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CBSE
Class 12 Accountancy
Accounting For Partnership: Basic Concepts
Quiz 1
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Features of a partnership firm are:
0%
Two or more persons
0%
Sharing profit and losses in the agreed ratio
0%
Business carried on by all or any of them acting for all
0%
All of the above
Explanation
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 ?
0%
7 months
0%
6 months
0%
5 months
0%
6.5 months
Explanation
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 :
0%
₹ 325
0%
₹ 275
0%
₹ 300
0%
₹ 350
Explanation
₹ 275
In the absence of an agreement, partners are entitled to:
0%
Salary
0%
Profit share in capital ratio
0%
Interest on loan and advances
0%
Commission
Explanation
Interest on loan and advances
Fluctuating capital account is credited with :
0%
Interest on capital
0%
Profit of the year
0%
Remuneration of partners
0%
All of these
Explanation
All of these
Interest on Partner’s capital is :
0%
An expenditure
0%
An appropriation
0%
A gain
0%
None of these
Explanation
An appropriation
Calculate interest on drawings @ 12% p.a. for Gambhir if he withdrew 7 2,000 once at the beginning of each month:
0%
7 1,560
0%
7 1,500
0%
7 1,200
0%
7 1,000
Explanation
7 1,560
Interest on drawings of the Partners is a :
0%
Loss to business
0%
Profit to business
0%
Profit to partners
0%
Loss to Bank
Explanation
Profit to business
The relation of partners with the firm is that of:
0%
An owner
0%
An Agent
0%
An owner and an agent
0%
Manager
Explanation
An owner and an agent
Liability of Partners is :
0%
Limited
0%
Unlimited
0%
Determined by partnerships Account
0%
None of these
Explanation
Unlimited
Partners’ current accounts are opened when their capital is:
0%
Fixed
0%
Fluctuating
0%
Both (a) and (b)
0%
None of these
Explanation
Fixed
The interest on partner’s drawings is debited to:
0%
Partner’s Capital A/c
0%
Profit and Loss A/c
0%
Drawings A/c
0%
P. & L. App. A/c
Explanation
Partner’s Capital A/c
Interest on advance given to the firm is :
0%
Ah appropriation
0%
A gain
0%
A charge
0%
None of these
Explanation
A charge
Interest on loan is :
0%
Operating Expense
0%
Direct Expense
0%
Indirect Expense
0%
All of these
Explanation
Indirect Expense
Partner’s salary is debited to :
0%
Trading Account
0%
Profit and Loss Account
0%
Profit & Loss Appropriation Account
0%
None of these
Explanation
Profit & Loss Appropriation Account
Partnership may be :
0%
Limited
0%
Unlimited
0%
At will
0%
All of these
Explanation
All of these
Partnership Deed is also called :
0%
Prospectus
0%
Articles of Association
0%
Principles of Partnership
0%
Articles of Partnership
Explanation
Articles of Partnership
In which year did the Partnership Act passed ?
0%
Year 1932
0%
Year 1956
0%
Year 1947
0%
Year 1952
Explanation
Year 1932
Calculate interest on drawing @12% p.a. for Abhishek if he withdraw ₹ 2,000 once in month :
0%
₹ 1,440
0%
₹ 1,200
0%
₹ 1,320
0%
₹ 1,500
Explanation
₹ 1,440
The interest on capital accounts of partners under fixed capital method is to be credited to:
0%
Partner’s Capital A/c
0%
Profit & Loss A/c
0%
Interest A/c
0%
Partner’s Current A/c
Explanation
Partner’s Current A/c
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