The Indian Partnership Act that governs general partnerships is of the year: MCQ with Answer and Explanation

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The Indian Partnership Act that governs general partnerships is of the year:

A. 1932

B. 2013

C. 1930

D. 1956

Answer: Option A

Solution (By JKSSB Mock Tests)

The Indian Partnership Act was enacted in 1932.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

Provision for doubtful debts created at the year-end is debited to:

A. Sundry Debtors Account

B. Suspense Account

C. Trading Account

D. Profit & Loss Account

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Correct Answer: Option D

Explanation:
Creating a provision is an expected indirect loss based on conservatism, so it is charged to the Profit and Loss Account.

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Question #2

The 'Surrender Value' of a keyman insurance policy received by a company is:

A. Capital receipt

B. Treated as loan

C. Taxable as business income

D. Exempt

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Correct Answer: Option C

Explanation:
Keyman insurance policy proceeds/surrender value are taxable as business income.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

S1: Carriage Inwards is added to the Trading Account. S2: Carriage Outwards is added to the Trading Account. Which statement(s) is/are correct?

A. Both S1 and S2

B. S2 only

C. S1 only

D. Neither S1 nor S2

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Correct Answer: Option C

Explanation:
Carriage Inwards is a direct expense related to purchases and is added to the Trading Account. Carriage Outwards is a selling and distribution expense, shown in the Profit and Loss Account.

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