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

12th Standard

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 5
    6 x 1 = 6
  1. ___________ intervals refers to withdrawal made monthly, quarterly, half-yearly, once in 2 months and once in 4 months.

    (a)

    Fixed time

    (b)

    Current time

    (c)

    Average time

    (d)

    None of these

  2. ______________ is a type of partnership in which the liability of the partners is limited to the entent of their capital contribution.

    (a)

    Limited liability partnership

    (b)

    Limited assets

    (c)

    Partnership deed

    (d)

    None of these

  3. Under ____________ capital arrangement, current accounts will not be maintained.

    (a)

    Fixed

    (b)

    Fluctuating

    (c)

    Both 'a' and 'b'

    (d)

    None of these

  4. The debit balance of the current account, will be shown in the ____________ side of the balance sheet.

    (a)

    liabilities

    (b)

    assets

    (c)

    debit

    (d)

    credits

  5. Interest on partner's capital is allowed, only when the _______________ specifically provides for i

    (a)

    partnership Act

    (b)

    partnership agreement

    (c)

    both 'a' and 'b'

    (d)

    none of these

  6. Indian partnership Act was enacted in the year ___________

    (a)

    1932

    (b)

    1956

    (c)

    1991

    (d)

    1992

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