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
As per the partnership Act, 1932 what is the maximum limit regarding numbers of partners in a general business?
  • A
    None of These
  • B
    20
  • C
    7
    Correct
  • D
    10
2
When partnership deed is silent regarding interest on capital and drawings, it will be given as follows
  • A
    No interest on capital and drawings
  • B
    10 % p.a. on capital and 6% on drawings
  • C
    6% p.a. on capital and drawings
    Correct
  • D
    None of These
3
Money withdrawn by a partner on 1st April Rs. 1,000 and interest on drawings is fixed at 6% (Books are closed on 31st Dec.) The amount of interest will be Rupees:
  • A
    350
  • B
    600
    Correct
  • C
    No interest will be charged.
  • D
    450
4
Rent paid to a partner comes under:
  • A
    Partners current Account
  • B
    Profit and Loss appropriation Account
  • C
    Profit and Loss Account
    Correct
  • D
    Partners capital Account
5
When a partner withdraws Rs. 4000 at the beginning of each quarter, the interest on his drawings @ 6% p.a. will be Rs. :
  • A
    960
  • B
    480
  • C
    240
  • D
    600
    Correct
6
Interest on capital to be given to X&Y when Profits shown by P/L A/C Rs. 1500 and capitals invested by X & Y are Rs. 30,000 and 20,000 (rate of interest is 10% p.a.).
  • A
    600 and 900
    Correct
  • B
    3000 and 2000
  • C
    900 and 600
  • D
    300 and 200
7
Salary paid to the manager will be shown in :
  • A
    Partners current account only
  • B
    Partners capital account only
  • C
    Profit and loss account
  • D
    Profit and loss appropriation account
    Correct
8
Salary paid to a partner will be shown in :
  • A
    Partners current account only
  • B
    Profit and loss appropriation account
  • C
    Partners capital account only
  • D
    Profit and loss account
    Correct
9
In the absence of partnership deed profit sharing ratio will be :
  • A
    Profits will not be distributed
  • B
    Senior partner will get more profit
  • C
    Capital Ratio
    Correct
  • D
    Equal ratio irrespective of capitals.
10
If Rs.3,000 withdrawn by a partner on the first day of every quarter, interest on drawings will be calculated for :
  • A
    {text{7}}\frac{1}{2}{/tex}months
    Correct
  • B
    6 months
  • C
    {text{5}}\frac{1}{2}{/tex}months
  • D
    {text{4}}\frac{1}{2}{/tex}months
11
Partners collectively are called :
  • A
    Firm?s name
  • B
    Company
    Correct
  • C
    Business
  • D
    Firm
12
It is better to have the agreement in writing to avoid any ___
  • A
    Audit
  • B
    Loss
  • C
    Case
  • D
    Dispute
    Correct
13
A partner has the right now to allow the _________
  • A
    Share of Loss
  • B
    Share of Reserves
  • C
    Admission of a new partner
    Correct
  • D
    Share of Profit
14
Partnership is established by ___________
  • A
    Law
  • B
    Lawful Business
  • C
    Agreement
    Correct
  • D
    Section 4
15
Registration of partnership firm is _________-
  • A
    Under Companies Act 1956
  • B
    Not Allowed
  • C
    Compulsory
  • D
    Optional
    Correct