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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
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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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