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Page 1 CPT Fundamentals of Accounting: Chapter 8 – Unit 1 CA. V.K. Jain Page 2 CPT Fundamentals of Accounting: Chapter 8 – Unit 1 CA. V.K. Jain Question Time Page 3 CPT Fundamentals of Accounting: Chapter 8 – Unit 1 CA. V.K. Jain Question Time (a) The Partnership Act 1932 (b) The Partnership Act 1930 ( c) The Indian Partnership Act 1930 (d) The Indian Partnership Act 1932 Right Answer : D Page 4 CPT Fundamentals of Accounting: Chapter 8 – Unit 1 CA. V.K. Jain Question Time (a) The Partnership Act 1932 (b) The Partnership Act 1930 ( c) The Indian Partnership Act 1930 (d) The Indian Partnership Act 1932 Right Answer : D (a) Only with a written agreement (b) Only with an oral agreement ( c) Only with an express agreement (d) None of the above Right Answer : D Page 5 CPT Fundamentals of Accounting: Chapter 8 – Unit 1 CA. V.K. Jain Question Time (a) The Partnership Act 1932 (b) The Partnership Act 1930 ( c) The Indian Partnership Act 1930 (d) The Indian Partnership Act 1932 Right Answer : D (a) Only with a written agreement (b) Only with an oral agreement ( c) Only with an express agreement (d) None of the above Right Answer : D (a) For carrying on a business (b) For carrying on a profession ( c) For carrying on charitable activities (d) None of the above Right Answer : CRead More
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FAQs on MCQ - Introduction to Partnership Accounts - Accounting for CA Foundation
| 1. What is partnership accounting? |  |
Ans. Partnership accounting refers to the process of recording, summarizing, and reporting the financial transactions of a partnership. It involves maintaining separate capital accounts for each partner, recording the partnership's income and expenses, and distributing profits or losses among the partners.
| 2. How are partnership profits and losses distributed among partners? | |
Ans. Partnership profits and losses are typically distributed among partners based on the agreed profit-sharing ratio. The profit-sharing ratio is determined by the partnership agreement and reflects each partner's investment, contribution, or agreed-upon terms. Partners may receive their share of profits or bear their share of losses in proportion to their profit-sharing ratio.
| 3. What are the advantages of partnership accounting? | |
Ans. Partnership accounting offers several advantages. Firstly, it allows for the sharing of financial resources, skills, and expertise among partners. Secondly, it provides a mechanism for the distribution of profits and losses based on agreed terms. Additionally, partnership accounting enables partners to have a clear understanding of their individual capital accounts and the financial performance of the partnership.
| 4. What are the different types of partnership accounts? | |
Ans. The different types of partnership accounts include capital accounts, drawing accounts, current accounts, and profit and loss appropriation accounts. Capital accounts represent the partners' investments and are adjusted for profits, losses, additional investments, or withdrawals. Drawing accounts track the partners' withdrawals from the partnership. Current accounts are used to record partners' transactions other than capital and drawings. Profit and loss appropriation accounts are used to distribute profits and losses among partners.
| 5. How is partnership accounting different from individual accounting? | |
Ans. Partnership accounting differs from individual accounting in several ways. In partnership accounting, separate capital accounts are maintained for each partner, whereas in individual accounting, there is only one capital account. Additionally, partnership accounting involves the distribution of profits and losses among partners based on the profit-sharing ratio, whereas individual accounting only considers the financial transactions of a single person. Partnership accounting also requires the preparation of additional accounts, such as drawing accounts and profit and loss appropriation accounts, to track partner-specific transactions and profit distributions.
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