Partnership Accounts – Partnership Final Accounts 0 Partnership Accounts - Partnership Final Accounts 1 / 30 Q.30 The withdrawal by a partner for personal use from the firm is ______ to his account. Credited Deducted Debited Added 2 / 30 Q.29 Interest on capital account of the partners is credited to _______ account. Tading P & L P & L App. Capital 3 / 30 Q.28 Closing balance of fixed capital account is transferred and shown to ____________side of the balance sheet. Asset Liability Add to capital None 4 / 30 Q.27 Income received in advance is shown on ____________ side of balance sheet. Liability Asset Add to capital None 5 / 30 Q.26 Gross profit is transferred to _____account. Current P & L P & L App. Capital 6 / 30 Q.25 _____________is an intangible asset. Goodwill Furniture Machinery Cash 7 / 30 Q.24 Debit balance of current account of a partner will appear on the _______side of the balance sheet. Asset Liability Add to capital Less from capital 8 / 30 Q.23 The interest on drawings of a partner is credited to __________. P & L A/c P & L App. A/c Capital A/c Current A/c 9 / 30 Q.22 Goodwill is a _________ asset. Current Fixed Intangible Tangible 10 / 30 Q.21 When the balances of partners in a partnership change every year, it is known as ___________ capital method. Floating Constant Fixed Flucuating 11 / 30 Q.20 Debit balance on Current Account will be shown on the _____ side of the balance sheet. Asset Liability Income Expenditure 12 / 30 Q.19 In the absence of partnership deed,profits are shares _______. Proporationately Capital ratio Loan ratio Equally 13 / 30 Q.18 The liability of a partner is _____. Unlimited Limited Joint Several 14 / 30 Q.17 The Interest on capital of a partner is debited to ______ Account. P & L App. A/c P & L A/c Current Capital 15 / 30 Q.16 When all adjustments regarding salary, commission, interest on capital, etc. are made to Capital Account only, this method is known as _______ capital method. Flucuating Fixed Mixed Hybrid 16 / 30 Q.15 The balance of Drawing Account of a partner is transferred to his ______ account under the fixed capital method. Current Capital Loan Fund 17 / 30 Q.13 Commission to partners is ______ to firm. gain loss asset 18 / 30 Q.13 Commission to partners is ______ to firm. gain loss asset liability 19 / 30 Q.12 A partner who does not take active part in the business is called as ______ partner. active sleeping dormant nominal 20 / 30 Q.11 Maximum number of members shall not exceed ______ in case of banking business. 10 20 30 70 21 / 30 Q.10 Maximum number of members shallnot exceed _____ in case of ordinary business. 20 30 10 50 22 / 30 Q.9 Minimum ______ members are required to form a partnership. 5 2 9 15 23 / 30 Q.8 Partner's share profits & losses in _______ ratio. Equal Agreed Unequal Any 24 / 30 Q.7 _______ is the base of partnership. Mutual co-operation Mutual faith Mutual dependence Mutual confidence 25 / 30 Q.6 Liability of partnership is ______. Unlimited Limited Restricted Unrestricted 26 / 30 Q.5 Registration of Partnership is _____. Compulsory Discretionary Legal Voluntary 27 / 30 Q.4 In case there is no deed, interest is allowed on partner's loan at ______ p.a. 6% 9% 4% 12% 28 / 30 Q.3 Partnership deed contains rules & regulations relating to ______ working of a firm. Internal External Efficient Smooth 29 / 30 Q.2 Partnership deed may be ______. Wriitten Oral Written & oral Written or oral 30 / 30 Q.1 Partnership deed is an ______ of partnership. articles M/A Document Life blood Your score is LinkedIn Facebook Twitter VKontakte