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-3 From Question No. 41 to 60
41. A partnership cannot be constituted by
(a) two individuals
(b) two Hindu joint families
(c) both (a) and (b)
(d) neither (a) or (b)
42. All partners consent is required to admit a new partner..
a. True
b. False.
c. Can't say
43. Partners Loan Account is:-
a) Personal Account
b) Real Account
c) Nominal Account
d) Expense Account
44. X contributes Rs. 2,00,000 for his 1/4th share then the total capital of the firm will be:
(a) Rs. 6,50,000
(b) Rs. 5,62,500.
(c) Rs. 8,00,000.
(d) Rs. 10,00,000.
45. Which of the following statement is true?
(a) A minor cannot be admitted as a partner.
(b) A minor can be admitted as a partner, only for the benefits of the partnership.
(c) A minor cannot be a sleeping partner.
(d) A minor can be admitted as a partner but his rights and liabilities are same of adult partner.
46. In the absence of agreement, partners are entitled to:
(a) Salary
(b) Commission
(c) Interest on Capital
(d) Interest on Loan to the firm @ 6% p.a.
47. . Sangeeta and Ankita are partners in a firm. Sangeeta’s Capital is Rs. 70,000 and Ankita’s Capital is Rs. 50,000. Firm’s Profit is Rs. 60,000. Ankita’s Share in profit will be:
(a) Rs. 25,000
(b) Rs. 30,000
(c) Rs. 35,000
(d) Rs. 20,000.
48. X contributes Rs. 2,00,000 for his 1/4th share then the total capital of the firm
will be:
(a) Rs. 6,50,000.
(b) Rs. 5,62,500.
(c) Rs. 8,00,000.
(d) Rs. 10,00,000.
49. If equal amount is withdrawn by a partner in the beginning of each month during a period of 6 months, interest on the total amount will be charged for ……………… months
(A) 2.5
(B) 3
(C) 3.5
(D) 6
50. . If a fixed amount is withdrawn by a partner in each quarter, interest on the total amount is charged for ……………….. months
(A) 3
(B) 6
(C) 4.5
(D) 7.5
51. . Sangeeta and Ankita are partners in a firm. Sangeeta’s Capital is Rs. 70,000 and Ankita’s Capital is Rs. 50,000. Firm’s Profit is Rs. 60,000. Ankita’s Share in profit will be:
(a) Rs. 25,000
(b) Rs. 30,000
(c) Rs. 35,000
(d) Rs. 20,000.
52. If fixed amount is withdrawn by a partner on the first day of each quarter, interest on the total amount is charged for …………….. months
(A) 4.5
(B) 6
(C) 7.5
(D) 3.
53. Sangeeta and Ankita are partners in a firm. Sangeeta’s Capital is Rs. 70,000 and Ankita’s Capital is Rs. 50,000. Firm’s Profit is Rs. 60,000. Ankita’s Share in profit will be:
(a) Rs. 25,000
(b) Rs. 30,000
(c) Rs. 35,000
(d) Rs. 20,000.
54.Sony and Romy are equal partners with fixed capitals of ₹4,00,000 and ₹3,00,000 respectively. After closing the accounts for the year ending 31st March, 2019 it wasdiscovered that interest oncapitals was provided @ 8% instead of 10% p.a. In the adjusting entry :
(A) Sony will be credited by ₹8,000 and Romy will be credited by ₹6,000.
(B) Sony will be debited by ₹8,000 and Romy will be debited by ₹6,000.
(C) Sony will be debited by ₹1,000 and Romy will be credited by ₹1,000.
(D) Sony will be credited by ₹1,000 and Romy will be debited by ₹1,000.
54. Anu and Tanu are equal partners with fixed capitals of ₹2,00,000 and ₹1,00,000 respectively. After closing the accounts for the year ending 31st – March, 2019 it was discovered that interest on capitals @ 8% p.a. was omitted to be provided. In the adjusting entry :
(A) Anu will be credited by ₹16,000 and Tanu will be credited by ₹8,000
(B) Anu will be debited by ₹16,000 and Tanu will be debited by ₹8,000
(C) Anu will be credited by ₹4,000 and Tanu will be debited by ₹4,000
(D) Anu will be debited by ₹4,000 and Tanu will be credited by ₹4,000
55. Reem is a partner in a firm. She withdrew ₹6,000 at the end of each quarter during the year ended 31st March, 2019. Interest on her drawings @ 10% p.a. will be :
(A) ₹900
(B) ₹600
(C) ₹1,500
(D) ₹1,200
56. Partners are suppose to pay interest on drawing only when_____ by the________.
(A) Provided, Agreement (B) Permitted, Investors
(C) Agreed, Partners (D) ‘A’&‘C’ above
57. If the Partners’ Capital Accounts are fixed ‘salary payable to partner’ will be recorded
(A) On the debit side of Partners’ Current Account
(B) On the debit side of Partners’ Capital Account
(C) On the credit side of Partners’ Current Account
(D) None of the above
58. When partners’ capital accounts are fixed, which one of the following items will be written in the partner’s capital account? :
(A) Partner’s Drawings
(B) Additional capital introduced by the partner in the firm
(C) Loan taken by partner from the firm
(D) Loan Advanced by partner to the firm
59. How would you close the Partner’s Drawing Account:
(A) By transfer to Capital or Current Account Debit Side.
(B) By transfer to Capital Account Credit Side.
(C) By transfer to Current Account Credit Side.
(D) Either ‘B‘ or‘C’.
60. 5. Ram and Rahim are partners in the ratio of 3 : 2. Their fixed capitals are ₹2,00,000 and ₹1,00,000 respectively. After clsoing the accounts for the year ending 31st March2019, it was discovered that interest on capital was allowed @ 12% instead of 10% perannum. By how much amount A will be debited/credited in the adjustment entry :
(A) ₹600 (Debit)
(B) ₹400 (Credit)
(C) ₹400 (Debit)
(D) ₹600 (Credit)
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