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

  • 1. 
    In the absence of partnership deed, the partner will be allowed interest on the amount advanced to the firm:

  • @5%
  • @6%
  • @ 9%
  • @8%

  • 2. 
    Which one is not the feature of partnership?

  • Agreement
  • Sharing of Profit
  • Limited Liability
  • Two or more than two persons

  • 3. 
    In the absence of partnership deed, interest on capital will be given to the partners at:

  • 4. 
    The interest on partners’ Capital Accounts under fluctuating method is to be credited to:

  • Profit & Loss A/c
  • Interest A/c
  • Partner’s Capital A/c
  • None of these

  • 5. 
    The Interest on partners’ Capital Accounts under fluctuating method is to be credited to:

  • Profit & Loss A/c
  • Interest A/c
  • Partner’s Capital A/c
  • None of these

  • 6. 
    The Current Account of the partners will always have:

  • Debit balance
  • Credit balance
  • Either of the two
  • None of these

  • 7. 
    Interest on partner’s capital is calculated on:

  • Opening Capital
  • Closing Capital
  • Average Capital
  • None of these

  • 8. 
    Preparation of partnership agreement in writing is :

  • Compulsory
  • Voluntary
  • Partly Compulsory
  • None of these

  • 9. 
    Interest payable on the capital of the partners is recorded in:

  • Profit & Loss A/c
  • Realisation A/c
  • Profit & Loss Appropriation A/c
  • None of these

  • 10. 
    For the firm, interest on partner’s drawings is a/an :

  • Expense
  • Income
  • Loss
  • Gain
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