CBSE  /  Class 12  /  Accountancy  /  Accounting for Partnership: Basic Concepts

  • 1. 
    Features of a partnership firm are:

  • Two or more persons
  • Sharing profit and losses in the agreed ratio
  • Business carried on by all or any of them acting for all
  • All of the above

  • 2. 
    What time would be taken into consideration if equal monthly amount is drawn as drawings at the beginning of each month ?

  • 7 months
  • 6 months
  • 5 months
  • 6.5 months

  • 3. 
    A draws ₹ 1,000 per month on the last day of every month. If the rate of interest is 5% p.a., then the total interest on drawings will be :

  • ₹ 325
  • ₹ 275
  • ₹ 300
  • ₹ 350

  • 4. 
    In the absence of an agreement, partners are entitled to:

  • Salary
  • Profit share in capital ratio
  • Interest on loan and advances
  • Commission

  • 5. 
    Fluctuating capital account is credited with :

  • Interest on capital
  • Profit of the year
  • Remuneration of partners
  • All of these

  • 6. 
    Interest on Partner’s capital is :

  • An expenditure
  • An appropriation
  • A gain
  • None of these

  • 7. 
    Calculate interest on drawings @ 12% p.a. for Gambhir if he withdrew 7 2,000 once at the beginning of each month:

  • 7 1,560
  • 7 1,500
  • 7 1,200
  • 7 1,000

  • 8. 
    Interest on drawings of the Partners is a :

  • Loss to business
  • Profit to business
  • Profit to partners
  • Loss to Bank

  • 9. 
    The relation of partners with the firm is that of:

  • An owner
  • An Agent
  • An owner and an agent
  • Manager

  • 10. 
    Liability of Partners is :

  • Limited
  • Unlimited
  • Determined by partnerships Account
  • None of these
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