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Partnership Accounts Quiz for Class 12th Students

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Partnership Accounts Quiz for Class 12th Students

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Questions and Answers

Which type of account is used to record the share of profits or losses by the partner in a partnership firm?

Deposit account

Reserve account

Current account (correct)

Capital account

What is the primary purpose of preparing a partnership account?

To distribute profits among partners (correct)

To calculate individual partner's tax liability

To comply with regulatory requirements

To determine the market value of the partnership firm

In partnership accounting, what does the term 'guarantee against loss' refer to?

A partner's assurance of covering any losses incurred by the firm (correct)

A provision for sharing profits to offset potential losses

A promise by the firm to compensate for any losses suffered by a partner

A legal agreement to prevent partners from incurring losses

Study Notes

Partnership Accounts

A Current Account is used to record the share of profits or losses by the partner in a partnership firm.

Purpose of Partnership Account

The primary purpose of preparing a partnership account is to ascertain the profit sharing ratio among partners and to determine the balance of capital accounts.

Guarantee Against Loss

In partnership accounting, the term 'guarantee against loss' refers to a partner's promise to compensate the other partners for any loss that may occur due to their actions or decisions.

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Description

Test your knowledge of partnership accounts with this quiz for class 12th students. Explore concepts such as recording profits and losses, the primary purpose of partnership accounts, and understanding the term 'guarantee against loss' in partnership accounting.