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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

Partnership Accounting

Choose a study mode

Podcast

Questions and Answers

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

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

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

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

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

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