Partnership Accounts
Commerce ⇒ Accountancy
Partnership Accounts starts at 12 and continues till grade 12.
QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in Partnership Accounts.
How you perform is determined by your score and the time you take.
When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.
See sample questions for grade 12
Explain the difference between dissolution of partnership and dissolution of partnership firm.
Explain the difference between sacrificing ratio and gaining ratio.
Explain the term 'Fixed Capital Method' in partnership accounts.
Explain the term 'Fluctuating Capital Method' in partnership accounts.
Explain the term 'Hidden Goodwill' in partnership accounts.
Explain the term 'Joint Life Policy' in the context of partnership accounts.
A and B are partners sharing profits in the ratio 3:2. They admit C for 1/4th share, which he acquires equally from A and B. Calculate the new profit sharing ratio.
A and B are partners sharing profits in the ratio 3:2. They admit C for 1/5th share. Calculate the new profit sharing ratio.
A, B, and C are partners sharing profits in the ratio 2:2:1. D is admitted for 1/6th share. Calculate the new profit sharing ratio.
A, B, and C are partners sharing profits in the ratio 5:3:2. B retires. Calculate the new ratio between A and C.
If the partnership deed is silent, interest on capital is allowed at what rate? (1) 6% p.a. (2) 12% p.a. (3) 0% (4) 10% p.a.
When a new partner is admitted, the sacrificing ratio is calculated as: (1) Old Ratio – New Ratio (2) New Ratio – Old Ratio (3) Old Ratio + New Ratio (4) None of these
Which of the following is NOT a feature of a partnership? (1) Mutual agency (2) Unlimited liability (3) Separate legal entity (4) Agreement
Which of the following is NOT a method of valuation of goodwill? (1) Average Profit Method (2) Super Profit Method (3) Annuity Method (4) Capitalization Method
In the absence of a partnership deed, profits and losses are shared among partners in the ratio of ________.
In the absence of an agreement, interest on partner’s loan is allowed at the rate of ________ per annum.
State whether the following statement is true or false: 'A minor can be a partner in a partnership firm.'
State whether the following statement is true or false: 'A partner can transfer his interest in the firm to an outsider without the consent of other partners.'
State whether the following statement is true or false: 'A partnership firm has a separate legal entity from its partners.'
State whether the following statement is true or false: 'A partnership firm must be compulsorily registered under the Indian Partnership Act, 1932.'
