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Commerce
Fluctuating Capital Account
Quiz 2
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Q.1
To which account salary and commission to partners and interest on capital be debited?
Current Account
Capital Account
Profit and Loss Account
Profit and Loss Appropriation Account
Q.2
In the absence of Partnership Deed, the interest is allowed on partner’s capital:
@ 5% p.a.
@ 6% p.a
@ 12% p.a.
No interest is allowed
Q.3
Current Account of a partner
Will always have a credit balance.
Will always have a debit balance
May have a debit balance or a credit balance.
May have a debit balance or a credit balance.
Q.4
Which one of the following is NOT an essential feature of a partnership?
There must be an agreement
There must be a business
The business must be carried on for profits
The business must be carried on by all the partners
Q.5
In the absence of an agreement to the contrary, partners share profits and losses in the
ratio of their capitals in the beginning of the year.
ratio of their capitals at the end of the year.
ratio of average capital
equal ratio
Q.6
The interest on capital accounts of partners under fluctuating capital account method is credited to :
Interest Account
Profit and Loss Account
Partners' Capital Account
Partners' Current Account
Q.7
Partners current accounts are opened when their capital accounts are:
Fixed and Fluctuating both
Fixed
None of these
Fluctuating
Q.8
Which of the following transactions is always recorded in the partner's capital account irrespective of whether the partners capitals are fixed or fluctuating?Additional capital introduced by a partnerPermanent withdrawal of capital by a partnerboth (b) and (c)
Additional capital introduced by a partner
Permanent withdrawal of capital by a partner
both (a) and (b)
Interest on partner's loan
Q.9
In the absence of partnership deed, interest on loan of a partner is allowed :
@8% per annum
@6% per annum
no interest is allowed
@12% per annum
Q.10
If equal amount is withdrawn by partner in the beginning of each month during a month of 6 months interest on the total amount will be charged for......month
3.5
2.5
3
6
Q.11
Which one of the following items is recorded in the Profit and Loss appropriation account
Interest on Loan
Partner Salary
Rent paid to Partner’s
Managers Commission
Q.12
By virtue of Sectionof the Companies Act,the Central Government is empowered to prescribe maximum number of partners in a firm but the number of partners cannot be more than ___________.
50
100
20
10
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