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Questions and Answers
There is no partnership agreement between partners. The division of profit take place in equal ratio.
There is no partnership agreement between partners. The division of profit take place in equal ratio.
Income and Expenditure Account is a Nominal Account
Income and Expenditure Account is a Nominal Account
When Goodwill is withdrawn by the partner cash/Bank account is credited.
When Goodwill is withdrawn by the partner cash/Bank account is credited.
New ratio = old ratio + Gain Ratio
New ratio = old ratio + Gain Ratio
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Study Notes
Q.1 Select Alternatives
- There is no partnership agreement between partners. The division of profit takes place in equal ratio.
- a) Equal experience and tenure of partners
- b) Initial capital contribution
- Income and Expenditure Account is a nominal account.
- a) Capital
- b) Real
- c) Personal
- d) Nominal
- When goodwill is withdrawn by the partner, Cash/Bank Account is credited.
- a) Revaluation
- b) Cash/Bank Adjustment
- c) Current
- d) Profit and Loss Adjustment
- New Ratio = old ratio + Gain Ratio
- a) Gain
- b) Capital
- c) Sacrifice
- d) Current
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Description
Test your knowledge on key concepts related to partnerships and account types in accounting. This quiz covers topics such as profit division, income and expenditure accounts, and goodwill adjustments among partners. Challenge yourself and see how well you understand these fundamental principles.
