ACCOUNTING   FOR   PARTNERSHIP-                                            BASIC CONCEPTS                                                    
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                                  ONLINE TEST
Name of Student *
Roll No *
Class *
Name of School *
1.Partner's salary is debited to *
1 point
2.Current Account of the partners should be opened, when capital are *
1 point
3.Liability of a partner is *
1 point
4.Partnership Deed is also called *
1 point
5.Preparation of Partnership Deed is *
1 point
6.In which year did the Partnership Act passed ? *
1 point
7.Partnership Agreement can be *
1 point
8.The interest on Partners’ Capital Accounts is to be credited to *
1 point
9.In the absence of any Partnership Agreement, the profits or losses of the firm are divided *
1 point
10.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
11.Which one of the following is not the feature of partnership *
1 point
12.Profit and Loss Appropriation Account is prepared to *
1 point
13.Which of the following is an appropriation of profit *
1 point
14.When time of withdrawals are not mentioned, interest on drawings is charged *
1 point
15.When drawings are made at the end of every month of certain amount, then interest will be calculated on total drawings for *
1 point
16.For the firm, interest on drawing is a *
1 point
17.In the absence of partnership deed, partners are not entitled to receive *
1 point
18.If a fixed amount is withdrawn on the first day of every quarter, the interest on total drawingswill be calculated for *
1 point
19.P and Q are partners with the capital of ` 25,000 and ` 15,000 respectively. Interestpayable on capital is 10% p.a. Find the interest on capital for both the partners when the profitsearned by the firms is ` 2,400. *
1 point
20.What time would be taken into consideration if equal monthly amount is drawn as drawings atthe beginning of each month ? *
1 point
21.What balance does a partner’s current account has ? *
1 point
22.A draws ` 1,000 per month on the last day of every month. If the rate of interest is 5% p.a., thenthe total interest on drawings will be *
1 point
23.In the absence of an agreement, partners are entitled to *
1 point
24.Fluctuating capital account is credited with *
1 point
25.n the absence of an agreement between partners, the interest to be allowed on partner’s capital *
1 point
26.Calculate interest on drawing @12% p.a. for Gambhir if he withdrew ` 2,000 once at thebeginning of each month *
1 point
27.The written agreement of partnership is most commonly referred to as: *
1 point
28.In the absence of an agreement to the contrary, the partners are *
1 point
29.The current account of a partner *
1 point
30.Interest payable on the capitals of the partners is charged to *
1 point
31.Interest on partner’s drawing under a fluctuating capital account is debited to *
1 point
32.When partnership deed is silent,Which of the partner is entitled to get interest on capital *
1 point
33.If partners are entitled to interest on capital as per agreement,such interest is payable *
1 point
34.Under Fixed capital method,Interest on drawings is debited in.......... account *
1 point
35.Under which method the capital at the beginning and at the end will be different *
1 point
36.Registration of Partnership is....... *
1 point
37.Find the odd one *
1 point
38.Partner's current account is a ..... account *
1 point
39.Which one or more of the following are charges (rather than appropriation) of profit among partners? *
1 point
40.Ajmal has a capital Balance of Rs 30000 at the Beginning of the year.In the middle of the year he withdrew ₹10000 from his capital.He is entitled interest@10% p.a.How much interest is allowed to Ajmal *
1 point
41.P, Q, and R are partners in a firm sharing profit and loss in the ratio 2:2:1. P and Q have guaranteed that R’s profit in any year shall not be less than Rs.20000. The Net profit for the year ended 31st March 2018 was Rs.60,000.The amount of profit distributed is *
1 point
42.X, Y, and Z are partners in a firm with Capitals of Rs.200000, Rs.400000 and Rs.600000 respectively. Profit sharing ratio is 3:2:1. Interest on Capital @8% p.a. After the preparation of the final accounts, the firm finds out that the interest on capital was given @6% p.a. Give rectifying journal entry *
1 point
43.In the absence of Partnership deed , how are mutual relations of partners governed? *
1 point
44.The maximum limit of partners in a firm hasbeen specified by *
1 point
45.The maximum number of partners asper the Companies Act 2013 *
1 point
46.Anand, a partner made drawings of Rs 5000 from the firm.Interest is charged @ 12% p.a,How much interest will be charged from Anand *
1 point
47.Incase the profit before interest is less than interest on capital,the profit will be distributed in the ratio of..... *
1 point
48.In the absence of an agreement to the contrary partners share profits and losses in *
1 point
49.If after the preparation of final accounts of a firm,some omissions or errors are noticed ,necessary adjustments can be directly in the capital accounts of the partners through *
1 point
50.Interest on captal is always calculated on........... capital *
1 point
Prepared by ABDUSSALAM PV HSST COMMERCE,GHSS Kattilangadi
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