Accounting for Partnership: Basic Concepts Test 9

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Accounting for Partnership: Basic Concepts Test 9

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Weekly Quiz Competition

Question 1
1 / -0

The maximum number of persons in a partnership firm carrying on the banking business, should not exceed _____.

A
5

B
7

C
10

D
11

Solution

"Two or more persons" is one of the essential feature of partnership. The minimum number of partners in a firm are two. If a firm is engaged in the banking business, it can have a maximum of ten partners.
Question 2
1 / -0

The minimum number of persons required to form a partnership is ______.

A
Two

B
Five

C
Seven

D
Eleven

Solution

Section 4 of the Indian Partnership Act 1932 defines partnership as the 'relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'. In order to form a partnership, there should be at least two persons coming together for a common goal.
Question 3
1 / -0

The maximum number of persons in a firm carrying on any business, other than banking business, should not exceed ____.

A
5

B
7

C
10

D
20

Solution

In order to form partnership, there should be at least two persons coming together for a common goal. In case of any business other than banking , the maximum number of partners can be twenty.
Question 4
1 / -0

According to the Companies Act, 2013 the number of members of 'Private Companies' increased ________________.

A
From 5 to 150

B
From 50 to 200

C
From 7 to 50

D
From 7 to 100
Question 5
1 / -0

Section 69 of the Act,is related to _________________.

A
Name and nature of the firm

B
Place

C
Capital of firm

D
The effect of non-registration of firm
Question 6
1 / -0

The New Companies Act, 2013 has ___________________.

A
29 chapters and 4 Schedules

B
98 chapters and 20 Schedules

C
29 chapters and 7 Schedules

D
70 chapters and 10 Schedules
Question 7
1 / -0

Which is/are elements of the Partnership ?

A
Contract

B
Association of two or more persons

C
Carrying on of business

D
All of the above
Question 8
1 / -0

Which Act of Companies incorporated the 'Principle of Limited Liability'?

A
The Companies Act, 1850

B
The Companies Act, 1857

C
The Companies Act, 1936

D
The Companies Act, 1956
Question 9
1 / -0

Give journal entry through Profit and Loss Adjustment Account of Interest on capital________.

A
A capital A/c Dr.

B capital A/c Dr.

To Profit and Loss Adjustment A/c

B
Profit and Loss Adjustment A/c Dr.

To A's capital A/c

To Bs capital A/c

C
Interest A/c Dr.

To Profit and Loss Adjustment A/c

D
All of the above

Solution

Interest on capital is an appropriation (setting apart) of profit.
Past adjustments into net profit are made through the Profit and Loss Adjustment a/c.
So, the journal entry for interest on capital is :
Profit and loss adjustment A/c Dr.
To A's capital A/c
To B's capital A/c
Question 10
1 / -0

Statement to ascertain the net effect of omission on partners capital accounts will be be prepared _______________________________.

A
Adjustment are given through Profit and Loss Adjustment Account

B
Adjustment are given directly in Partners Capital Accounts

C
Adjustment are given through Trading Accounts

D
None of the above

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Re-Attempt Weekly Quiz Competition

Accounting for Partnership: Basic Concepts Test 9

Result

Accounting for Partnership: Basic Concepts Test 9

Score

-

Rank

-

SHARING IS CARING

Question 1

5

7

10

11

Solution

Question 2

Two

Five

Seven

Eleven

Solution

Question 3

5

7

10

20

Solution

Question 4

From 5 to 150

From 50 to 200

From 7 to 50

From 7 to 100

Question 5

Name and nature of the firm

Place

Capital of firm

The effect of non-registration of firm

Question 6

29 chapters and 4 Schedules

98 chapters and 20 Schedules

29 chapters and 7 Schedules

70 chapters and 10 Schedules

Question 7

Contract

Association of two or more persons

Carrying on of business

All of the above

Question 8

The Companies Act, 1850

The Companies Act, 1857

The Companies Act, 1936

The Companies Act, 1956

Question 9

A capital A/c Dr. B capital A/c Dr. To Profit and Loss Adjustment A/c

Profit and Loss Adjustment A/c Dr. To A's capital A/c To Bs capital A/c

Interest A/c Dr. To Profit and Loss Adjustment A/c

All of the above

Solution

Question 10

Adjustment are given through Profit and Loss Adjustment Account

Adjustment are given directly in Partners Capital Accounts

Adjustment are given through Trading Accounts

None of the above

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A capital A/c Dr.

B capital A/c Dr.

To Profit and Loss Adjustment A/c

Profit and Loss Adjustment A/c Dr.

To A's capital A/c

To Bs capital A/c

Interest A/c Dr.

To Profit and Loss Adjustment A/c