Fundamentals Of Partnership And Goodwill CBSE Questions & Answers

Fundamentals Of Partnership And Goodwill

This is Accountancy Class 12 Fundamentals of partnership and Goodwill CBSE Questions & Answers. There are 15 questions in this test with each question having around four answer choices.

Questions & Answers

1
The person who have entered into a partnership with one another are individually called
  • A
    Company
  • B
    Co-operatives
  • C
    Partner
    Correct
  • D
    Firm
2
Under fluctuating Capital method how many accounts of each partner is maintained
  • A
    3
  • B
    2
  • C
    1.0
    Correct
  • D
    4
3
If the partnership agreement is silent as to Interest on capital
  • A
    6\(%\) interest on capital is allowed
  • B
    5\(%\) interest on capital is allowed
  • C
    No interest on capital is allowed
    Correct
  • D
    2\(%\) interest on capital is allowed
4
How to calculate Commission as \(%\) of Net Profit after charging such commission
  • A
    \(Net{\text{ Profit before taxation }} \times \frac{{rate{\text{ }}of{\text{ }}commisssion}}{{100{\text{ + rate of commission }}}}\)
    Correct
  • B
    \(Net{\text{ Profit before taxation }} \times {\text{ }}\frac{{rate{\text{ }}of{\text{ }}commisssion}}{{100}}\)
  • C
    \(Net{\text{ Profit before taxation }} \times {\text{ }}\frac{{{\text{ }}commisssion}}{{{\text{ rate of commission }}}}\)
  • D
    None of the above
5
How would you calculate interest on drawing of equal amount drawn on the last day of every month
  • A
    \(\frac{{rate{\text{ }} \times {\text{ 5}}{\text{.5}}}}{{100{\text{ }} \times {\text{ 12}}}}\)
    Correct
  • B
    \(\frac{{rate{\text{ }} \times {\text{ 6}}{\text{.0}}}}{{100{\text{ }} \times {\text{ 12}}}}\)
  • C
    \(\frac{{rate{\text{ }} \times {\text{ 6}}{\text{.5}}}}{{100{\text{ }} \times {\text{ 12}}}}\)
  • D
    \(\frac{{rate{\text{ }} \times {\text{ 5}}{\text{.5}}}}{{100{\text{ }}}}\)
6
Instead of altering old accounts, necessary adjustments can be made through:
  • A
    Profit and Loss Account
  • B
    Profit and Loss Appropriation Account
  • C
    Profit and Loss Adjustment Account
    Correct
  • D
    None of these
7
Items listed below appear on the Profit and loss account except:
  • A
    Salary to partner’s
  • B
    Insurance Premium
    Correct
  • C
    Commission to partner’s
  • D
    Interest on capital
8
If dates of the withdrawal of drawings are not given then interest on drawings should be charged
  • A
    For 12months
  • B
    For 6 months
    Correct
  • C
    For 8 months
  • D
    For 0 months
9
Indian Partnership Act year is
  • A
    1932.0
    Correct
  • B
    1933
  • C
    1934
  • D
    1935
10
Credit balance of Current Account is shown in which side of Balance sheet:
  • A
    None of these side
  • B
    Assets side
  • C
    Both the side
  • D
    Liabilities side
    Correct
11
Sometimes a partner may be guaranteed a minimum amount of his share in profits by
  • A
    One partner
  • B
    All are correct
    Correct
  • C
    All partners
  • D
    In agreed ration by all old partners
12
Below are listed Content of partnership Deed except:
  • A
    Name of the firm.
  • B
    Interest on Debentures
    Correct
  • C
    Ratio in which profit or losses shall be share
  • D
    Interest on Partners capital and drawings
13
What is the status of partnership from an accounting viewpoint
  • A
    a separate business entity.
    Correct
  • B
    Not separate from the owners.
  • C
    Both of these
  • D
    None of these
14
The members of the partnership firm are called
  • A
    Managers
  • B
    Partners
    Correct
  • C
    Proprietors
  • D
    Directors
15
When interest on capital is paid whether there is profit or loss it is known as
  • A
    None of these
  • B
    Both
  • C
    Appropriation of profit
  • D
    Charge against profit
    Correct