Accounting for Partnership: Basic Concepts Test 31

Result

Accounting for Partnership: Basic Concepts Test 31

Score
-
out of -
Rank
-
out of -

TIME Taken - -

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Weekly Quiz Competition

Question 1
1 / -0

Goods worth Rs.$$5,000$$ were purchased from P on $$3$$ months credit. P A/c will be shown under.....

A
Under Sundry Debtors

B
Under Bill Receivables

C
Under sundry creditors

D
Under claims receivable
Question 2
1 / -0

As per the Partnership Act partners are entitled to interest on capital at....

A
$$@7\%$$

B
$$@10\%$$

C
$$@6\%$$

D
No interest is allowed
Question 3
1 / -0

XYZ is a partnership firm, Y took goods worth Rs 5000 from the business for self use. This will be accounted for as

A
Drawing of Y as well credited to purchase A/c

B
Drawing of Y only

C
Deducted from closing stock

D
Debited to trading A/c
Question 4
1 / -0

Which of these is not a determinant of good will of a firm _________?

A
Location

B
Quality of goods and services rendered

C
Customer relationship/behaviour

D
No. of partners
Question 5
1 / -0

As per Partnership Act the property of the firrn shall be held and used by the partners ______________________.

A
exclusively for the purposes of the business of the firm

B
mainly for the purpose of the business of the firm

C
for the use ofthe fitin as well as personal use of the partners

D
all the three
Question 6
1 / -0

An agreement to carry on business at future time does not result in partnership unless __________________.

A
the agreement is registered

B
the agreement is properly stamped and registered

C
that time arrives arid business actually commence

D
an undertaking to that effect is filed in the court
Question 7
1 / -0

There are three partners in a firm A, B and C. D is admitted into the firm with $$1_{/4}$$ share of profit with a guaranteed profit of Rs. $$50,000$$ p.a. The firm's total profit is Rs. $$1,60,000$$ what amount would be given to D as his share of profit by the firm.

A
Rs. $$40,000$$

B
Rs. $$50,000$$

C
Rs. $$45,000$$

D
Rs. $$52,500$$
Question 8
1 / -0

A, B and C are three partners sharing profit and loss in the ratio of 2:3:1 B retires from the firm. What is the new profit sharing ratio of the remaining partners

A
1:3

B
5:2

C
2:1

D
3:2
Question 9
1 / -0

A, B and C are three partners in a partnership from dealing in ready-made garments. A on his own without knowledge and consent of remaining partner enter into an export order of sugar to Nepal on which he suffered heavy losses. A cannot recover this loss from the firm or other partners because ___________.

A
Export to Nepal is prohibited

B
Export of sugar is banned in India

C
He do not have implied authority of the partners

D
All the three
Question 10
1 / -0

A and B are two partners in a firm sharing profit and loss equally. C is admitted as a third partner for $$1_{/3}$$ share of profit for which he agreed to pay Rs. $$10,000$$ to each partner as his share of good will privately. How this will be accounted for in the books of the firm.

A
No entry being paid privately

B
Credit each partners capital by Rs. $$10,000$$ and debit C's Capital by Rs. $$20,000$$

C
Credit each partners capital by Rs. $$10,000$$ and debit goodwill a/c by Rs. $$20,000$$

D
Credit each partners capital by Rs. $$10,000$$ and debit C's current a/c by Rs. $$20,000$$

User

Question Analysis

Correct -
Wrong -
Skipped -

My Perfomance

Score
-
out of -
Rank
-
out of -

Re-Attempt Weekly Quiz Competition

Accounting for Partnership: Basic Concepts Test 31

Result

Accounting for Partnership: Basic Concepts Test 31

Score

-

Rank

-

SHARING IS CARING

Question 1

Under Sundry Debtors

Under Bill Receivables

Under sundry creditors

Under claims receivable

Question 2

$$@7\%$$

$$@10\%$$

$$@6\%$$

No interest is allowed

Question 3

Drawing of Y as well credited to purchase A/c

Drawing of Y only

Deducted from closing stock

Debited to trading A/c

Question 4

Location

Quality of goods and services rendered

Customer relationship/behaviour

No. of partners

Question 5

exclusively for the purposes of the business of the firm

mainly for the purpose of the business of the firm

for the use ofthe fitin as well as personal use of the partners

all the three

Question 6

the agreement is registered

the agreement is properly stamped and registered

that time arrives arid business actually commence

an undertaking to that effect is filed in the court

Question 7

Rs. $$40,000$$

Rs. $$50,000$$

Rs. $$45,000$$

Rs. $$52,500$$

Question 8

1:3

5:2

2:1

3:2

Question 9

Export to Nepal is prohibited

Export of sugar is banned in India

He do not have implied authority of the partners

All the three

Question 10

No entry being paid privately

Credit each partners capital by Rs. $$10,000$$ and debit C's Capital by Rs. $$20,000$$

Credit each partners capital by Rs. $$10,000$$ and debit goodwill a/c by Rs. $$20,000$$

Credit each partners capital by Rs. $$10,000$$ and debit C's current a/c by Rs. $$20,000$$

User

Question Analysis

My Perfomance

Score

-

Rank

-

Results Announcement on: coming Monday

Stay Tuned: We’ll update you on your result via email or SMS.