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Quiz 8

The document discusses how to prepare a balance sheet for a partnership when assets exceed liabilities and partners' capital. It states that if the asset side is more than the liabilities side, including partners' capital already on the liabilities side, then the balancing figure will be a credit to the Profit and Loss account.

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Jyasmine Aura V. Agustin
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48 views3 pages

Quiz 8

The document discusses how to prepare a balance sheet for a partnership when assets exceed liabilities and partners' capital. It states that if the asset side is more than the liabilities side, including partners' capital already on the liabilities side, then the balancing figure will be a credit to the Profit and Loss account.

Uploaded by

Jyasmine Aura V. Agustin
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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While preparing memorandum Balance Sheet if the Asset side is more than the Liabilities

side &Partners Capital is already appearing on the Liabilities side, the balancing figure
will be :-
answer choices

(a) Profit and Loss (Dr.)


(b) Creditors
(c) Furniture
(d) Cash
 Question 20
 120 seconds
 Report an issue
Q. 
. There were investment worth Rs. 1,20,000, 75% of the investment were taken over by a
Partner at75% of their book value. The value at which the investment are taken over is:-
answer choices

(a) Rs. 90,000


(b) Rs. 67,500
(c) Rs. 80,000
(d) Rs. 65,000
 Question 21
 120 seconds
 Report an issue
Q. 
50% of the Furniture valued at Rs. 20,000, taken by a Partner at Rs. 18,000, and
remaining50% will be sold at 20%less than the book value, amount transferred to Bank
Account will be:-
answer choices

(a) Rs. 20,000


(b) Rs. 10,000
(c) Rs. 16,000
(d) None of the above
 Question 22
 60 seconds
 Report an issue
Q. 
Furniture of Rs. 5,500 appears in the balance sheet on the date of dissolution of the
Partnership firm, realised at a loss of 10% on selling price. Amount collected from
furniture ____________.
answer

5,000
alternatives

5000
RS. 5000
RS. 5,000
 Question 23
 60 seconds
 Report an issue
Q. 
At the time of Dissolution of firm, goodwill appearing the balance sheet is transferred to
_________Account.
answer

Realisation Account
alternatives

Realisation A/c
 Question 24
 60 seconds
 Report an issue
Q. 
If workmen compensation reserves appearing in balance sheet at Rs 30,000 and there is
claim of Rs 18,000 to be paid against it then _______ amount will be transferred to
partners capital account .
answer

12,000
alternatives

Rs. 12,000
Rs. 12000
12000
 Question 25
 60 seconds
 Report an issue
Q. 
At the time of dissolution of Partners’ firm closing balances of Partners’ Capital Account
is transferred to ________Account
answer

Cash
alternatives

Bank

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