Accounting for Partnership Firms: Fundamentals

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1- What balance does a partner's current account has? *

1 punt

Debit balance

Credit balance

A or B

None of these

2- A draws Rs.1,000 per month on the last day of every month. If the rate of interest is 5% p.a., then the total interest on drawings will be- *

1 punt

Rs.325

Rs.275

Rs.300

Rs.350

3- In the absence of agreement, partners are entitled to- *

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Salary

Profit share in capital ratio

Interest on loan and advances

Commission

4- Fluctuating capital account is credited with- *

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Interest on capital

Profit of the year

Remuneration of partners

All of these

5- In the absence of agreement between partners, the interest to be allowed on partner's capital- *

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None of these

6- Interest on Partner's capital is_ *

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An expenditure

An appropriation

A gain

None of these

7- Calculate interest on drawings @12% p.a. for Gambhir if he withdrew Rs.2,000 once at the beginning of each month- *

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Rs.1,560

Rs.1,500

Rs.1,200

Rs.1,000

8- In the absence of partnership deed, the partner will be allowed interest on the amount advanced to the firm at- *

1 punt

9- Interest on drawings of the partners is a- *

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Loss to business

Profit to business

Profit to partners

Loss to Bank

10- Calculate interest on drawing @12% p.a. for Abhishek if he withdraw Rs.2,000 once in month- *

1 punt

Rs.1,440

Rs.1,200

Rs.1,320

Rs.1,500

11- In the absence of any agreement, the profit and losses of the firm are shared- *

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Equally

In Capital Ratio

In Different Proportions

None of these

12- In the absence of partnership agreement, interest on partner's loan is paid- *

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5% p.a.

6% p.a.

8% p.a.

4% p.a.

13- In the absence of Partnership Deed, partners shall- *

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Be paid salaries

Not be paid Salaries

Be paid salaries to those who work for the firm

None of these

14- The interest on partners' capital A/c is to be credited to- *

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Profit & Loss Account

Interest A/c

Partners' Capital A/c

None of these

15- The interest on capital accounts of partners under fixed capital method is to be credited to- *

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Partner's Capital A/c

Profit & Loss A/c

Drawings A/c

P. & L. App. A/c

16- Partners' current accounts are opened when their capital is- *

1 punt

Fixed

Fluctuating

Both A and B

None of these

17- The interest on partner's drawings is debited to- *

1 punt

Partner's Capital A/c

Profit & Loss A/c

Drawings A/c

P. & L. App. A/c

18- For the firm, interest on partner's drawings is an- *

1 punt

Expenses

Income

Loss

None of these

19- Interest payable on the capital of the partners is charged to- *

1 punt

Profit & Loss A/c

P.& L. App. A/c

Profit & Loss Adjustment A/c

None of these

20- In an ordinary partnership, maximum number of partners can be- *

1 punt

21- Current A/c is- *

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Personal Account

Real Account

Nominal Account

None of these

22- The current account of the partners will always have- *

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Debit Balance

Credit Balance

Either of the two

None of these

23- Interest on partner's capital is calculated on- *

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Capital in the beginning

capital at the end

Average capital

None of these

24- Preparation of Partnership Deed is- *

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Compulsory

Voluntary

Partly Compulsory

None of these

25- Interest on partners' Capital is- *

1 punt

An expenditure

An appropriation

A gain

None of these

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