Practice Accounting Adjustments - 1.4.2.2 | ICSE Class 12 Accounts – Chapter 1: Partnership | ICSE Class 12 Accounts
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1.4.2.2 - Accounting Adjustments

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is a capital account in a partnership?

💡 Hint: Think about what partners invest in the business.

Question 2

Easy

Why is goodwill valuable in a partnership?

💡 Hint: Consider what makes a business attractive to clients.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What is the primary purpose of maintaining capital accounts in a partnership?

  • To determine profit sharing
  • To track partner contributions
  • To manage partnership liabilities

💡 Hint: Focus on what capital accounts represent.

Question 2

True or False: Goodwill is a tangible asset in a partnership.

  • True
  • False

💡 Hint: Think about what makes goodwill valuable but non-physical.

Solve 2 more questions and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A partnership has three partners with a profit-sharing ratio of 4:3:2. If a new partner joins with a 25% share, calculate the new profit-sharing ratio and each partner's share.

💡 Hint: Calculate share proportions based on the total before and after the new partner's entry.

Question 2

After the dissolution of a partnership with total assets worth ₹500,000 and liabilities of ₹200,000, outline how you would distribute the remaining amount among the partners' capital accounts of ₹150,000, ₹100,000, and ₹50,000.

💡 Hint: Consider how liabilities affect the remaining distribution of capital.

Challenge and get performance evaluation