Accounting for Partnership: Basic Concepts Test 40

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Accounting for Partnership: Basic Concepts Test 40

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SHARING IS CARING

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Weekly Quiz Competition

Question 1
1 / -0

ABC are three partners in a firm sharing profit and loss in the ratio of $$2:2:1$$, C retires from the firm. On his retirement C's capital a/c was credited by Rs. $$20,000$$ being his share of goodwill and A and B's Capital A/c was debited by Rs. $$12,000$$ and Rs. $$8000$$ respectively. Find the new profit sharing ratio of A and B.

A
$$2:1$$

B
$$1:1$$

C
$$3:2$$

D
$$13:12$$
Question 2
1 / -0

Which of the following is not the requirement in Partnership deed?

A
Capital contribution by each partner.

B
Profit sharing.

C
Total assets of the partner

D
Method of dissolution

Solution

According to the provisions of the Indian partnership act. 1932, a partnership deed is an agreement that consists of the rights and responsibilities of the partners in the firm.
It also includes capital contributed by the partner, profit sharing ratio, total assets of the partner. etc. It does not include the method of dissolution of the firm.
Hence, option D is correct.
Question 3
1 / -0

Unrecorded Asset realized at the time of dissolution of a firm is credited to which of these accounts

A
Partners capital a/c

B
Realization a/c

C
Revaluation a/c

D
Goodwill a/c
Question 4
1 / -0

Which of these would increase the net profit of a partnership firm.

A
Charging interest on drawing of the partners

B
Allowing interest on capital of the partners

C
Distribution of goodwill

D
Changing profit sharing ratio
Question 5
1 / -0

Outgoing partner is compensated for parting with firm's future profits in favour of remaining partners.
In what ratio do the remaining partners contribute to such compensation amount?

A
Gaining Ratio

B
Capital Ratio

C
Sacrificing Ratio

D
Profit Sharing Ratio
Question 6
1 / -0

A and B are two partners in a partnership firm having capital Rs. 10,000 and Rs. 15,000, C is admitted as third partner for 1/3 share of profit for which he brings Rs. 15,000 as his share of capital. Find the goodwill of the firm

A
15,000

B
5,000

C
10,000

D
45,000
Question 7
1 / -0

P and Q are two partners sharing profit and loss equally. P draws Rs. 2000 at the end of each month for 6 months whereas Q draws Rs. 1,000 at the beginning of each month for six months. Assuming that interest on drawing is to be charged at 6% p.a. Interest on drawing of P will be __________.

A
Rs. 150

B
Rs. 80

C
Rs. 86

D
Rs. 90
Question 8
1 / -0

As per Section $$37$$ of the Indian Partnership Act, $$1932$$, the executors would be entitled at their choice to the interest calculated from the date of death till the date of payment on the final amount due to the dead partner at _____________ percentage per annum.

A
$$7$$

B
$$4$$

C
$$6$$

D
$$12$$
Question 9
1 / -0

P and Q are two partners sharing profit and loss equally. P draws Rs. 2,000 at the end of each month for 6 months whereas Q draws Rs. 1,000 at the beginning of each month for six months. Assuming that interest on drawing is to be charged at 6% p.a. Interest on drawing of Q will be.

A
Rs.105

B
Rs.100

C
Rs.110

D
Rs.101
Question 10
1 / -0

Features of a partnership firm are _____________________.

A
Two or more persons are carrying common business under an agreement.

B
They are sharing profits and losses in the fixed ratio.

C
Business is carried by all or any of them acting for all as an agent

D
All of the above

Solution

All these are features of partnership. To form a partnership minimum two persons are required. A single person can not form partnership. Partnership is made to share profits and losses in the ratio mentioned in partnership deed. In partnership business is carried by all or any one of them can work for all.

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Re-Attempt Weekly Quiz Competition

Accounting for Partnership: Basic Concepts Test 40

Result

Accounting for Partnership: Basic Concepts Test 40

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Rank

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SHARING IS CARING

Question 1

$$2:1$$

$$1:1$$

$$3:2$$

$$13:12$$

Question 2

Capital contribution by each partner.

Profit sharing.

Total assets of the partner

Method of dissolution

Solution

Question 3

Partners capital a/c

Realization a/c

Revaluation a/c

Goodwill a/c

Question 4

Charging interest on drawing of the partners

Allowing interest on capital of the partners

Distribution of goodwill

Changing profit sharing ratio

Question 5

Gaining Ratio

Capital Ratio

Sacrificing Ratio

Profit Sharing Ratio

Question 6

15,000

5,000

10,000

45,000

Question 7

Rs. 150

Rs. 80

Rs. 86

Rs. 90

Question 8

$$7$$

$$4$$

$$6$$

$$12$$

Question 9

Rs.105

Rs.100

Rs.110

Rs.101

Question 10

Two or more persons are carrying common business under an agreement.

They are sharing profits and losses in the fixed ratio.

Business is carried by all or any of them acting for all as an agent

All of the above

Solution

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