Partnership accounts - fundamentals, final accounts, admission, retirement, death of partners, dissolution of partnership firms, consignment accounts, joint venture accounts - Question Bank
1. The profit on consignment is calculated in the books of the:
2. In the absence of specific instructions, unsold goods with the consignee are valued at:
3. If a partner's loan account is paid during dissolution, it is debited to:
4. When goodwill is raised at the time of admission of a partner, it is debited to:
5. Which account is prepared to ascertain the final profit or loss on dissolution of a firm?
6. The final settlement of a deceased partner's dues is made to:
7. When a partner retires, their share of profit up to the date of retirement is credited to:
8. In a Joint Venture, if separate books are maintained, a Joint Bank Account is usually opened and debited with:
9. What is the primary objective of preparing a Consignment Account?
10. In the case of insolvency of a partner, the deficiency of that partner is borne by the solvent partners in their:
11. When a partner is appointed as liquidator, he is usually paid:
12. A partner can withdraw his private property during dissolution:
13. Any profit or loss on realization is transferred to:
14. Any payment made to partners for their loans during dissolution is debited to:
15. Liabilities are transferred to Realization Account at their:
16. During dissolution, assets are realized and transferred to:
17. Which of the following is NOT a characteristic of dissolution of partnership?
18. The profit or loss on Joint Venture is transferred to:
19. When separate books of accounts are not maintained for a Joint Venture, the Venturer's personal transactions are recorded in:
20. In the books of a Co-venturer, the Joint Venture Account is debited with:
21. In a Joint Venture, each party involved is called a:
22. A Joint Venture is:
23. Del-credere commission is paid to the consignee to cover the risk of:
24. Abnormal loss on consignment is debited to:
25. Normal loss on consignment is borne by:
26. In the books of the Consignee, the Consignor's Account is credited with:
27. In the books of the Consignor, the Consignment Account is debited with:
28. In consignment accounts, the Consignor's account is prepared in the books of the:
29. The person to whom goods are consigned is known as the:
30. The person who consigns goods is known as the:
31. Consignment means:
32. If a partner's capital account shows a debit balance, it means the partner has:
33. What is the purpose of the Revaluation Account?
34. Under the fluctuating capital method, all transactions related to partners (capital introduced, drawings, salary, interest, profit share) are recorded in:
35. Under the fixed capital method, partner's salary, interest on capital, and drawings are recorded in:
36. Profit and Loss Appropriation Account is used to distribute:
37. The final accounts of a partnership firm include:
38. When a partner dies, the executor of the deceased partner is entitled to:
39. In case of retirement of a partner, if the partnership deed is silent about the treatment of accumulated profits and reserves, they are:
40. When a retiring partner is paid his dues, the amount is usually paid from:
41. Gaining Ratio is calculated as:
42. Sacrificing Ratio is calculated as:
43. Revaluation Account is prepared at the time of:
44. When a new partner is admitted, the profit-sharing ratio of the old partners:
45. Goodwill is an intangible asset. In partnership accounts, it is:
46. Drawings made by a partner during the year are debited to:
47. If a partnership deed is silent on interest on loans advanced by a partner, what is the rate of interest applicable?
48. Interest on capital is paid to partners:
49. In the absence of a partnership deed, what is the profit-sharing ratio among partners?
50. What is the primary characteristic of a partnership firm according to the Indian Partnership Act, 1932?