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Partnership Accounting
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Partnership Accounting

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Questions and Answers

Which one of these is an essential feature of a partnership?

  • Limited liability
  • Unlimited liability (correct)
  • Separate legal entity
  • Single owner

    • Under which method are partners' capital accounts prepared when the capital of partners remains fixed throughout the accounting period?

  • Fluctuating capital method (correct)
  • Interest on capital method
  • Fixed capital method
  • Guaranteed capital method

    • What is the purpose of the Profit and Loss Appropriation Account in a partnership?

  • To distribute profit or loss among the partners (correct)
  • To make necessary adjustments to rectify past errors in partners' capital accounts
  • To prepare final accounts of the partnership firm
  • To calculate interest on capital

    • How does a guarantee for a minimum amount of profit affect the distribution of profits among the partners?

    <p>It increases the distribution of profits</p> Signup and view all the answers

    What is the purpose of making necessary adjustments to rectify past errors in partners' capital accounts?

    <p>To ensure accuracy in partners' capital accounts</p> Signup and view all the answers

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