Accounting for Partnership: Basic Concepts Test 12

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Accounting for Partnership: Basic Concepts Test 12

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Weekly Quiz Competition

Question 1
1 / -0

Partnership created for a particular adventure or a particular undertaking is called __________.

A
Particular partnership

B
Limited partnership

C
Partnership at will

D
Fixed partnership

Solution

A partnership can be formed for carrying on continuous business, or it can be formed for one particular venture or undertaking. If the partnership is formed only to carry out one business venture or to complete one undertaking such a partnership is known as a particular partnership.
Question 2
1 / -0

Product method is used for __________.

A
distribution of profit and loss A/c

B
distribution of revaluation results

C
interest on drawing

D
interest on capital
Question 3
1 / -0

As per Partnership Act, which of the following rights are available to the partner?

A
Salary

B
Interest on capital

C
Bonus

D
Equal profit and loss

Solution

Partners generally describe in their deed the proportion in which they will share profits of the firm. However, they have to share all the profits of the firm equally if they have not agreed on a fixed profit sharing ratio.
Question 4
1 / -0

X and Y are two partners with a capital of Rs. 30,000 and Rs. 20,000 respectively. They are allowed interest @10% on the total capital. If the profit before interest on capital is Rs. 4000, how much interest will be paid to the partners?

A
Nil

B
Rs. 1500, 1000

C
Rs. 2000, 3000

D
Rs. 1000, 1500
Question 5
1 / -0

In case the partners are having fixed capital, then interest on capital will be allowed on ___________.

A
current capital

B
current plan fixed capital

C
fixed capital only

D
none of the above
Question 6
1 / -0

If the partnership agreement provides payment of interest on capital of the partners, then interest can be paid only out of ___________.

A
accumulated profits

B
current profits only

C
past profits plus current profits

D
capital also
Question 7
1 / -0

Which of these statements is true?

A
Partners current account can show debit or credit balance

B
Partners current account shows only credit balance

C
Partners current account shows only debit balance

D
None of these
Question 8
1 / -0

There are three partners in a firm P, Q and R. X is admitted into the firm with 1/4th share of profit with a guaranteed profit of Rs. 25,000 p.a The firm;s total profit is Rs. 80,000. If the firm stood as a guarantor of guaranteed profit to X, how much profit would be given to remaining partners in the instant case?

A
Rs. 20,000

B
Rs. 21,667

C
Rs. 18,333,33

D
Rs. 22,500
Question 9
1 / -0

In India, laws relating to partnership are embodied in ___________.

A
Partnership Act, 1932

B
Indian Partnership Act, 1932

C
English partnership Act, 1872

D
Indian Contract Act, 1872

Solution

The Indian Partnership Act 1932 defines a partnership as a relation between two or more persons who agree to share the profits of a business run by them all or by one or more persons acting for them all.
Question 10
1 / -0

Adjustment of past mistake in calculation of profit and loss in previous years is done through ________.

A
profit and loss A/c

B
profit and loss appropriation A/c

C
profit and loss adjustment A/c

D
revaluation A/c

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Re-Attempt Weekly Quiz Competition

Accounting for Partnership: Basic Concepts Test 12

Result

Accounting for Partnership: Basic Concepts Test 12

Score

-

Rank

-

SHARING IS CARING

Question 1

Particular partnership

Limited partnership

Partnership at will

Fixed partnership

Solution

Question 2

distribution of profit and loss A/c

distribution of revaluation results

interest on drawing

interest on capital

Question 3

Salary

Interest on capital

Bonus

Equal profit and loss

Solution

Question 4

Nil

Rs. 1500, 1000

Rs. 2000, 3000

Rs. 1000, 1500

Question 5

current capital

current plan fixed capital

fixed capital only

none of the above

Question 6

accumulated profits

current profits only

past profits plus current profits

capital also

Question 7

Partners current account can show debit or credit balance

Partners current account shows only credit balance

Partners current account shows only debit balance

None of these

Question 8

Rs. 20,000

Rs. 21,667

Rs. 18,333,33

Rs. 22,500

Question 9

Partnership Act, 1932

Indian Partnership Act, 1932

English partnership Act, 1872

Indian Contract Act, 1872

Solution

Question 10

profit and loss A/c

profit and loss appropriation A/c

profit and loss adjustment A/c

revaluation A/c

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