Accountancy

CHAPTER-2 

Accounting for Partnership Firms — Fundamentals

MULTIPLE CHOICE QUESTIONS

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Accounting for Partnership Firms — Fundamentals

Topic-2: Partnership Deed

Multiple Choice Questions

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1. Is rent paid to a partner appropriation of profits?

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2. On 1st January 2019, a partner advanced a loan of ₹1,00,000 to the firm. In the absence of agreement, interest on loan on 31st March 2019 will be :

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3. Which of the following is not incorporated in the Partnership Act?

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4. Which of the following items are recorded in the Profit & Loss Appropriation Account of a partnership firm?

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5. Interest on capital will be paid to the partners if provided for in the partnership deed but only out of:

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6. In the absence of partnership deed, partners share profits or losses :

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7. X, Y, and Z are partners in a firm. At the time of division of profit for the year, there was dispute between the partners. .Profit before interest on partner’s capital was ₹6,000 and Y determined interest @24% p.a. on his loan of ₹80,000. There was no agreement on this point. Calculate the amount payable to X, Y, and Z respectively.

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8. A partner introduced additional capital of ₹30,000 and advanced a loan of ₹40,000 to the firm at the beginning of the year. Partner will receive year’s interest:

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9. A and B are partners in partnership firm without any agreement. A has given a loan of ₹50,000 to the firm. At the end of year loss was incurred in the business. Following interest may be paid to A by the firm :

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10. Which one of the following items cannot be recorded in the profit and loss appropriation account?

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11. In the absence of Partnership Deed, the interest is allowed on partner’s capital:

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12. In the absence of Partnership Deed :

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13. Forming a Partnership Deed is :

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14. Partnership Deed is also called

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15. On 1st June 2018 a partner introduced in the firm additional capital ₹50,000. In the absence of partnership deed, on 31st March 2019 he will receive interest :

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16. A and B are partners in a partnership firm without any agreement. A devotes more time for the firm as compare to B. A will get the following commission in addition to profit in the firm’s profit:

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17. If any loan or advance is provided by partner then, balance of such Loan Account should be transferred to :

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18. When is the Partnership Act enforced?

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19. A, B and C were Partners with capitals of ₹50,000; ₹40,000 and ? 30,000 respectively carrying on business in partnership. The firm’s reported profit for the year was ₹80,000. As per provision of the Indian Partnership Act, 1932, find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of ₹20,000 in addition to his capital contribution.

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20. In the absence of express agreement, interest @ 6% p.a. is provided :

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21. In the absence of partnership deed, the following rule will apply:

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22. A and B are partners in a partnership firm without any agreement. A has withdrawn ₹50,000 out of his Capital as drawings. Interest on drawings may be charged from A by the firm :

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23. In the absence of a partnership deed, the allowable rate of interest on partner’s loan account will be :

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24. In the absence of agreement, partners are not entitled to :

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