Quiz on Introduction to Partnership Final Accounts.

#1. Amount Irrecoverable from debtors is known as …………

#2. All indirect Expenses are debited to ……….. Account

#3. The Indian Partnership act is in force since …………………

#4. Personal Medical bill of a partner paid from business is known as …….. of the partner.

#5. To Find out Net Profit or Net Loss of the Business ……. Accounts is Prepared.

#6. Final Accounts are prepared on the basis of ……… and adjustments.

#7. Wages Paid for Installation of Machinery should be Debited to ……………. Accounts.

#8. When Date of Drawngs are not given, interest on drawing is charged for ……….. months.

#9. Return Outward are deducted from ………….

#10. If Fixed Capital method is adopted, net profit is transferred to …………… Account

#11. A …………. is an intangible Asset

#12. In the Absence of an Agreement, Interest on loan and Advanced by the partner to the firm is allowed at the rate of …………….

#13. The Interest on Partner’s Capital Account is Credited to …….. Account

#14. Income Received in Advance is shown on ……… side of the balance sheet

#15. Debit balance of Partner’s Current A/c will appear on the ……….. Side of the Balance sheet.

#16. Debit Balance of Trading Account indicates …………

#17. When Date of Drawngs are not given, interest on drawing is charged for ……….. months.

#18. ………… is the list of all ledger balances

#19. Trading Account is Prepared on the basis of ………… Expenses.

#20. Credit Balance of Profit & Loss Account indicates …….

#21. Royalty paid on Production is shown in the ……………..

#22. A Statement showing financial position of the business is called a …………………

#23. Advertisement Expenditure to be written off yet, will appear on the ………… side of Balance Sheet

#24. Prepaid Expenses are shown on the …… Side of the Balance Sheet

#25. When there is No partnership agreement between partners, the division of profits take place in ……….. ratio

#26. Maximum number of Partners in a firm are ………………… according to Companies Act

#27. Under Fixed Capital Method, Salary or Commission to Partner is Credited to ………….. Account

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