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. 61 to 80
61. Which of the following statements is not true about the partnership form of business?
(a) A partnership is a business run by two or more persons
(b) A partnership business is easy to set up
(c) Each partner is liable under the law for the actions of other partners
(d) In the absence of agreement, partners will be paid salaries
62. Which of the following statements is not true about the partnership form of business?
(a) A partnership is a business run by two or more persons
(b) A partnership business is easy to set up
(c) Each partner is liable under the law for the actions of other partners
(d) In the absence of agreement, partners will be paid salaries
63. The partnership form of business organization?
(a) Is a separate legal entity
(b) is a common form of organization
(c) Enjoys an unlimited life
(d) has limited liability
64. According to Profit and Loss Account, the net profit for the year is 420,000. Salary of a partner is 5.000 per month and the commission of another partner is 10,000. The interest on drawings of partnersis 4,000. The net profit as per Profit and Loss Appropriation Account will be:
(A) 3,54,000
(B) 3,46.000
(C) 4,09,000
(D) 4,01,000
65. Is rent paid to a partner appropriation of profits?
(A) It is appropriation of profit
(B) it is not appropriation of profit
(C) If partner's contribution as capitals maximum
(D) If partner is a working partner
66.Which accounts are opened when the capitals are fixed?
(A) Only Capital Accounts
() Only Current Accounts
(C) Capital Accounts as well as Current Accounts
(D) Either Capital Accounts or Current Accounts
67. Which remis recorded on the credit side of partners current accounts
(A) Interest on Fanner's Capitala (B) Salaries of Partners
(C) Share of profits of Partners (D) All of the Above
68. Balance of partner's current accounts are
(A) Debit balance (B) Credit balances
(C) Debit or Credit balance
D) Neither Debit nor credit batances
69. P Q and Rare partners in a fim in 3:21. Ris guaranteed that he will get minimum of 20.000 as his share of profit every year, Fim's profit was 90000 Partners will get
(A) P40,0000, Q 30000 R20,000
(B) P42,500 Q 27500 R20,000
(C) P45,000 ,Q30,000 ,R15,000
(D)P 420000,Q28000 , R70.000
70. When a partner is given guarantee by other PARTNER and loss occurs guarantee will be born by
(A) partnership firm
(B) All other partners
(C) Partners who give the guarantee
(D) Partner with highest prantsharing at
71. A and B sharing profits in the ratio of Shave fixed capitals of 200000 and 100000 respectively after closing the accounts for the year ending 31st March 2019 it was discovered that interest on capitalswas provided @ 12% instead of 10% pa in the adjusting Entries
(A) A will be debited by 4,000 and B will be debted by 2.000,
(C) A will be debited by 200 and 8 will be credited by $200,
(D) A will be credited by 200 and B will be debited by 200
72. XandA are partners in the ratio of 3:2. Their fixed capitals are 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 capital was allowed @ 12% instead of 10% per annum 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)
73. A , Y, and Z are partners in the ratio of 6:4:1, in the firm, A has guaranteed for his minimum profit of 15,000 Fim's profit was 99,000 in the firm profit As share will be
(A) 30,000
(B) 15000
(C) 48,000
(D) 45000
74. A Y and Z are partners in 5:4:1 Zis guaranteed that his share of profit will not be less than 80000 Any deficiency will be born by A and Y in 3:2. Firm has profit was 560000 .How much deficiency will be borne by Y
(A)214400
(B) 14400
(C) 209,600
(D) 9,600
75. fixed amount is withdrawn by a partner on the last day of each quarter, interest on the total amountis charged for months
(A) 6
(B) 4.5
(C) 7.5
(D)3
76.Charulata is a partner in a firm She withdrew 10.000 in each quarter during the year ended 31st March2019. Interest on her drawings 9% pa will be
(A) 1,350
B) 2.250
(C) 200
(D) 1,800
77. Anuradha is a partner in a firm. She withdrew 6.000 in the beginning of each quarter during the year ended 31st March, 2019 Interest on her drawings 10% pa will be:
(A) 900. (B) 1.200
(C) 1,500
(D) 600
78. A and B sharing profits in the ratio of 7:3 have fixed capitals of 200000 and 100000 . After closing accounts for year ending 31 march 2019 it was discovered that interest on capital was provided @ 12% instead of 10% pa in the adjusting entry
(A) A will be debited by 4,000 and B will be debted by 2.000,
(B) A will be credited by 4000 and b will be credited by 2000
(C) A will be debited by 200 and 8 will be credited by $200,
(D) A will be credited by 200 and B will be debited by 200
79. For the firm interest on drawings is
(A) Capital Payment (B) Expenses(C) Capital Receipt
(D) Income
80. X and Y are partners in the ratio of 3:1:2 Their capitals are 200000 and 100,000 respectively interest on earned a profit of 15,000 for the year ended 31st March 2019.on capitals is allowed 0 8% pa. Interest on Capital will be
(A) X16,000, Y €8,000 (B) X 9.000; 6,000(C) X10,000, Y5,000
(D) No Interest
Comments
Post a Comment