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CBSE
Class 12 Accountancy
Accounting For Partnership: Basic Concepts
Quiz 2
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In the absence of partnership deed, the partner will be allowed interest on the amount advanced to the firm:
0%
@5%
0%
@6%
0%
@ 9%
0%
@8%
Explanation
@6%
Which one is not the feature of partnership?
0%
Agreement
0%
Sharing of Profit
0%
Limited Liability
0%
Two or more than two persons
Explanation
Limited Liability
The interest on partners’ Capital Accounts under fluctuating method is to be credited to:
0%
Profit & Loss A/c
0%
Interest A/c
0%
Partner’s Capital A/c
0%
None of these
Explanation
Profit & Loss A/c
The Interest on partners’ Capital Accounts under fluctuating method is to be credited to:
0%
Profit & Loss A/c
0%
Interest A/c
0%
Partner’s Capital A/c
0%
None of these
Explanation
Partner’s Capital A/c
The Current Account of the partners will always have:
0%
Debit balance
0%
Credit balance
0%
Either of the two
0%
None of these
Explanation
Either of the two
Interest on partner’s capital is calculated on:
0%
Opening Capital
0%
Closing Capital
0%
Average Capital
0%
None of these
Explanation
Opening Capital
Preparation of partnership agreement in writing is :
0%
Compulsory
0%
Voluntary
0%
Partly Compulsory
0%
None of these
Explanation
Voluntary
Interest payable on the capital of the partners is recorded in:
0%
Profit & Loss A/c
0%
Realisation A/c
0%
Profit & Loss Appropriation A/c
0%
None of these
Explanation
Profit & Loss Appropriation A/c
For the firm, interest on partner’s drawings is a/an :
0%
Expense
0%
Income
0%
Loss
0%
Gain
Explanation
Income
In the absence ofany agreement, the profits or losses of the firm are shared:
0%
Equally
0%
In Capital Ratio
0%
In Different Proportions
0%
None o these
Explanation
Equally
In partnership firm profits and losses are shared :
0%
Equally
0%
In the Ratio of Capitals
0%
As per Agreement
0%
None of these
Explanation
As per Agreement
Profit & Loss Appropriation Account is prepared to:
0%
Create Reserve Fund
0%
Find out Net Profit
0%
Find out Divisible Profit
0%
None of these
Explanation
Find out Divisible Profit
In an Ordinary Partnership, maximum number of partners can be:
0%
50
0%
10
0%
15
0%
20
Explanation
50
Which of the following is an appropriation of profit?
0%
Interest on Loan
0%
Interest on Capital
0%
Salary
0%
Rent
Explanation
Interest on Capital
When time of withdrawals are not mentioned, interest on drawings is charged :
0%
for 616 months
0%
for 8 months
0%
for 516 months
0%
for 12 months
Explanation
for 8 months
When drawings are made at the end of every month of certain amount, then interest will be calculated on total drawings:
0%
for 616 months
0%
for 6 months
0%
for 516 months
0%
for i month
Explanation
for 516 months
In the absence of partnership deed, partners are not entitled to receive:
0%
Salaries
0%
Commission
0%
Interest on Capital
0%
All of these
Explanation
All of these
If a fixed amount is withdrawn on the first day of every quarter, the interest on total drawing will be calculated :
0%
for 6 months
0%
for 6.5 months
0%
for 5.5 months
0%
for 7.5 months
Explanation
for 7.5 months
Which accounts are opened when the capitals are fixed?
0%
Only Capital Accounts
0%
Only Current Accounts
0%
Liability Accounts
0%
Capital and Current Accounts
Explanation
Capital and Current Accounts
0 h : 0 m : 1 s
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