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A professional accounting classroom setting with students studying partnership accounting concepts, with emphasis on charts and capital accounts.

Partnership Capital Quiz

Test your knowledge on partnership capital accounting with our engaging quiz!

This quiz features various questions regarding fixed and fluctuating capital methods, ensuring a comprehensive understanding for students, teachers, and professionals alike.

9 Questions
Multiple Choice Format
Instant Feedback

9 Questions2 MinutesCreated by CalculatingCamel42

What balance does fluctuating capital account gives?

Debit

Credit

What accounts are to be maintained in Fixed Capital Method?

Capital and Realisation account

Capital and Current account.

Which capital method is specifically mentioned in partnership deed?

Fixed capital

Fluctuating capital

If the Partner's Current Account has credit balance where is it shown in the balance sheet?

Asset side

Liabilities side

When the Partner's capitals are fixed, where the drawings made by a partner will be recorded?

Partner's current a/c (debit side)

Partner's current a/c (credit side)

Capital account is a _______ account.

Real

Personal

In which method the capital remain unchanged?

Fixed capital method

Fluctuating capital method

Profit on realisation is distributed to partners in which ratio?

Loss sharing ratio

Profit sharing ratio

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