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- 1. Multiple Choice
Number of partners in a partnership firm may be
Maximum two
Maximum ten
Maximum one hundred
Maximum fifty
- 2. Multiple Choice
A & B are partners in a partnership firm without any agreement. A has given a loan of 50,000 to the firm. At the end of year loss was incurred in the business. Following interest may be paid to A by the firm :
5%p.a
6%p.a
6% p.m
As there is a loss in the business, interest can't be paid
- 3. Multiple Choice
According to Profit & Loss Account, the net profit for the year is ₹ 1,50,000. The total interest on partner's capital is ₹18,000 and interest on partner's drawings is ₹2,000. The net profit as per Profit & Loss Appropriation Account will be:
₹1,66,000
₹1,70,000
₹1,30,000
₹1,34,000
- 4. Multiple Choice
A& B are partners in a firm. A's Capital is ₹70,000 & B's Capital is ₹50,000. Firm's profit is ₹60,000. A's share in profit will be:
₹25,000
₹30,000
₹35,000
₹20,000
- 5. Multiple Choice
Net Profit of a firm is ₹49,500. Manager is entitled to a commission of 10% on profits before charging his commission. Manager's commission will be:
₹4,500
₹4,950
₹5,500
₹495
- 6. Multiple Choice
A, B & C are partners in the ratio of 5:3:2. Before B's salary of ₹17,000, firm's profit is ₹ 97,000. How much in total B will receive from the firm?
₹17,000
₹ 40,000
₹ 24,000
₹ 41,000
- 7. Multiple Choice
Which accounts are opened when the capitals are fixed?
Only Capital Accounts
Only Current Accounts
Capital Accounts as well as Current Accounts
Either Capital Accounts or Current Accounts
- 8. Multiple Choice
X & Y are partners in the ratio of 3:2. Their capitals are ₹2,00,000 & ₹ 1,00,000 respectively. Interest on capitals is allowed @8%p.a Firm earned a profit of ₹60,000 for the year ended 31st March 2019. Interest on Capital will be:
X ₹16,000; Y ₹ 8,000
X ₹8,000; Y ₹ 4,000
X ₹14,400; Y ₹ 9,600
No interest will be allowed
- 9. Multiple Choice
Vikas is a partner in a firm. His drawings during the year ended 31st March 2019 were ₹30,000. If interest on drawings is charged @9% p.a the interest charged will be
₹270
₹2,700
₹1,350
None of these
- 10. Multiple Choice
In a partnership firm, a partner withdrew ₹5,000 per month on the first day of every month during the year for personal expenses. If interest on drawings is charged @6%p.a. the interest charged will be:
₹3,600
₹1,950
₹1,800
₹1,650
- 11. Multiple Choice
Balance of Partner's current accounts are
Debit balance
Credit Balance
Debit or Credit balances
Neither Debit nor Credit balances
- 12. Multiple Choice
If a fixed amount is withdrawn by a partner on the last day of every month, interest on drawings is charged for
12 months
6.5 months
5.5 months
6 months
- 13. Multiple Choice
When Partners' capital accounts are fixed, which one of the following items will be written in the partner's capital account?
Partner's Drawings
Additional capital introduced by the partner in the firm
Loan taken by the partner from the firm
Loan advanced by the partner to the firm
- 14. Multiple Choice
Which of the following is not incorporated in the Partnership Act?
Profit & Loss are to be shared equally
no interest is to be allowed on capital
Partner's loan is to be allowed interest @ 6% p.a
all drawings are to be charged interest
- 15. Multiple Choice
Which of the following items can not be recorded in the Profit & Loss Appropriation Account?
Interest on Capital
Interest on drawings
Rent paid to partners
Partner's salary
- 16. Multiple Choice
X, Y & Z are partners in the ratio of 4:3:2. Salary to X ₹15,000 and to Z ₹ 3,000 omitted and profits distributed. For rectification, now X will be credited:
₹ 15,000
₹ 1,000
₹ 12,000
₹ 7,000
- 17. Multiple Choice
X, Y & Z are partners in the ratio of 5:4:3. X has given to Z a guarantee of minimum ₹ 10,000 profit. For the year ending 31st March, 2019, Firm's profit is ₹ 28,800. X's share in profit will be :
₹ 9,200
₹ 9,600
₹ 7,200
₹ 12,000
- 18. Multiple Choice
P, Q & R are partners in 3:2:1. R is guaranteed that his share of profit will not be less than ₹70,000. Any deficiency will be borne by P & Q in the ratio of 2:1. Firm's profit was ₹ 2,40,000. Share of P will be:
₹ 1,00,000
₹ 1,10,000
₹ 1,20,000
₹ 1,02,000
- 19. Multiple Choice
X and Y are partners in the ratio of 3:2. Their capitals are ₹ 2,00,000 and ₹ 1,00,000 respectively. Interest on capitals is allowed @ 8% p.a. Firm incurred a loss of ₹ 60,000 for the year ended 31st March, 2019. Interest on Capital will be:
X ₹ 16,000; Y ₹ 8,000
X ₹ 8,000; Y ₹ 4,000
X ₹ 14,400; Y ₹ 9,600
No interest will be allowed
- 20. Multiple Choice
If any loan is given by the partner then, balance of such loan Account should be transferred to
B/S Asset Side
B/S Liability Side
Partner's Capital A/c
Partner's Current A/c
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