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Accounting for Partnership: Basic Concepts Test 13

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Accounting for Partnership: Basic Concepts Test 13
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Weekly Quiz Competition
  • Question 1
    1 / -0
    The Partnership Act, 1932 came into force with effect from ________.
  • Question 2
    1 / -0
    Prior to enactment of Indian Partnership Act, 1932, the laws relating to Partnership were embodies in ___________.
  • Question 3
    1 / -0
    ___________ distinguish a company from a partnership firm.
  • Question 4
    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. What amount would be given to X as his share of profit by the firm?
  • Question 5
    1 / -0
    Rent paid to a partner is charged to ______.
    Solution
     Rent paid by a firm is such an expenditure which is incurred irrespective of any partner. It is not directly related to the partner. As rent is an expenditure the same is debited to profit and loss account. 
  • Question 6
    1 / -0
    X, a partner of X and Y Associates draw Rs, 4000 every month at the mid of the month for six months. Calculate interest on drawing at 5%.
    Solution
    So here,
    4000 per month x 6 month = 24,000
    then,
    24,000 x 6% = 1,200 for year
    then, 1,200 x 6/12 = 600 for 6 month
    so, at the mid of month the interest on drawing is Rs.300.
  • Question 7
    1 / -0
    Partnership  is created by __________.
    Solution
    A Partnership Agreement is written document detailing the terms of a partnership. A partnership is a business arrangement where two or more individuals share ownership in a company and agree to share in the profits and losses of their company.
  • Question 8
    1 / -0
    Indian Partnership Act, 1932 is substantially based on __________.
  • Question 9
    1 / -0
    Which of these types of business organization is /are outside the ambit of Indian Partnership Act ?
  • Question 10
    1 / -0
    ___________ is not an essential requirement of a valid partnership.
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