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AP
Question Practice

Which method can be used for past adjustments?

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MCQ_SA
CBSE
Class 12
Accountancy
Accountancy Part - I
Accounting for Partnership: Ba...
Question Bank

Which method can be used for p...

Single Answer MCQ
Q-00082089

Which method can be used for past adjustments?

1

Changing the partnership deed

2

Posting directly to the individual's bank account

3

Through Profit and Loss Adjustment Account

4

Dividing the total profits equally among all partners

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Q1.

What is a partnership and what are its chief characteristics?

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Explain the main provisions of the Indian Partnership Act 1932 that are relevant to partnership accounts in the absence of a partnership deed.

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Q3.

What is the primary purpose of a partnership deed?

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Q4.

If a partnership deed is silent on the profit-sharing ratio, how should profits be shared?

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