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