P & L Appropriation A/C – Test 1

Partnership is defined as”the relation between persons who have agreed to share the profits of a business carried on by _______ acting for all”.

In a firm prefers Partners Capital A/c to be shown at the amount introduced by the partners as capital in firm then entries for salary, interest , drawings, interest on capital and drawings and profits are made in-

Persons who have entered into partnership with one another are individually known as-

In normal trading circumstances, which of the following would not be found in a partner’s current account?

Following are the essential elements of a partnership firm except:-

Persons who have entered into partnership with one another are collectively a called as-

The correct double entry to record interest on drawings is:-

Following is the difference between partnership deed and partnership agreement:-

The name under which the business of partnership is carried on is called-

If partners maintain both fixed capital and current accounts, which of the following would normally be credited to a partner’s capital account?

To form partnership there must be agreement between at least-

A partner acts as ‘ …….’ for a firm.

Maximum number of persons for valid partnership for banking business-

A debit balance on a partner’s current account must indicate that:-

The relationship between persons who have agreed to share the profit of business carried on by all or any of them acting for all is known as-

The maximum number of persons permissible for a valid partnership for doing any business other than banking business is –

Features of a partnership firms is /are :-

In normal trading circumstances, which of the following would not be found in a Partner’s Capital A/c

Which of the following is/are essential feature of partnership?

In the absence of an agreement, partners are entitled to-

Partnership can be formed for the purpose of carrying –

Partneship type of business is formed by the mutual agreement of partners. What kind agreement is it?

Which of the following is conclusive evidence of partnership-

Interest on capital will be paid to the partners if provided for in the agreement but only from-

The capital account of a partner may be a-