Quiz on Introduction to Partnership Final Accounts.
#1. To Find out Net Profit or Net Loss of the Business ……. Accounts is Prepared.
#2. Trading Account is Prepared on the basis of ………… Expenses.
#3. In the Absence of an Agreement, Interest on loan and Advanced by the partner to the firm is allowed at the rate of …………….
#4. Credit Balance of Profit & Loss Account indicates …….
#5. Royalty paid on Production is shown in the ……………..
#6. ………… is the list of all ledger balances
#7. Maximum number of Partners in a firm are ………………… according to Companies Act
#8. A …………. is an intangible Asset
#9. When Date of Drawngs are not given, interest on drawing is charged for ……….. months.
#10. Under Fixed Capital Method, Salary or Commission to Partner is Credited to ………….. Account
#11. If Fixed Capital method is adopted, net profit is transferred to …………… Account
#12. Amount Irrecoverable from debtors is known as …………
#13. Personal Medical bill of a partner paid from business is known as …….. of the partner.
#14. The Interest on Partner’s Capital Account is Credited to …….. Account
#15. Final Accounts are prepared on the basis of ……… and adjustments.
#16. When Date of Drawngs are not given, interest on drawing is charged for ……….. months.
#17. All indirect Expenses are debited to ……….. Account
#18. Wages Paid for Installation of Machinery should be Debited to ……………. Accounts.
#19. Advertisement Expenditure to be written off yet, will appear on the ………… side of Balance Sheet
#20. Income Received in Advance is shown on ……… side of the balance sheet
#21. When there is No partnership agreement between partners, the division of profits take place in ……….. ratio
#22. A Statement showing financial position of the business is called a …………………
#23. Debit Balance of Trading Account indicates …………
#24. Prepaid Expenses are shown on the …… Side of the Balance Sheet
#25. Return Outward are deducted from ………….
#26. Debit balance of Partner’s Current A/c will appear on the ……….. Side of the Balance sheet.
#27. The Indian Partnership act is in force since …………………
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