Features of a partnership firm are:
  • Two or more persons
  • Sharing profit and losses in the agreed ratio
  • Business carried on by all or any of them acting for all
  • All of the above
What time would be taken into consideration if equal monthly amount is drawn as drawings at the beginning of each month ?
  • 7 months
  • 6 months
  • 5 months
  • 6.5 months
A draws ₹ 1,000 per month on the last day of every month. If the rate of interest is 5% p.a., then the total interest on drawings will be :
  • ₹ 325
  • ₹ 275
  • ₹ 300
  • ₹ 350
In the absence of an agreement, partners are entitled to:
  • Salary
  • Profit share in capital ratio
  • Interest on loan and advances
  • Commission
Fluctuating capital account is credited with :
  • Interest on capital
  • Profit of the year
  • Remuneration of partners
  • All of these
Interest on Partner’s capital is :
  • An expenditure
  • An appropriation
  • A gain
  • None of these
Calculate interest on drawings @ 12% p.a. for Gambhir if he withdrew 7 2,000 once at the beginning of each month:
  • 7 1,560
  • 7 1,500
  • 7 1,200
  • 7 1,000
Interest on drawings of the Partners is a :
  • Loss to business
  • Profit to business
  • Profit to partners
  • Loss to Bank
The relation of partners with the firm is that of:
  • An owner
  • An Agent
  • An owner and an agent
  • Manager
Liability of Partners is :
  • Limited
  • Unlimited
  • Determined by partnerships Account
  • None of these
Partners’ current accounts are opened when their capital is:
  • Fixed
  • Fluctuating
  • Both (a) and (b)
  • None of these
The interest on partner’s drawings is debited to:
  • Partner’s Capital A/c
  • Profit and Loss A/c
  • Drawings A/c
  • P. & L. App. A/c
Interest on advance given to the firm is :
  • Ah appropriation
  • A gain
  • A charge
  • None of these
Interest on loan is :
  • Operating Expense
  • Direct Expense
  • Indirect Expense
  • All of these
Partner’s salary is debited to :
  • Trading Account
  • Profit and Loss Account
  • Profit & Loss Appropriation Account
  • None of these
Partnership may be :
  • Limited
  • Unlimited
  • At will
  • All of these
Partnership Deed is also called :
  • Prospectus
  • Articles of Association
  • Principles of Partnership
  • Articles of Partnership
In which year did the Partnership Act passed ?
  • Year 1932
  • Year 1956
  • Year 1947
  • Year 1952
Calculate interest on drawing @12% p.a. for Abhishek if he withdraw ₹ 2,000 once in month :
  • ₹ 1,440
  • ₹ 1,200
  • ₹ 1,320
  • ₹ 1,500
The interest on capital accounts of partners under fixed capital method is to be credited to:
  • Partner’s Capital A/c
  • Profit & Loss A/c
  • Interest A/c
  • Partner’s Current A/c
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