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Class 12 Accountancy Chapter 1 Accounting For Partnership Firms Fundamentals Quiz 2 (25 MCQs)

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1. Following are essential elements of a partnership firm except:
2. 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
3. Each partner carrying on the business is the principal as well as agent for all the other partners.
4. Interest on capital is provided to partners, when:
5. Which of the following is not incorporated in the Partnership Act?
6. As per section a minor may be admitted for the benefit of the partnership if:-
7. 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 .....
8. In the absence of partnership deed, interest on loan of a partner is allowed:
9. Every partner is bound to attend diligently to his in the conduct ofthe business.
10. The relation of the partner with the firm is that of
11. Which one of the following is NOT an essential feature of a partnership?
12. 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
13. Partners' Current Accounts are opened when their capital accounts are
14. 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
15. To which account salary and commission to partners and interest on capital be debited?
16. When the partners capitals are fixed, the drawings made by a partner will be recorded in .....
17. Current Account of a partner
18. Which of the following transactions is always recorded in the partner's capital account irrespective of whether the partners capitals are fixed or fluctuating?
19. 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.
20. 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:
21. Does partnership firm has a separate legal entity?
22. 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?
23. In the absence of partnership deed, the profits of a firm are divided among the partners:
24. If equal amount withdrawn by partner in the end of each month during a period of 6 months, interest on the total amount will be charged for ..... month
25. Salary to a partner under fixed capital account is credited to
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