Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board.
Chapter 1 - Introduction to Partnership and Partnership Final Accounts [Latest edition]
Do you agree/disagree with the following statement:
When Partnership Deed is silent, Partners share profits of the firm according to capital ratio.
Agree
Disagree
Current account always shows a debit balance.
Agree
Disagree
It is compulsory to have a partnership agreement in writing.
Agree
Disagree
Partnership Firm is a trading concern.
Agree
Disagree
An interest on capital is an expenditure for the partnership firm.
Agree
Disagree
Partnership is an association of two or more persons.
Agree
Disagree
Partners are entitled to get Salary or Commission.
Agree
Disagree
The balance of Capital Account remains constant under Fixed Capital Method.
Agree
Disagree
The Indian Partnership Act, came into existence in the year 1945.
Agree
Disagree
Profit and Loss Account reflects the true Financial position.
Agree
Disagree
Amount borrowed by partner from his business will be debited to Current Account.
Agree
Disagree
Sold but undispatched goods must be part of the valuation of closing stock.
Agree
Disagree
Carriage Inward is a selling and distribution overhead.
Agree
Disagree
Gross profit is an operation profit.
Agree
Disagree
All financial expenditures are debited to profit and loss account.
Agree
Disagree
Free distribution of goods is debited to the trading account.
Agree
Disagree
