Partnership Fundamentals (Quiz2) Welcome to "Partnership Fundamentals (Quiz2)" - presented by Accounts Aptitude. You will get 10 questions to attempt in 5 minutes time. Please click on "Next" to start your Quiz. 1. In a partnership, interest on partner's capital is debited to profit and loss appropriation account credited to profit and loss appropriation account debited to profit and loss account credited to profit and loss account None 1 out of 10 2. If a partner draws a fixed amount on the first day of every month, then for what period the interest on total drawings is calculated? 5.5 months 6.5 months 6 months None of these None 2 out of 10 3. 'A' and 'B' were partners in a firm. They share their profits in the ratio of 2:1. 'A withdraws an amount of 7 2,000 on 1st July, 2017. Jourmalise it. Profit and Loss Appropriation A/c Dr Rs. 2,000, To A's Capital A/e Rs. 2,000 A's Capital A/c Rs. 2,000, To Profit and Loss A/c Rs. 2,000 A's Drawings A/c Rs. 2,000, To Cash/Bank A/c Rs. 2,000 A's Capital A/c Rs. 2,000, To A's Drawings A/c Rs. 2,000 None 3 out of 10 4. Gupta and Bansal are partners in a firm, Gupta withdraw 800 per month at the beginning of every month for 6 months ending on 31st December, 2017. Bansal withdraw 800 per month at the end of every month for 6 months ending on 31st December, 2017. Calculate interest on drawings@ 15% per annum on 31st December, 2017. Gupta = 7,320, Bansal = 7,280 Gupta = 7,180, Bansal = 7,220 Gupta = 7,720, Bansal = 7,720 Gupta = 7,210, Bansal = 7,150 None 4 out of 10 5. When fluctuating capital method is used, which of the following items are shown in debit side of partners' capital account? Opening debit balance of capital account Drawings Interest on drawings All of the above None 5 out of 10 6. A' and 'B' were partners in a firm. They share profits in the ratio of 2:3, Their capital account balance as on 1st April, 2017 was 10,00,000 and 20,00,000. Additional capital introduced by them, A= 73,00,000,B = Rs. 2,00,000. Journalise it Bank A/c Dr 5,00,000, To A's Capital A/c 3,00,000, To B's Capital A/c 2,00,000 A's Capital A/c 3,00,000, B's Capital A/c 2,00,000, To Bank A/c 5,00,000 A's Capital A/c 3,00,000, To Bank A/c 3,00,000 B's Capital A/c Dr 200000, To Bank A/c 200000 None 6 out of 10 7. Asha and Bipasha are partners in a firm. They share profits in the ratio of 1:1. In this year, they suffered a loss. They maintain capital accounts under fluctuating account method. Pass journal entry to transfer the loss to the capital accounts of Asha and Bipasha Profit and Loss Appropriation A/c Dr, To Asha's Capital A/c, To Bipasha's Capital A/c Asha's Capital A/c Dr, To Bipasha's Capital A/c Asha's Capital A/c Dr, Bipasha's Capital A/c Dr, To Profit and Loss A/c None of the above None 7 out of 10 8. 'R' and 'S' were partners in a firm. They share their profits and losses in 1:2 ratio. R' is hard working and dedicated to the affairs of the firm. As per contract or deed he is to receive 500 per month as salary. Journalise it if capital account is maintained under fixed capital method Profit and Loss A/c Dr. 6000, To R's Capital A/c 6000 Profit and Loss Appropriation A/c Dr. 6000, To R's Current A/c 6000 Salary A/c Dr. 6000, To Profit and Loss Ac 6000 Salary A/c Dr. 6000, To R's Current A/c 6000 None 8 out of 10 9. Pass the journal entry to record salary of partner Profit and Loss Appropriation A/c Dr, To Partners' Capital A/c Profit and Loss A/c Dr, To Salary A/c Partner's Capital A/c Dr, To Salary A/c Salary A/c Dr, To Profit and Loss Appropriation A/c None 9 out of 10 10. X and Y are partners in a firm sharing profits in the ratio of 3:2. As per their agreement, X' will receive 5% per annum interest on his loan of Rs. 1,00,000 and 'Y" will receive 2% commission on sales affected by him, which were Rs. 1,00,000. Calculate X's share of profit when net profit as per profit and loss account is Rs. 1,00,000 Rs. 58,800 Rs. 60,000 Rs. 58,000 Rs. 48,200 None 10 out of 10 Thanks for taking the "Partnership Fundamentals (Quiz2)" Quiz. Please fill all the fields below (Mandatory fields). Name Email ID Phone
