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12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 1 Mark Questions with Solution Part - I

12th Standard

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 5
    5 x 1 = 5
  1. Product method can be used in all situations as an alternative to ____________

    (a)

    average period

    (b)

    direct method

    (c)

    both 'a' and 'b'

    (d)

    none of these

  2. In a partnership business, agreement is ___________

    (a)

    compulsory

    (b)

    optional

    (c)

    not necessary

    (d)

    none of these

  3. Current accounts for partners will be opened under, ____________

    (a)

    Fixed capital method

    (b)

    Fluctuating capital method

    (c)

    Either fixed capital method or fluctuating capital method

    (d)

    None of these

  4. 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

  5. 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)

    \(\frac{10}{24}\)

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