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Class 12 Accounts
Accounting For Partnerships Chapter 3
Quiz 1
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Indian Partnership Act year isA. 1934B. 1935C. 1933D. 1932
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Which Section of the Partnership Act defines partnership as the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all?A. Section 61B. Section 13C. Section 48D. Section 4
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If partners are running a business without a partnership deed how much interest on their capitals will be given? A. Only for 6 months @ 6% p.a.B. 6% p.a. on capitalC. No interest on capitalD. 10 % p.a. on capital
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In the absence of partnership deed profit sharing ratio will be:A. Equal ratio irrespective of partners capitals.B. Profits will not be distributedC. Capital RatioD. Senior partner will get more profit
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Partners collectively are called :A. Firm’s nameB. CompanyC. BusinessD. Firm
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It is better to have the agreement in writing to avoid any ___A. DisputeB. AuditC. LossD. Case
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Which of the following is not a content of partnership deed?A. Interest on Bank LoanB. Interest on Partner’s LoanC. Interest on CapitalD. Interest on Drawings
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Partnership is established by ___________A. Lawful BusinessB. AgreementC. LawD. Section 4
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Registration of partnership firm is _________A. Not AllowedB. CompulsoryC. OptionalD. Under Companies Act 2013
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The persons who have entered into a partnership business with one another are individually calledA. FirmB. Co-operativesC. PartnerD. Company
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