Quiz  /  Retirement/Death of a Partner Gate & PSU MCQ Questions With...

  • 1. 
    When the partners capitals are fixed, the drawings made by a partner will be recorded in _____.

  • Partner'sCapital account
  • Partner's current account
  • Profit and Loss Account
  • None of these.

  • 2. 
    In the absence of a partnership deed the partners are entitles to interest on capital at the rate of

  • 6%
  • 9%
  • 12%
  • nil

  • 3. 
    Interest payable on the capitals of the partners is charged to

  • Profit and Loss Account
  • Profit and Loss Adjustment Account
  • Realisation Account
  • Profit and Loss Appropriation Account

  • 4. 
    It is mandatory to have a written partnership aggreement.

  • True
  • False

  • 5. 
    A and B agree to admit C into partnership, the premium for goodwill is paid directly to A and B. How do you treat the premium for goodwill ?

  • No entry is required.
  • It is to be entered in Cash Book.
  • It is to be retained for business use.
  • It is to be recorded in the partnership’s books.

  • 6. 
    Accounting rules for partnership are governed by the partnership act of

  • 1933
  • 1956
  • 1932
  • 2013

  • 7. 
    Which of the following is an appropriation of profit?

  • Interest on loan
  • Salary to partner
  • Employees’ salary
  • Rent

  • 8. 
    The written agreement of partnership is most commonly referred to as :

  • Agreement
  • Partnership Deed
  • Partnership contract
  • Partnership Act

  • 9. 
    In the absence of partnership deed interest on loan will be given at rate of ?

  • 5%
  • 6%
  • 7%
  • 8%
Report Question
warning
access_time
  Time