3 Questions
What are the basic concepts of accounting for partnership?
The basic concepts of accounting for partnership include the formation of partnership, rights and duties of partners, profit and loss appropriation, and preparation of partnership accounts.
What is reconstitution of a partnership firm?
Reconstitution of a partnership firm refers to the process of changing the existing partnership agreement due to admission, retirement, or death of a partner.
What are share sacrificed problems in partnership accounting?
Share sacrificed problems refer to the situations where a partner sacrifices his share of profits in favor of other partners due to various reasons such as admission of a new partner or adjustment of capital accounts.
Test your knowledge on accounting for partnership and reconstitution of partnership firm with this 25-mark unit test. This quiz covers the basic concepts of partnership accounting and admission of a partner, including share sacrificed problems. Perfect for 2nd PUC students studying accountancy. Get ready to ace your next exam!
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