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

12th Standard

Reg.No. :
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Accountancy

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

10 x 1 = 10
1. In the absence of an agreement among the partners, interest on capital is

(a)

Not allowed

(b)

Allowed at bank rate

(c)

Allowed @ 5% per annum

(d)

Allowed @ 6% per annum

2. When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is

(a)

5.5 months

(b)

6 months

(c)

12 months

(d)

6.5 months

3. In the absence of an agreement, partners are entitled to

(a)

Salary

(b)

Commission

(c)

Interest on loan

(d)

Interest on capital

4. Profit after interest on drawings, interest on capital and remuneration is Rs.10,500. Geetha, a partner, is entitled to receive commission @ 5% on profits after charging such commission. Find out commission.

(a)

Rs.50

(b)

Rs.150

(c)

Rs.550

(d)

Rs.500

5. The profit or loss arising from the partnership business is shared by the partners in the

(a)

old ratio

(b)

new ratio

(c)

agreed ratio

(d)

sacrifice ratio

6. The maximum number of partners in a partnership firm is

(a)

25

(b)

10

(c)

30

(d)

50

7. The balance in the appropriation account is transferred to the partner's capital account in the

(a)

agree ratio

(b)

sacrifice ratio

(c)

profit sharing ratio

(d)

old ratio

8. Period of interest refers to the period from the date of drawings to the closing date of the

(a)

opening year

(b)

closing year

(c)

previous year

(d)

accounting year

9. Under fixed capital method salary payable to a partner is recorded

(a)

in current account

(b)

in capital account

(c)

either in current account or capital account

(d)

none of these

10. Amount is drawn regularly at the middle of every month during the year. Interest calculated for

(a)

$\frac{13}{24}$

(b)

$\frac{11}{24}$

(c)

$\frac{12}{24}$

(d)

$\frac{10}{24}$