Accounting for Partnership: Basic Concepts Test 1

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Accounting for Partnership: Basic Concepts Test 1

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following is NOT required to be maintained in the partnership deed?

A
Age of partners

B
Name of partners

C
Address of partners

D
Firm name
Question 2
1 / -0

Where will you record interest on drawings in the final accounts of the firm ?

A
Debit side of Profit & Loss Appropriation Account

B
Credit side of Profit & Loss Appropriation Account

C
Credit side of Profit & Loss Account

D
Debit side of Capital/ Current Account only
Question 3
1 / -0

How would you close the Partner's Drawing Account?

A
By transfer to the debit of Capital or Current Account

B
By transfer to the credit of Capital Account

C
By transfer to the credit of Current Account

D
Either b or c
Question 4
1 / -0

The relationship between persons who have agreed to share the profit of a business carried on by all or any of them acting for all is known as :

A
Partnership

B
Joint Venture

C
Association of Persons

D
Body of Individuals
Question 5
1 / -0

Following is the difference between partnership deed and partnership agreement.

A
Partnership deed is in writing and partnership agreement may be oral

B
Partnership deed is signed by all the partners but partnership agreement is signed by majority of the partners.

C
Partnership deed is registered in the court of law whereas partnership agreement is not registered.

D
Partnership deed is not subject to changes unless all partners agree to it. Partnership agreement can be amended with the consent of more than 50% partners.
Question 6
1 / -0

Partners are supposed to pay interest on drawing only when provided by the ______________.

A
Partnership Act

B
None of these

C
Agreement

D
Both a and c

Solution

Interest on Drawings: No interest is to be charged on the drawings made by the partners, if there is no mention in the Agreement and If a partner carries on any business of the same nature as and competing with that of the firm, he/she shall account for and pay to the firm, all profit made by him/her in that business.
Question 7
1 / -0

Which Section of the Partnership Act,1932 defines the term 'Partnership'?

A
Section 1

B
Section 2

C
Section 3

D
Section 4

Solution

Section 4
Question 8
1 / -0

X, Y and Z are partners in a firm.At the time of division of profit for the year there was dispute among the partners.Profits before interest on partner's capital was Rs.10,000 and X wanted interest on capital at 20% as his capital contribution was Rs.1,00,000 as compared to that of Y and Z which was Rs.75,000 and Rs.50,000 respectively. Find the solution ______________________________.

A
Profits of Rs.10,000 will be distributed equally.

B
X will get the interest of Rs.20,000 and the loss of Rs.10,000 will be shared equally

C
All the partners will get interest on their capital and the loss will be shared equally.

D
None of the above.
Question 9
1 / -0

A and B enter into a joint venture sharing profits and losses equally. A purchased 5000 kg of rice @ Rs. 25/kg. B purchased 1000 kg of wheat @Rs. 30/kg. A sold 1000 kg of wheat @ Rs. 35/kg and B sold 5000 kg of rice @ Rs. 30/kg. The profit on venture will be :

A
Rs. 55,000

B
Rs. 50,000

C
Rs. 60,000

D
Rs. 30,000
Question 10
1 / -0

A Ltd. has allotted $$20,000$$ shares to the applicants of $$28,000$$ shares on pro-rata basis. The amount payable on application is $$Rs. 2$$. M applied for $$420$$ shares. The number of shares allotted and the amount carried forward for adjustment against allotment money due from Mr. X will be ______________.

A
$$60$$ shares; $$Rs. 120$$

B
$$340$$ shares; $$Rs. 160$$

C
$$300$$ shares; $$Rs. 200$$

D
$$300$$ shares; $$Rs. 240$$

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Re-Attempt Weekly Quiz Competition

Accounting for Partnership: Basic Concepts Test 1

Result

Accounting for Partnership: Basic Concepts Test 1

Score

-

Rank

-

SHARING IS CARING

Question 1

Age of partners

Name of partners

Address of partners

Firm name

Question 2

Debit side of Profit & Loss Appropriation Account

Credit side of Profit & Loss Appropriation Account

Credit side of Profit & Loss Account

Debit side of Capital/ Current Account only

Question 3

By transfer to the debit of Capital or Current Account

By transfer to the credit of Capital Account

By transfer to the credit of Current Account

Either b or c

Question 4

Partnership

Joint Venture

Association of Persons

Body of Individuals

Question 5

Partnership deed is in writing and partnership agreement may be oral

Partnership deed is signed by all the partners but partnership agreement is signed by majority of the partners.

Partnership deed is registered in the court of law whereas partnership agreement is not registered.

Partnership deed is not subject to changes unless all partners agree to it. Partnership agreement can be amended with the consent of more than 50% partners.

Question 6

Partnership Act

None of these

Agreement

Both a and c

Solution

Question 7

Section 1

Section 2

Section 3

Section 4

Solution

Question 8

Profits of Rs.10,000 will be distributed equally.

X will get the interest of Rs.20,000 and the loss of Rs.10,000 will be shared equally

All the partners will get interest on their capital and the loss will be shared equally.

None of the above.

Question 9

Rs. 55,000

Rs. 50,000

Rs. 60,000

Rs. 30,000

Question 10

$$60$$ shares; $$Rs. 120$$

$$340$$ shares; $$Rs. 160$$

$$300$$ shares; $$Rs. 200$$

$$300$$ shares; $$Rs. 240$$

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