online Mock Tests in Partnership Accounts for preparation of professional exams of CA cpt, CA foundation, CS foundation, CMA foundation , And Also for B.com, M.com, MBA
Introduction to Partnership Accounts-Test 5
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Subject :Fundamentals of Accounting Questions: 30
Chapter: Introduction to Partnership Accounts -Test 5
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Partner’s current accounts are opened when their capital accounts are
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Question 2 of 30
2. Question
1 points
In the absence of an agreement of the contrary, the partners shall
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Question 3 of 30
3. Question
1 points
What accounts are debited and credited to record the division of net income among partners at the end of the accounting year:
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Question 4 of 30
4. Question
1 points
The current account of a partner
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Question 5 of 30
5. Question
1 points
While making and adjustment entry in respect of interest on capital, credit is made to
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Question 6 of 30
6. Question
1 points
When premium in Joint Life Policy is treated as an expense. Joint Life Policy will appear in Balance Sheet at :
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Question 7 of 30
7. Question
1 points
In the absence of an agreement to the contrary, the partners
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Question 8 of 30
8. Question
1 points
When interest is to be allowed on the capitals of the partners, it is calculated on the basis of the
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Question 9 of 30
9. Question
1 points
What accounts are debited and credited to record a partner’s cash withdrawal in lieu of salary
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Question 10 of 30
10. Question
1 points
In the absence of an agreement to the contrary, the partners are
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Question 11 of 30
11. Question
1 points
To which account would the interest on the capital accounts of partners be credited ?
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Question 12 of 30
12. Question
1 points
Profit and loss appropriation account is used to
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Question 13 of 30
13. Question
1 points
What would be the accounting entry for a partner’s withdrawal of each in lieu of salary ?
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Question 14 of 30
14. Question
1 points
In which account is the interest payable on the capitals of the partner charged ?
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Question 15 of 30
15. Question
1 points
Which of the following statement are appropriate in respect of partnership accounts ?
In the absence on any provision in the partnership agreement to the contrary, partners can charge interest @ 6% per annum on loans given by them to the partnership firm.
an ordinary partnership firm can have not more than 50 partners
A banking partnership firm can have not more than 10 partners.
In the absence of any provision in the partnership agreement to the contrary, profits and losses are shared by the partners in the ratio of their capitals.
Select the correct answer from the codes given below:
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Question 16 of 30
16. Question
1 points
Goodwill is an asset that represents
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Question 17 of 30
17. Question
1 points
If Goodwill is withdrawn by the partners, their account is credited to
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Question 18 of 30
18. Question
1 points
Weighted average method of valuation of goodwill is used to
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Question 19 of 30
19. Question
1 points
An asset which is not fictitious but intangible in nature, having realizable value.
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Question 20 of 30
20. Question
1 points
Monetary value of the reputation, connections and profit earning capacity a firm
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Question 21 of 30
21. Question
1 points
Excess of average profit earned by the firm over and above its normal profit.
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Question 22 of 30
22. Question
1 points
Rate of profit estimated or expected on capital employed.
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Question 23 of 30
23. Question
1 points
The total of the shares sacrificed by the ______ in equal to the share given to new partner.
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Question 24 of 30
24. Question
1 points
Partners are liable to receive interest on their loan @ _______, in the absence of any agreement
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Question 25 of 30
25. Question
1 points
Interest on ______ will be paid to the partners if provided for in the agreement but only from ________.
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Question 26 of 30
26. Question
1 points
Normally, the partners are entitled to _______ interest on their capitals, _______.
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Question 27 of 30
27. Question
1 points
Partnership arises from status.
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Question 28 of 30
28. Question
1 points
A right to share a profit is the real proof of one being a partner
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Question 29 of 30
29. Question
1 points
A partnership firm enjoys a separate legal personality apart from is partners.
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Question 30 of 30
30. Question
1 points
Change in profit sharing ratio of the existing partners does not amount to reconstitution of the partnership firm.