Partnership

Accounting

Medium

common

Accounting treatment for partnership firm is similar to that of a sole proprietorship business with the exception of the following aspects:

A. The preparation of financial statements

B. Maintenance of Partners' Capital Accounts

C. Adjustments for Wrong Appropriation of Profits in the Past

D. Distribution of Profit and Loss among the partners

Choose the correct answer from the options given below:

A, B, and D only

B, C, and D only

A, B, and C only

C and D only

✅ Correct Option: 2

Partnership accounting differs from sole proprietorship only because ownership is shared: separate capital accounts must be maintained (B), profit and loss must be divided among partners (D), and past wrong appropriations need adjusting entries (C). Financial statements are prepared in exactly the same manner, so A is not an exception.

2025: 30 May Shift 2

Mohan and Shyam are partners in a firm. Which statement among the below can be claimed valid if the Partnership Agreement is silent regarding the same.

2025: 3 June Shift 2

Match List-I with List-II

List-I	List-II
(A) Bank (fresh capital introduced)	(I) Debit side of Partner's Current Account
(B) Interest on drawings	(II) Debit side of Partner's Capital Account
(C) Bank (permanent withdrawal of capital)	(III) Credit side of Partner's Current Account
(D) Commission	(IV) Credit side of Partner's Capital Account

Choose the correct answer from the options given below:

2026: 11 May Shift 1

X and Y are partners in the firm. State which of the following claim is valid if the partnership agreement is silent in the following matters:

2025: 13 May Shift 1

The total amount of interest on drawings will be:

2026: 24 May Shift 1

By virtue of section ___________, the Central Government is empowered to prescribe a maximum number of partners in a firm.

2025: 14 May Shift 2

Partnership comes into existence as a result of an agreement among the partners, that agreement is called......

Solution

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