Smartindia Classroom
CONTENTS
English
Accountancy
Business Studies
Computer Science
Economics
Back to home
Start Practice
Question-1
Specify the fluctuating capital method Nature of Account from the following.
(A)
Two accounts are maintained for each partner.
(B)
Capital A/C of a partner will always show a credit balance
(C)
Balance in the capital Accounts keep on changing from year to year
(D)
Balance in capital accounts shall remain fixed
Question-2
In fixed capital method, the capital account of a partner will always show a __________ balance.
(A)
Negative balance
(B)
None of these
(C)
Debit balance
(D)
Credit balance
Question-3
All those persons who have entered into a partnership contract are individually called ____________.
(A)
Partners
(B)
Karta
(C)
Minor
(D)
Sole - proprietorship
Question-4
The partnership business to be carried on by the firm must be legal and with an intention to ____________.
(A)
Mutual co-operation
(B)
State patronage
(C)
Promotion of welfare
(D)
Earn profit
Question-5
Prepare a Journal Entry for transfer of the balance Profit & Loss Account To Profit & Loss Appropriation Account on allowing interest on capital.
(A)
Profit & Loss Appropriation Account Dr To Interest on capital A/C
(B)
Interest on capital A/C Dr To Partner's Capital A/C
(C)
Profit & Loss Account Dr To Profit & Loss Appropriation Account
(D)
Profit & Loss Appropriation Account Dr To Profit & Loss Account
Question-6
In case of a partnership firm the proprietorship accounts consist of _____________.
(A)
Only Drawings account
(B)
Only Capital account
(C)
Only Current A/C
(D)
All of these
Question-7
How many Accounts are maintained in fixed capital method?
(A)
Five accounts
(B)
Four accounts
(C)
Two accounts
(D)
Only one account
Question-8
How will you prepare journal entry to prepare P & L Appropriation A/C on closure of interest on Drawings A/C.
(A)
Partners capital A/C Dr ToInterest on Drawings A/C
(B)
P & L Appropriation A/C Dr To Reserve A/C
(C)
Interest on Drawings A/C Dr To profit & Loss Appropriation A/C
(D)
P & L Appropriation A/C Dr To Partners salary A/C
Question-9
A partnership is not a _________.
(A)
Legal entity
(B)
Capital
(C)
Income
(D)
None of these
Question-10
A partnership comes to an end by the _________.
(A)
Death of a partner
(B)
Repairs in machinery
(C)
Admission of new partner
(D)
Good health
Your Score 0/10
Click
here
to see your answersheet and detailed track records.
Plus 2 Commerce
ICSE/ISC
Practice in Related Chapters
Partnership Accounts : Distribution of Profits
Goodwill - Concept and Mode its Valuation
Partnership Accounts : Admission of Partner
Capital Adjustment of Change of Profit Sharing Ratio
Admission of a Partner
Final Accounts of Companies
Joint Stock Company Accounts: Issue of Debentures
Cost Accounting An Introduction
Joint Venture Account
Sectional Balancing and Self Balancing System
Ratio Analysis
Cost Accounting Inventory Valuation
Cash Flow Statement
Cost Accounting Cost Sheet
Cash Flow Statement
Powered By