Accounting for Partnership: Basic Concepts Test 32

Result

Accounting for Partnership: Basic Concepts Test 32

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

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
$$1:3$$

C
$$1:2$$

D
$$2:1$$
Question 2
1 / -0

XYZ are three partners in a firm sharing profit and loss equally. P is admitted as a new partner for $$1_{/4}$$ share of profit. He brings Rs. $$45,000$$ as his capital for $$1_{/4}$$ share of profit. The combined capital of the old partner stand Rs. $$1,05,000$$ each partner having capital of Rs. $$35,000$$. The partners decided that the capital of firm be restructured on the basis of P share capital and capital of all the partners should be in their profit sharing ratio. What should be the combined capital of the existing partner after restructuring.

A
Rs. $$1,30,000$$

B
Rs. $$1,45,000$$

C
Rs. $$1,35,000$$

D
Rs. $$1,50,000$$
Question 3
1 / -0

A and B are partners in a firm with profit sharing ratio of 2:3, they admit C as a partner for 1/3 share of profit. What would be the sacrificing ratio of A and B?

A
1:1

B
5:3

C
3:2

D
2:3
Question 4
1 / -0

X and Y are two partners in a firm, they admitted C as a third partner for $$1_{/3}$$ share of profit. On admission of new partner old partner noticed an unrecorded assets of Rs. $$6,000$$ and unrecorded liability of Rs. $$2,000$$ which they want to account for before admission of a new partner in the books of a/c. What entry will be made for this revaluation?

A
Assets Debit Rs. $$6,000$$, Credit liability Rs. $$2,000$$, A Rs. $$2,000$$, B Rs. $$2,000$$.

B
Assets A/c Dr $$6000$$. Revaluation A/c credit Rs. $$4,000$$, liability Cr. $$2,000$$

C
Assets A/c Dr. $$6,000$$. Profit and loss A/c credit Rs. $$4,000$$, liability Cr. $$2,000$$

D
Assets A/c Dr. $$6,000$$. General reserve a/c credit Rs. $$4,000$$, liability Cr. $$2,000$$
Question 5
1 / -0

A and B are partners in a firm with profit sharing ratio of $$3:2$$, they admit C as a partner for $$1_{/4}$$ share of profit. What would be the sacrificing ratio of A and B.

A
$$1:1$$

B
$$2:3$$

C
$$3:2$$

D
$$5:2$$
Question 6
1 / -0

A, B and C are three partners in a partnership firm dealing in ready-made garments. A on his own without knowledge and consent of remaining partners enter into a forward trading of commodities and run into heavy losses, a can _______.

A
Not pass on the loss to the firm

B
Recover the loss from the personal estate of other partners

C
Pass on the loss to active partner

D
None
Question 7
1 / -0

XYZ are three partners in a partnership firm dealing in fashionable garments. Z on his own without knowledge and consent of remaining partners signed an export order on which he made substantial profit. Z is liable to ________

A
Retain the profit with him

B
Render the true account of profit to the firm

C
Share the profit with other partners

D
Give some part of profit to other partners also
Question 8
1 / -0

In the absence of specific provisions in the partnership deed, every partner is bound to contribute ______ to the losses of the firm

A
Equally

B
Profit sharing ratio

C
Capital ratio

D
Any of the above manner
Question 9
1 / -0

Liability of a firm is.......

A
Limited

B
Unlimited

C
Restricted

D
Undefined
Question 10
1 / -0

Select the odd one

A
Lazy partner

B
Dormant partner

C
Nominal partner

D
Active partner

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 32

Result

Accounting for Partnership: Basic Concepts Test 32

Score

-

Rank

-

SHARING IS CARING

Question 1

$$1:3$$

$$1:3$$

$$1:2$$

$$2:1$$

Question 2

Rs. $$1,30,000$$

Rs. $$1,45,000$$

Rs. $$1,35,000$$

Rs. $$1,50,000$$

Question 3

1:1

5:3

3:2

2:3

Question 4

Assets Debit Rs. $$6,000$$, Credit liability Rs. $$2,000$$, A Rs. $$2,000$$, B Rs. $$2,000$$.

Assets A/c Dr $$6000$$. Revaluation A/c credit Rs. $$4,000$$, liability Cr. $$2,000$$

Assets A/c Dr. $$6,000$$. Profit and loss A/c credit Rs. $$4,000$$, liability Cr. $$2,000$$

Assets A/c Dr. $$6,000$$. General reserve a/c credit Rs. $$4,000$$, liability Cr. $$2,000$$

Question 5

$$1:1$$

$$2:3$$

$$3:2$$

$$5:2$$

Question 6

Not pass on the loss to the firm

Recover the loss from the personal estate of other partners

Pass on the loss to active partner

None

Question 7

Retain the profit with him

Render the true account of profit to the firm

Share the profit with other partners

Give some part of profit to other partners also

Question 8

Equally

Profit sharing ratio

Capital ratio

Any of the above manner

Question 9

Limited

Unlimited

Restricted

Undefined

Question 10

Lazy partner

Dormant partner

Nominal partner

Active partner

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.