Accounting for Partnership: Basic Concepts Test 34

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Accounting for Partnership: Basic Concepts Test 34

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SHARING IS CARING

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Weekly Quiz Competition

Question 1
1 / -0

Joint Venture business is governed by...........

A
Companies Act, 1956

B
Indian Partnership Act

C
Societies Registration Act

D
None of these
Question 2
1 / -0

A and B are two partners sharing profit and loss in the ratio of $$2:3$$. There capital A/c stood at Rs. $$20,000$$ and Rs. $$30,000$$ respectively on $$31$$st March $$07$$, and the balance sheet shows a general reserve of Rs. $$20,000$$. On $$1$$st April C is admitted for $$1/3$$rd share of profit for which he brings Rs. $$12,000$$ as his share of goodwill. On the date of his admission, Furniture and fitting is depreciated by Rs. $$2,000$$, stock appreciated by Rs. $$8,000$$ and provisions for bad debts also increased by Rs. $$2,000$$. Old partners decided that C's capital should be in accordance with his share of profit and capital of old partners. What amount C should bring as his share of capital in the firm.

A
Rs. $$43,000$$

B
Rs. $$33,000$$

C
Rs. $$36,000$$

D
Rs. $$35,000$$
Question 3
1 / -0

A private limited can have .. members

A
100

B
200

C
50

D
20
Question 4
1 / -0

X purchased a new office equipment for Rs. 50,000 on 1-04-09 he incurred Rs. 6,000 on its transportation and Rs. 4,000 on its erection and installation. The estimated useful life of the equipment is 10 years at the expiry of which the scrap value of the equipment will be Rs. 5,000. What is the depreciable value of the office equipment?

A
Rs. 50,000

B
Rs. 40,000

C
Rs. 55,000

D
Rs. 46,000
Question 5
1 / -0

Balance in the Revaluation A/c is transferred to..........

A
Partners fixed Capital A/c

B
Partners current capital A/c

C
Profit and loss A/c

D
General Reserve A/c
Question 6
1 / -0

There are three partners in a firm A, B and C. Sharing profit and loss in the ratio of 5:4:3. D is admitted into the firm with share of profit. What is the sacrificing ratio

A
1:1:1

B
5:4:3

C
3:4:5

D
1:2:5
Question 7
1 / -0

Interest on capital of partner is a

A
Loss to business

B
Profit to business

C
Loss to partners

D
Loss to Tax department
Question 8
1 / -0

A and B are two partners sharing profit and loss in the ratio of $$2:3$$. C is admitted as a third partner for which he brings Rs.$$6,000$$ in cash as his share of goodwill. The partners decided to share profit and loss in the ratio of $$4:5:6$$ in future. Find the sacrificing ratio.

A
$$5:4$$

B
$$2:1$$

C
$$2:3$$

D
$$3:2$$
Question 9
1 / -0

The word partnership is derived from the word Part which means ..

A
Transfer

B
To divide

C
To join

D
All the three
Question 10
1 / -0

A partnership firm cannot use which of the following words as a part of its name?

A
Emperor

B
Great

C
Excellent

D
Supreme

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Re-Attempt Weekly Quiz Competition

Accounting for Partnership: Basic Concepts Test 34

Result

Accounting for Partnership: Basic Concepts Test 34

Score

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Rank

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SHARING IS CARING

Question 1

Companies Act, 1956

Indian Partnership Act

Societies Registration Act

None of these

Question 2

Rs. $$43,000$$

Rs. $$33,000$$

Rs. $$36,000$$

Rs. $$35,000$$

Question 3

100

200

50

20

Question 4

Rs. 50,000

Rs. 40,000

Rs. 55,000

Rs. 46,000

Question 5

Partners fixed Capital A/c

Partners current capital A/c

Profit and loss A/c

General Reserve A/c

Question 6

1:1:1

5:4:3

3:4:5

1:2:5

Question 7

Loss to business

Profit to business

Loss to partners

Loss to Tax department

Question 8

$$5:4$$

$$2:1$$

$$2:3$$

$$3:2$$

Question 9

Transfer

To divide

To join

All the three

Question 10

Emperor

Great

Excellent

Supreme

User

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