Quiz on Introduction to Partnership Final Accounts.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

#18. A …………. is an intangible Asset

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

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

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

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

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

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

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

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

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

finish

Results