as free samples, it is treated as (a) of the business.
When Partnership Deed is silent, Partners share profits of the firm according to capital ratio.
agree
disagree
Current account always shows a debit balance.
agree
disagree
It is compulsory to have a partnership agreement in writing.
agree
disagree
Partnership Firm is a trading concern.
agree
disagree
An interest on capital is an expenditure for the partnership firm.
agree
disagree
Partnership is an association of two or more persons.
agree
disagree
Partners are entitled to get Salary or Commission.
agree
disagree
The balance of Capital Account remains constant under Fixed Capital Method.
agree
disagree
The Indian Partnership Act, came into existence in the year 1945.
agree
disagree
Profit and Loss Account reflects the true financial position.
agree
disagree
Amount borrowed by partner from his business will be debited to Current Account.
agree
disagree
Sold but undispatched goods must be part of valuation of closing stock.
agree
disagree
Carriage Inward is a selling and distribution overhead
agree
disagree
Gross profit is an operation profit
agree
disagree
All financial expenditures are debited to a profit and loss account.
agree
disagree
Free distribution of goods is debited to a trading account.
agree
disagree
