12th Standard Accounts - Accounts of Partnership Firms-Fundamentals English Medium Free Online Test One Mark Questions 2020 - 2021

12th Standard

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Accountancy

Time : 00:10:00 Hrs
Total Marks : 10

10 x 1 = 10
1. In the absence of a partnership deed, profits of the firm will be shared by the partners in

(a)

Equal ratio

(b)

Capital ratio

(c)

Both (a) and (b)

(d)

None of these

2. As per the Indian Partnership Act, 1932, the rate of interest allowed on loans advanced by partners is

(a)

8% per annum

(b)

12% per annum

(c)

5% per annum

(d)

6% per annum

3. Which of the following is the incorrect pair?

(a)

Interest on drawings – Debited to capital accouunt

(b)

Interest on capital - Credited to capital account

(c)

Interest on loan - Debited to capital account

(d)

Share of profit - Credited to capital account

4. Pick the odd one out

(a)

Partners share profits and losses equally

(b)

Interest on partners capital is allowed at 7% per annum

(c)

No salary or remuneration is allowed to partners

(d)

Interest on loan from partners is allowed at 6% per annum

5. X and Yare partners sharing the profits and losses in the ratio of 2:3 with capitals of Rs. 1,20,000 and Rs. 60,000 respectively. Profits for the year are Rs. 9,000. If the partnership deed is silent as to interest on capital. Show how profit is shared among X and Y ____________

(a)

Profit X - Rs. 6,000; Y - Rs. 3,000

(b)

Profit X - Rs. 3,600; Y - Rs. 5,400

(c)

Profit X - Rs. 3,000; Y - Rs. 6,000

(d)

Profit X - Rs. 2,000; Y - Rs. 2,600

6. When a fixed amount is withdrawn in the beginning of every month the period calculated for interest on drawings is ____________

(a)

$\frac{11}{24}$

(b)

$\frac{12}{24}$

(c)

$\frac{13}{24}$

(d)

$\frac{10}{24}$

7. ___________ is a document in writing that contains the terms of the agreement among the partners.

(a)

Partnership deed

(b)

Partnership at will

(c)

Both 'a' and 'b'

(d)

None of these

8. __________ method, only capital account is maintained for each partner

(a)

Fixed capital

(b)

Fluctuating capital

(c)

Both 'a' and 'b'

(d)

None of these

9. Under fluctuating capital method, profit or loss in a year, will be transferred to the respective _____________ accounts.

(a)

capital

(b)

profit and loss

(c)

drawings

(d)

none of these

10. __________ can be formed only for a legal business.

(a)

(b)

Co-operative societies

(c)

Partnership

(d)

None of these