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
Interest on capital as a charge against profits in case of insufficient profit is
  • A
    Allowed in full irrespective of profit
    Correct
  • B
    All of these
  • C
    Not allowed
  • D
    Allowed to the extent of profit
2
Interest on capital is calculated on
  • A
    None of these
  • B
    Opening capital
    Correct
  • C
    Closing capital
  • D
    Profit
3
When rate of Interest on Drawings is given without the word per annum, interest will be calculated _____
  • A
    For 6 month
  • B
    For 1 month
  • C
    For 12 month
  • D
    Irrespective of time period
    Correct
4
Under which section of the Partnership Act 1932 defines partnership
  • A
    Section 4
    Correct
  • B
    Section 45
  • C
    Section 3
  • D
    Section 2
5
Goodwill is an __________ asset
  • A
    None of these
  • B
    Intangible asset.
    Correct
  • C
    Tangible asset
  • D
    Both
6
Goodwill is capitalized valued of ____
  • A
    Super Profit
  • B
    Normal Profit
  • C
    Average Profit
    Correct
  • D
    None of these
7
Formula for capitalization of Average Profit is
  • A
    \(\frac{{Average{\text{ Profit }} \times {\text{ 100}}}}{{Normal{\text{ }}rate{\text{ }}of{\text{ }}return}}\)
    Correct
  • B
    \(\frac{{Average{\text{ Profit }}}}{{Normal{\text{ Profit }}}}\)
  • C
    \(\frac{{Average{\text{ Profit }}}}{{Normal{\text{ }}rate{\text{ }}of{\text{ }}return}}\)
  • D
    \(\frac{{Average{\text{ Profit + 100 }}}}{{Normal{\text{ Profit }}}}\)
8
________ is the excess of actual profit over normal profit
  • A
    Super Loss
  • B
    Super Profit
    Correct
  • C
    Normal profit
  • D
    Average Profit
9
Types of goodwill are
  • A
    Average Goodwill and Generated Goodwill
  • B
    Purchase Goodwill and Generated Goodwill
    Correct
  • C
    Average Goodwill and Super Goodwill
  • D
    Purchase Goodwill and Super Goodwill
10
Match the following and choose the correct option
Question 10 figure 1
  • A
    1.(c) , 2. (b), 3. (a)
    Correct
  • B
    1.(b) , 2. (c), 3. (a)
  • C
    1.(b) , 2. (b), 3. (a)
  • D
    1.(a) , 2. (b), 3. (c)
11
How fixed capital account is differ from fluctuating capital account
  • A
    Fixed capital account neither show positive or negative accounts.
  • B
    Fixed capital account can never show a negative balance.
    Correct
  • C
    Fixed capital account can show both positive and negative accounts.
  • D
    Fixed capital account can show only negative account
12
Transfer of Balance of Profit and Loss Account to Profit and Loss Appropriation when Profit and Loss Account shows a credit balance (net profit).
  • A
    Option A
  • B
    Option B
    Correct
  • C
    Option C
  • D
    Option D
13
What will be the adjusting entry to provide for Interest on Partner’s loan
  • A
    Option A
  • B
    Option B
  • C
    Option C
  • D
    Option D
    Correct
14
Salary or Commission to a partner is an
  • A
    appropriation out of profits
    Correct
  • B
    charge against profits
  • C
    None of these
  • D
    both of these
15
Profit and Loss appropriation account is differ from Profit and Loss account as it is prepared by
  • A
    Only partnership firm
    Correct
  • B
    All business firms
  • C
    Only companied
  • D
    Only sole proprietorship