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Class 12 Accountancy Chapter 1 Accounting For Partnership Firms Fundamentals Quiz 1 (59 MCQs)

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1. Interest on partner's drawing under a fluctuating capital account is debited to
2. A partner draws rupees 2000 each on 1st April 2016, 1st July 2016, 1st October 2016and 1st January 2017. Interest on drawing @ 8% per annum will be
3. Amit, a partner in a partnership firm withdrew Rs. 7, 000 in the beginning of each quarter. For how many months would interest on drawings be charged?
4. If equal amount is withdrawn by a partner in each month during a period of 6 months, interest on the total amount will be charged for ..... months
5. If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total drawing will be calculated?
6. In the absence of partnership deed partner share profit and loss in
7. Oustensible partners are those who
8. Forming a Partnership Deed is:
9. Which of the following items, does not appear in the Profit and Loss appropriation account?
10. Ram and Mohan are childhood friends. Ram is a consultant whereas Mohan is an architect. They contributed equal amounts and purchased a building for Rs. 2 crores. After a year, they sold it for Rs. 3 crores and shared the equally. Are they doing the business in partnership?
11. A partnership firm has 50 members. All the partners have agreed to admit Riya and Priya as new partners. Can Riya and Priya be admitted?
12. Sita and Geeta are partners in a firm. The partnership agreement provides for interest on drawings at the rate 12% per annum. Which of the following accounts will be debited to transfer interest on drawings to Profit and Loss Appropriation A/c?
13. What should be the minimum number of persons to form a Partnership:
14. A partner withdraws from firm rupees 7000 at the end of each month .at the of 6% per annum total interest will be
15. Which one of the following items is recorded in the Profit and Loss appropriation account
16. X is a partner in a firm .he withdrew regularly Rupees 1000 at the beginning of every month for 6 months ending 31st March 2016 if interest on drawing is charge @ 8% per annum the interest charged will be
17. The interest on capital accounts of partners under fluctuating capital account method is credited to:
18. Features or Characteristics of Partnership
19. In case of partnership the act of any partner is:
20. Which of the following elements of the nature of partnership is so important that there would be no partnership, if this element is absent?
21. In the absence of an agreement to the contrary, partners share profits and losses in the
22. If the drawings are made at regular intervals, as on the first day of each month, interest on drawings is calculated for an average period of .....
23. Partnership Deed is also called
24. Super profit can be calculated:-
25. Y is a partner in a Firm. He withdrew regularly 3, 000 rupees at the end every month for six months ending 31st March 2016 if interest on drawing is charged @ 10% per annum the interest charged will be
26. Following are essential elements of a partnership firm except:
27. A partner withdraws rupees 8000 each 1st April and 1st October .interest on his drawing is drawing @ 6% per annum on 31st March will be
28. Each partner carrying on the business is the principal as well as agent for all the other partners.
29. Interest on capital is provided to partners, when:
30. Which of the following is not incorporated in the Partnership Act?
31. As per section a minor may be admitted for the benefit of the partnership if:-
32. By virtue of Section 464 of the Companies Act, 2013 the Central Government is empowered to prescribe maximum number of partners in a firm but the number of partners cannot be more than .....
33. In the absence of partnership deed, interest on loan of a partner is allowed:
34. Every partner is bound to attend diligently to his in the conduct ofthe business.
35. The relation of the partner with the firm is that of
36. Which one of the following is NOT an essential feature of a partnership?
37. Rani and Shyam is partner in a firm. They are entitled to interest on their capital but the net profit was not sufficient for paying his interest, then the net profit will be disturbed among partner in
38. Partners' Current Accounts are opened when their capital accounts are
39. A is a partner in a firm .he withdrew rupees 10000 quarter during the year ended 31st March 2017 interest on drawing @ 9% will be
40. To which account salary and commission to partners and interest on capital be debited?
41. When the partners capitals are fixed, the drawings made by a partner will be recorded in .....
42. Current Account of a partner
43. Which of the following transactions is always recorded in the partner's capital account irrespective of whether the partners capitals are fixed or fluctuating?
44. A, B and C were partner in a firm sharing Profit in the ratio of 3:2:1 during the year the firm earned profit of Rs. 84, 000.Calculate the amount of Profit or Loss transferred to the capital A/c of B.
45. In the absence of partnership deed, partners are entitled to an interest on the amount of additional capital advanced by him to the firm at a rate of:
46. Does partnership firm has a separate legal entity?
47. Ram and Shyam are partners sharing profits and losses equally. Ram withdrew Rs. 1, 000 p.m regularly on the first day of every month during the year 2019-20 for personal expenses. If interest on drawings is charged @ 5%p.a What will be interest on the drawings of Ram?
48. In the absence of partnership deed, the profits of a firm are divided among the partners:
49. Salary to a partner under fixed capital account is credited to
50. Z is a partner firm. he withdrew regularly rupees 2000 per month for six months ending 31st March 2016 if interest on drawing is charge @ 8% per annum the interest charged will be
51. 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
52. Liability of partner is:
53. A Partnership firm has four partners. How many additional partners can be admitted into the business as per the provisions of Companies Act, 2013?
54. If Goodwill is Rs. 1, 20, 000, Average Profit is Rs. 60, 000 Normal. Rate of Return is10% on Capital Employed Rs. 4, 80, 000. Calculate capitalized value of the firm:-
55. A and B are partner's sharing profit equally. A draw regularly Rs. 4, 000 at the end of every month for 6 months. Year ended on 30thSeptember 2018, calculate interest on drawings @ rate 5% p.a.
56. Which of the following items will not appear in a Partners fixed capital A/c?
57. Yash, a partner withdraws a fixed amount in the beginning of every month for the first six months of the year 2019-20. What will be the average period for calculation of interest on drawings?
58. Interest payable on the capitals of the partners is charged to
59. Convertible Debentures are:
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