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If a fixed amount is withdrawn on the first day of every quarter, the interest on total drawing will be calculated :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