Fundamental of partnership - MCQ Quiz no. 1
Fundamentals of Partnership Quiz
Test your knowledge of partnership fundamentals with this engaging quiz! This quiz covers key concepts like partnership deeds, profit distribution, and interest on loans. Whether you're a student or a professional looking to enhance your understanding, this quiz is designed for you.
- 11 carefully crafted questions
- Immediate feedback on answers
- Learn more about partnership principles
Partnership Deed is also called
Articles of Partnership
Prospectus
Articles of Association
Principles of Partnership
When is the Partnership Act enforced?
When there is no partnership deed
Where there is a partnership deed but there are differences of opinion between the partners
When capital contribution by the partners varies
When the partner’s salary and interest on capital are not incorporated in the partnership deed
In the absence of a partnership deed, the allowable rate of interest on partner’s loan account will be :
6% Simple Interest
6% p.a. Simple Interest
12% Simple Interest
12% Compounded Annually
Which one of the following items cannot be recorded in the profit and loss appropriation account?
Interest on capital
Interest on drawings
Rent paid to partners
Partner’s salary
If any loan or advance is provided by partner then, balance of such Loan Account should be transferred to :
B/S Assets side
B/S Liability Side
Partner’s Capital A/c
Partner’s Current A/c
On 1st January 2019, a partner advanced a loan of ₹1,00,000 to the firm. In the absence of agreement, interest on loan on 31st March 2019 will be :
Nil
‚¹1,500
‚¹3,000
‚¹6,000
Which of the following items are recorded in the Profit & Loss Appropriation Account of a partnership firm?
Interest on Capital
Salary to Partner
Transfer to Reserve
All of the above
A partner introduced additional capital of ₹30,000 and advanced a loan of ₹40,000 to the firm at the beginning of the year. Partner will receive year’s interest:
‚¹4,200
‚¹2,400
Nil
‚¹1,800
X, Y, and Z are partners in a firm. At the time of division of profit for the year, there was dispute between the partners. Profit before interest on partner’s capital was ₹6,00,000 and Z demanded minimum profit of ₹5,00,000 as his financial position was not good. However, there was no written agreement on this point.
Other partners will pay Z the minimum profit and will share the loss equally
Other partners will pay Z the minimum profit and will share the loss in capital ratio
X and Z will take ₹50,000 each and Z will take ₹5,00,000.
‚¹2,00,000 to each of the partners
X, Y, and Z are partners in a firm. At the time of division of profit for the year, there was dispute between the partners. .Profit before interest on partner’s capital was ₹6,000 and Y determined interest @24% p.a. On his loan of ₹80,000. There was no agreement on this point. Calculate the amount payable to X, Y, and Z respectively.
‚¹2,000 to each partner
Loss of ₹4,400 for X and Z; Twill take ₹14,800
‚¹400 for X, ₹5,200 for Y and ₹400 for Z.
None of the above.
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