MCQ on Fundamental of Partnership in English Pdf, MCQs on Fundamental of Partnership in English
MCQs on Fundamental of Partnership
MCQ on Fundamental of Partnership in English Pdf
Part-4 From Question No. 81 to 100
81. X and Y are partners in the ratio of 3:2. Their capitals are 200,000 and 1,00,000 respectively Interest on capitals is allowed @ 8% pa. Firm earned a profit of 15,000 for the year ended 31st March 2019 As per partnership agreement interest on capital is treated a charge on profits Interest on Capital will be
(A) X 16,000, Y 8,000
(B) X9000; 26,000
(C) X10,000; Y6000
(D) No interest
82. X and Y are partners in the ratio of 3-2 Their capitais ore 22,00,000 and 1,00,000 respectively. Interest on capitals is allowed 8% pa. Fem incurred a loss of 60.000 for the year ended 3st March 2019 Interest on Capital will be
(A) X 16.000; 8,000
(B) A8.000; Y 4,000
(C)x14400, Y 9,600
(D) No Interest will be allowed
83. Interest on Partner's drawings will be debited to
(A) Profit and Loss Account
(B) Profit and Loss Appropriation Account
(C) Partners Current Account
(D) Interest Account
85. If the Partner's Capital Accounts are fluctuating in that case following tems will be recorded in the credit side of capital accounts
(A) Interest on capital
(B) Salary of partneris
(C) Commission of partners
(D) All of the above
86. Interest on partner's capitals will be debited to
(A) Profit and Loss Account
(B) Profit and Loss Appropriation Account
(C) Partner's Capital Accounts
(D) None of the Above
87. Interest on partner's capitals will be credited to:
(A) Profit and Loss Account
(B) Profit and Loss Appropriation Account
(C) Interest Account
(D) Partner's Capital Account
88. For the firm interest on drawings is
(A) Capital Payment
(B) Expenses
(C) Capital Receipt
(D) Income
89. Balance of partner's current accounts are
(A) Debit balance
(B) Credit balances
(C) Debit or Credit balances
(D) Neither Debit nor credit batances
90. Interest on Partner's drawings will be debited to
(A) Profit and Loss Account
(B) Profit and Loss Appropriation Account
(C) Partners Current Account
(D) Interest Account
91. An unregistered firm can not claim ___________
(a) Set off
(b) Set on
(c) Set on and set off
(d) None of the above
92. Which of the following is not the right of a partner i.e. which he can not claim as a matter of right?
(a) Right to have access to account books
(b) Right to take part in business
(c) Right to receive remuneration
(d) Right to share profits
93.The position of a minor in a partnership firm is to be determined taking into account
(1) The Indian Contact Act, 1872
(2) The Indian Partnership Act
(3) Minor's Agreement
(4) The Majority Act
(a) 1 & 2 (b) 2 & 3(c) 3 & 4(d) 1 & 4
94. Which of the following is not an essential feature of partnership?
(1) Agreement
(2) Registration
(3) Test of Mutual Agency
(4) Separate Legal Entity
(a) 1 & 2.
(b) 2 & 3
(c) 3 & 4.
(d) 1& 4
95. Persons who have entered into partnership with one another are individually called:
a - parnters - directors
c - sole proprietord - none of the above
96. Partnership Deed is also called
(A) Prospectus(B) Articles of Association
(C) Principles of Partnership
(D) Articles of Partnership
97. Features of a partnership firm are :
(A) Two or more persons are carrying common business under an agreement.
(B) They are sharing profits and losses in the fixed ratio.
(C) Business is carried by all or any of them acting tor all as an agent.
(D) All of the above.
98. If any loan or advance is provided by partner then, balance of such Loan Account should be transferred to :
(A) B/S Assets side.
(B) B/S Liability Side
(C) Partner’s Capital A/c.
(D) Partner’s Current A/c
99. On 1st June 2018 a partner introduced in the firm additional capital ₹50,000. In the absence of partnership deed, on 31st March 2019 he will receive interest :
(A) ₹3,000
(B) Zero
(C) ₹2,500
(D) ₹1,800
100.Which accounts are opened when the capitals are fluctuating?
(A) Only Capital Accounts
(B) Only Current Accounts
(C) Capital Accounts as well as Current Accounts
(D) Either Capital Accounts or Current Accounts
Thanking you
MCQ on partnership in english for class 12th
partnership accounts for class 12th
accounting for partnership for class 12 th commerce
basic fundamental of partnership accounts for class 12 th
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