Practice Accounting Aspects - 1.2.3 | ICSE Class 12 Accounts – Chapter 1: Partnership | ICSE Class 12 Accounts
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1.2.3 - Accounting Aspects

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Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

Define Capital Accounts in partnerships.

💡 Hint: Think about how partners share their initial money.

Question 2

Easy

What does the Profit and Loss Appropriation Account mainly do?

💡 Hint: Focus on the sharing process.

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 the Profit and Loss Appropriation Account?

  • To record assets
  • To allocate profits
  • To manage expenses

💡 Hint: Think about how partners share their earnings.

Question 2

True or False: Interest on capital is only charged when profits are made.

  • True
  • False

💡 Hint: Consider the conditions of partner investments.

Solve and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A partnership has three partners: A, B, and C, who share profits in a 5:3:2 ratio. The total profit for the year is $90,000. How much does each partner take home considering A also receives a salary of $10,000 before profit distribution?

💡 Hint: Separate A's salary from the profit before distributing.

Question 2

Consider a partnering with an initial capital contribution of $20,000 and a profit of $15,000 for the year. If the interest on capital is to be calculated at 5%, how should profits be allocated if one partner withdraws $3,000 in cash during the year?

💡 Hint: Calculate the impact of drawings on the profit distribution separately.

Challenge and get performance evaluation