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Question 1 reset
Under the __________ capital method, two accounts are maintained for each partner, viz., current account and capital account.
Question 2 reset
Under the _________ capital method, all the transactions are recorded in the capital account only.
Question 3 reset
Retirement of a partner means that a partner breaks off his relations with all other partners and withdraws himself from the firm.
Question 4 reset
Admission of a partner means joining of a new person into an existing partnership as a partner.
Question 5 reset
Goodwill arises when a company acquires another entire business.
Question 6 reset
If the partnership deed does not mention any method of maintaining capital accounts then the fixed capital account method has to be followed.
Question 7 reset
If the partnership firm is following the fixed capital account method salary payable to a partner is credited to the partners' current account.
Question 8 reset
While calculating average profit of previous years, loss incurred in one of those years is to be ignored.
Question 9 reset
Adjustment for goodwill can be made privately by the partners without passing any entries in books of account.
Question 10 reset

Calculate Gross profit margin if

  • Gross profit = 2500
  • Turnover = 5000

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