-
Practice Quiz
18 questions
-
1. Which reserves are not to be distributed among partners ?
1 m
-
2. Explain the meaning of sacrifice share.
1 m
-
3. Explain the meaning of gain share.
1 m
-
4. Why assets and Liabilities of a firm are revalued at the time of retirement or death of a partner ?
1 m
-
5. What is memorandum Revaluation Account ? OR What is Memorandum profit and loss adjustment account ?
1 m
-
6. What is Revaluation Account ? Or What is profit and loss adjustment Account ?
1 m
-
7. State the period upto which the retired partner is liable to receive the part of profit from the firm.
1 m
-
8. Why is a Joint Life Insurance Policy Reserve account created?
1 m
-
9. State the various methods of accounting treatments for joint life insurance policy in the books of the firm.
1 m
-
10. State the methods for the redemption of the final dues of a retiring partner.
1 m
-
11. As per Indian Partnership Act 1932 , what is the provision for unpaid amount / loan amount to the retiring partner ?
1 m
-
12. State the type of account for Joint Life insurance policy.
1 m
-
13. State the circumstances of a Partner’s retirement.
1 m
-
14. In which ratio, reserves and funds shown in the balance sheet are credited to partners’ capital account at the time of retirement or death of a partner ?
1 m
-
15. In which ratio, balance of profit and loss account distributed among partners, at the time of retirement of partner ?
1 m
-
16. An active partner is required to give public notice regarding his retirement. Why?
1 m
-
17. In case of insolvency of partner, from which date does his partnership end?
1 m
-
Chapter 6 Practice Material
900 KB
-
One Line Answer and Theory
1.1 MB