Class XII Accountancy Fundamental of Partnership Test Paper Part I

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Class XII Accountancy Fundamental of Partnership Test Paper Part I - 2021

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Q1. In the absence of partnership deed, interest on capital is allowed at the rate of: *

1 point

6% p.a. simple interest

6% p.a. compound interest

12% simple interest

None of the above.

Q2. Rent to a partner is shown in: *

1 point

Dr. side of Profit And Loss Appropriation A/c

Cr. side of Profit And Loss Appropriation A/c

Dr. side of Profit And Loss A/c

Cr. side of Profit And Loss A/c.

Q3. Which of the following items will be shown in Partner’s Capital A/c under Fixed Capital method? *

1 point

Drawings from profits

Drawings from capital

Interest on drawings

All of the above.

Q4. Interest on Partner’s Loan will be credited to: *

1 point

Profit and loss account

Partner’s Capital A/c

Profit and Loss A/c

None of the above.

Q5. Which one of the following items is not an appropriation out of profits? *

1 point

Interest on capital

Salary to a partner

Commission to a partner

Interest on partner’s loan.

Q6. Following are essential elements of a partnership firm except: *

1 point

Atleast two persons

There is an agreement between all partners

Equal share of profits and losses

Partnership agreement is for some lawful business activity.

Q7. Which one of the following is not a right of a partner? *

1 point

Right to inspect the books of the firm

Right to take part in the affairs of the company

Right to share the profits/losses of the firm

Right to receive salary at the end of each month.

Q8. The relation of partner with the firm is that of: *

1 point

An owner

An agent

An owner and agent both

A manager.

Q9 Pick the odd one out: *

1 point

Rent to a partner

Manager’s commission

Interest on partner’s loan

Interest on partner’s capital.

Q10. Can a partner be exempted to share the losses of the firm? *

1 point

Yes

Yes, if partnership deed provides so

Never.

Q11. In case of partnership, the act of any partner is: *

1 point

Binding on all partners

Binding on that partner only.

Binding on all partners except that particular partner

None of the above.

Q12. Interest on capital will be paid to the partners if provided for in the partnership deed but only out of: *

1 point

Profits

Reserves

Accumulated profits

Goodwill.

Q13. What is the minimum number of partners in a partnership firm? *

1 point

100

None of the above.

Q14. Current accounts of partners are maintained under which method? *

1 point

Fluctuating Capital method

Fixed Capital method

Both of the above

None of the above

Q15. Limited Liability Partnerships came into existence in India after the enactment of: *

1 point

Indian Partnership Act, 1932

Limited Liability Partnership Act, 1932

Limited Liability partnership Act, 2008

Indian companies Act, 2013.

Q16. A and B are partners sharing profits and losses equally. They admitted C as a partner with an equal share giving him a guarantee of minimum ₹50,000 profit p.a. The profit for the year after C’s admission was ₹1,20,000. What will be the net amount that will be credited to A’s Capital A/c? *

1 point

₹50,000

₹45,000

₹35,000

₹80,000

Q17 If a partner withdraws an equal amount from ist april in the beginning of each month for a period of 10 months, what will be the average period for calculation of Interest on Drawings for the year ended 31.3.21? *

1 point

6.5 months

7.5 months

6 months

5.5 months.

Q18. X and Y are partners sharing profits and losses in the ratio of 3:2 with capitals ₹5,00,000 each. According to partnership deed, interest on capital is allowed @ 10% p.a. The profit for the year is ₹ 50,000. What amount will be credited to X and Y in such condition? *

1 point

₹50,000 to A and B each

₹25,000 to A and B each

₹30,000 to A and ₹20,000 to B

None of the above.

Q19. Manager is entitled to a commission of 10% of the divisible profit. The net profit for the year is ₹1,32,000. What will be the amount of manager’s commission? *

1 point

₹13,200

₹12,000

₹10,000

None of the above.

Q20. P and Q are partners sharing profits and losses in the ratio of 2:1 with capitals ₹1,00,000 and ₹80,000 respectively. The interest on capital has been provided to them @ 8% instead of 10%. In the rectifying adjustment entry, Q will be: *

1 point

Debited by ₹400

Credited by ₹400

Debited by ₹1600

Credited by ₹1600.

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