Accounting for Partnership Firms: Fundamentals

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25 Que, 25 Marks

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1- Partner's Salary is debited to- *

1 point

Trading Account

Profit & Loss Account

Profit & Loss Appropriation Account

None of these

2- Current Account of the partners should be opened, when capital are- *

1 point

Fluctuating

Fixed

Circulating

None of these

3- Maximum number of Partnership Firm performing banking business is- *

1 point

None of these

4- Liability of a partner is- *

1 point

Limited

Unlimited

Limited to Capital

None of these

5- Partnership Deed is also called- *

1 point

Prospectus

Articles of Association

Principles of Partnership

Articles of Partnership

6- A relationship of partners with the firm is- *

1 point

As Manager

As Servant

As Agent

As Monopolist

7- Preparation of Partnership Deed is- *

1 point

Compulsory

Not Compulsory

Unnecessary

Partly Compulsory

8- In which year did the Partnership Act passed? *

1 point

1932

1956

1947

1952

9- Partnership Agreement can be- *

1 point

Oral

Written

Oral & Written

None of these

10- The interest on partner's Capital Account is to be credited to- *

1 point

Profit & Loss A/c

Interest A/c

Partner's Capital A/c

None of these

11- In the absence of any Partnership Agreement, the profit or losses of the firm are divided *

1 point

In capital Ratio

In Equal Ratio

In any of these two ratio

None of these

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

1 point

4% p.a.

5% p.a.

6% p.a.

8% p.a.

13- In partnership firm, profits & losses are shared- *

1 point

Equally

In the ratio of capital

As per agreement

None of these.

14- Which one of the following is not the feature of partnership- *

1 point

Agreement

Sharing of Profit

Limited Liability

Two or more than two persons

15- Profit Loss Appropriation Account is prepared to- *

1 point

Create Reserve Fund

Find out Net Profit

Find out Divisible Profit

None of these

16- In an ordinary partnership, maximum number of partners are- *

1 point

17- Which of the following is an appropriation of profit- *

1 point

Interest on Loan

Interest on Capital

Salary

Rent

18- When time of withdrawals are not mentioned, interest on drawings is charged- *

1 point

For 6 months, 15 days

For 6 months

For 5 months, 15 days

For 12 months

19- When drawings are made at the end of every month of certain amount, then interest will be calculated on total drawings for- *

1 point

6 months, 15 days

6 months

5 months, 15 days

1 month

20- For the firm, interest on drawings is a- *

1 point

Gain

Expense

Loss

None of these

21- In the absence of partnership deed, partners are not entitled to receive- *

1 point

Salaries

Commission

Interest on Capital

All of these

22- If a fixed amount is withdrawn on the first day of every quarter, the interest on total drawings will be calculated for- *

1 point

For 6 months

For 6.5 months

For 5.5 months

For 7.5 months

23- Anukalp and Karan are partners with the capital of Rs.25,000 and rs.15,000 respectively. Interest Payable on capital is 10% p.a. Find the interest on capital for both partners when the profits earned by the firm is Rs.2,400- *

1 point

Rs.2,500 and Rs.1,500

Rs.1,500 and Rs.900

Rs.1,200 and Rs.1,200

None of these

24- Features of a partnership firm are- *

1 point

Two or more persons

Sharing Profit & Losses in the agreed ratio

Business carried on by all or any of them acting for all

All of the above

25- What time would be taken to consideration if equal monthly amount is drawn as drawings at the beginning of each months? *

1 point

7 months

6 months

5 months

6.5 months

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