Partnership Accounts

JKSSB Panchayat Account Assistant · Accountancy & Finance · 24 practice questions with answers and explanations: 6 Easy, 11 Medium, 7 Hard.

Sample questions

Sample Easy question 1

Partnership firms in India are governed by the Indian Partnership Act of:

  1. 1956
  2. 1872
  3. 1932
  4. 2008
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Answer: C. The Indian Partnership Act, 1932. (2008 is the LLP Act; 1872 the Contract Act; 1956 the old Companies Act.)

Sample Medium question 2

In the absence of a partnership agreement, how are profits and losses shared among partners as per general accounting principles?

  1. Equally among all partners
  2. According to capital contribution only
  3. According to seniority only
  4. Only the eldest partner receives profit
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Answer: A. Without a specific agreement, profits and losses are typically shared equally among all partners.

Sample Hard question 3

A firm's average profit is ₹80,000 and the normal profit for similar firms is ₹50,000. Goodwill at 3 years' purchase of super profit is:

  1. ₹2,40,000
  2. ₹1,50,000
  3. ₹30,000
  4. ₹90,000
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Answer: D. Super profit = 80,000 − 50,000 = ₹30,000; goodwill = 30,000 × 3 = ₹90,000.

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