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

  • 1. 
    In the absence ofany agreement, the profits or losses of the firm are shared:

  • Equally
  • In Capital Ratio
  • In Different Proportions
  • None o these

  • 2. 
    In partnership firm profits and losses are shared :

  • Equally
  • In the Ratio of Capitals
  • As per Agreement
  • None of these

  • 3. 
    Profit & Loss Appropriation Account is prepared to:

  • Create Reserve Fund
  • Find out Net Profit
  • Find out Divisible Profit
  • None of these

  • 4. 
    In an Ordinary Partnership, maximum number of partners can be:

  • 50
  • 10
  • 15
  • 20

  • 5. 
    Which of the following is an appropriation of profit?

  • Interest on Loan
  • Interest on Capital
  • Salary
  • Rent

  • 6. 
    When time of withdrawals are not mentioned, interest on drawings is charged :

  • for 616 months
  • for 8 months
  • for 516 months
  • for 12 months

  • 7. 
    When drawings are made at the end of every month of certain amount, then interest will be calculated on total drawings:

  • for 616 months
  • for 6 months
  • for 516 months
  • for i month

  • 8. 
    In the absence of partnership deed, partners are not entitled to receive:

  • Salaries
  • Commission
  • Interest on Capital
  • All of these

  • 9. 
    If a fixed amount is withdrawn on the first day of every quarter, the interest on total drawing will be calculated :

  • for 6 months
  • for 6.5 months
  • for 5.5 months
  • for 7.5 months

  • 10. 
    Which accounts are opened when the capitals are fixed?

  • Only Capital Accounts
  • Only Current Accounts
  • Liability Accounts
  • Capital and Current Accounts
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