Realization account is a:
Realization account is a:
Cash account | |
Personal account | |
Real account | |
Nominal account |
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The value of goodwill is calculated by multiplying the avera
The value of goodwill is calculated by multiplying the average profit of a given number of past years by an agreed number under:
capitalization method | |
super profits method | |
revaluation method | |
average profits method |
The value of good will is calculated with the help of:
The value of good will is calculated with the help of:
super profits method | |
capitalization method | |
all of the above | |
average profits method |
The benefit and advantages of the good name or reputation of
The benefit and advantages of the good name or reputation of a business:
liability | |
amortization | |
goodwill | |
depreciation |
When a new partner is admitted in partnership, this process
When a new partner is admitted in partnership, this process is called:
Retirement | |
Dissolution | |
Admission | |
None of these |
Partner’s current accounts should be opened when capital acc
Partner’s current accounts should be opened when capital accounts are:
current | |
fluctuating | |
fixed | |
nominal |
The debit balance of interest on loan account is transferred
The debit balance of interest on loan account is transferred to:
profit & loss account | |
partner’s loan account | |
trading account | |
partner’s capital account |
The amount of loan advanced by a partner is transferred to:
The amount of loan advanced by a partner is transferred to:
partner’s loan account | |
partner’s capital account | |
partner’s drawings account | |
none of these |
The maximum amount which each partner will draw from the bus
The maximum amount which each partner will draw from the business in anticipation of the share of profit is his:
profit | |
loss | |
capital | |
drawings |
In the absence of an agreement, interest on drawing is to be
In the absence of an agreement, interest on drawing is to be charged by the firm at the rate of:
6% p.a | |
none of these | |
5% p.a | |
8% p.a |
When interest is allowed on the capitals of the partners, it
When interest is allowed on the capitals of the partners, it is calculated on the:
capital in the beginning of the year | |
average capital | |
capital at the end of the year | |
capital at the end less drawings if any |
Where a partner is entitled to interest on capital subscribe
Where a partner is entitled to interest on capital subscribed by him, such will be payable:
only out of profits | |
out of profits or out of capitals | |
only out of capitals | |
none of these |
Revaluation Account is a:
Revaluation Account is a:
Nominal Account | |
Personal Account | |
Real Account | |
Cash Account |
Current account of partners could be opened when capital is:
Current account of partners could be opened when capital is:
Fixed | |
Fixed | |
Fixed | |
Fixed |
The age of minor is:
The age of minor is:
Less than 18 years | |
More than 18 years | |
19 years | |
18 years |
A minor partner is admitted in the partnership to share only
A minor partner is admitted in the partnership to share only:
Profit of business | |
Loss of Business | |
Liability of business | |
none of these |
In the absence of an agreement, partners shall:
In the absence of an agreement, partners shall:
be paid salaries | |
be paid salaries to those who work for the firm | |
not be paid salaries | |
paid salaries to all the partners |
It sets out the terms on which partners agreed to form a par
It sets out the terms on which partners agreed to form a partnership:
none of these | |
partnership agreement | |
partnership deed | |
“a” and “b” |
Partners contribution to the firm is called:
Partners contribution to the firm is called:
Capital | |
Asset | |
Debenture | |
Share |
The demerit of partnership business is:
The demerit of partnership business is:
None of these | |
Elasticity | |
Unlimited liability | |
Easy of formation |