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Class 12 Accountancy Chapter 1 Accounting For Partnership Firms Fundamentals Quiz 1 (25 MCQs)

Quiz Instructions

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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 If equal amount is withdrawn by a partner in each month during a period of 6 months, interest on the total amount will be charged for .....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 If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total drawing will be calculated?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
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