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Business, Education, Other
12th
grade
PARTNERSHIP FUNDAMENTALS, (CBSE-2021-22)
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15 questions
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- Multiple ChoicePlease save your changes before editing any questions.
Partners’ Current Accounts are opened when their capital accounts are
Fixed
Fixed and Fluctuating both
Fluctuating
None of these
- Multiple ChoicePlease save your changes before editing any questions.
The interest on capital accounts of partners under the fluctuating capital account method is credited to
Interest Account
Profit and Loss Account
Partners’ Capital Accounts
Partners’ Current Accounts
- Multiple ChoicePlease save your changes before editing any questions.
In the absence of an agreement to the contrary, partners share profits and losses in the
Ratio of their capitals at the beginning of the year
Ratio of their capitals at the end of the year
Ratio of average capital
Equal ratio
- Multiple ChoicePlease save your changes before editing any questions.
In the absence of an agreement to the contrary, the partners are
Entitled for 6% interest on their capitals, only when there are profits
Entitled for 9% interest on their capitals, only when there are profits
Entitled for interest on capital on the bank rate, only when there are profits
Not entitled for any interest in their capitals
- Multiple ChoicePlease save your changes before editing any questions.
The current account of a partner
Will always have a credit balance
Will always have a debit balance
May have a debit or credit balance
Can never have a debit balance
- Multiple ChoicePlease save your changes before editing any questions.
Interest payable on the capitals of the partners is changed to
Profit and Loss Account
Profit and Loss Adjustment Account
Realization Account
Profit and Loss Appropriation Account
- Multiple ChoicePlease save your changes before editing any questions.
Interest on partner’s drawing under a fluctuating capital account is debited to
Partner’s Capital Account
Profit and Loss Account
Drawing Account
None of the above
- Multiple ChoicePlease save your changes before editing any questions.
Features of partnership are
Agreement
Legal Business
Agency relationship
Limited liability of all partners
Maximum number of members is 500
- Multiple ChoicePlease save your changes before editing any questions.
Provisions of Partnership Act, 1932 in the absence of Partnership Deed
profits and losses of the firm are to be shared equally by partners
No interest on capital is payable
Interest is to be charged on drawings @ 6% p.a
No partner is entitled to get salary or other remuneration
for taking part in the conduct of the business of the firm
No interest on loan payable to partners
- Multiple ChoicePlease save your changes before editing any questions.
The written agreement of partnership is most commonly referred to as :
Agreement
Partnership Deed
Partnership contract
Partnership Act
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following is an appropriation of profit?
Interest on loan
Interest on Capital
Employees’ salary
Rent
- Multiple ChoicePlease save your changes before editing any questions.
In which year was the Partnership Act passed?
1932
1956
1947
1956
- Multiple ChoicePlease save your changes before editing any questions.
In a business, A and B invested amounts in the ratio of 2 : 1, whereas the ratio between and B was 3 : 2. If
the firm earned a profit of Rs. 1,20,000, how much amount did B receive?
48000
24000
12000
96000
- Multiple ChoicePlease save your changes before editing any questions.
Rs. 700 is divided among A, B and C so that A receives half as much as B and B receives half as much as
C. Then C’s share is :
Rs. 200
Rs. 300
Rs. 400
Rs. 500
- Multiple ChoicePlease save your changes before editing any questions.
State the collective term used for the partners
Partnership
Firm
Partnership deed
Corporation