[CUET] Mock Test of Fundamentals of Partnership (Profit & Loss Appropriation A/c (Part – 1)

[CUET] Mock Test of Fundamentals of Partnership (Profit & Loss Appropriation A/c (Part – 1)

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Mock Test of Fundamentals of Partnership (Profit and Loss Appropriations A/c (Part - 1)

1 / 10

Which of the following is credited in the Profit and Loss Appropriation Account?

2 / 10

Interest on drawings is shown on which side of the Profit and Loss Appropriation Account?

3 / 10

In the absence of a partnership deed, how are profits shared among partners?

4 / 10

Partner’s salary is shown on which side of the Profit and Loss Appropriation Account?

5 / 10

Which item is transferred to partners’ capital or current accounts from the Profit and Loss Appropriation Account?

6 / 10

Which account is prepared after the Profit and Loss Account in a partnership firm?

7 / 10

Net profit transferred from the Profit and Loss Account is shown on which side of the Profit and Loss Appropriation Account?

8 / 10

Which of the following is debited in the Profit and Loss Appropriation Account?

9 / 10

Which of the following is NOT shown in the Profit and Loss Appropriation Account?

10 / 10

What is the main purpose of preparing a Profit and Loss Appropriation Account in a partnership firm?

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