12th Class Accountancy Fundamentals of Partnership Question Bank

done MCQs - Accounting for Partnership Firm - Fundamentals Total Questions - 155

• question_answer1)
  As per the Partnership Act, 1932 what is the maximum limit regarding number of partners in a partnership business?
  A)
  20  done clear
  B)
  50 done clear
  C)
  100  done clear
  D)
  None of These done clear
  View Solution play_arrow

• question_answer2)
  It is compulsory for a partnership firm to have;
  A)
  50 Members in the partnership done clear
  B)
  Written Agreement i.e. Partnership Deed done clear
  C)
  Profit sharing ratio equal done clear
  D)
  Lawful business done clear
  View Solution play_arrow

• question_answer3)
  Partners collectively are called:
  A)
  Company  done clear
  B)
  Registered Business done clear
  C)
  Firm's name done clear
  D)
  Firm done clear
  View Solution play_arrow

• question_answer4)
  Which of the followings not a feature of partnership?
  A)
  Agreement   done clear
  B)
  Sharing of Profit done clear
  C)
  Limited Liability done clear
  D)
  Two or more than two persons done clear
  View Solution play_arrow

• question_answer5)
  Which of the following is correct?
  A)
  Two firms cannot form a partnership done clear
  B)
  Business cannot be carried on by one partner done clear
  C)
  Written agreement is required to form a partnership done clear
  D)
  Sharing of Profits/losses is not necessary done clear
  View Solution play_arrow

• question_answer6)
  Each partner is both an agent and a principal as per:
  A)
  Written Agreement          done clear
  B)
  Oral Agreement done clear
  C)
  Mutual agency relationship done clear
  D)
  Provisions of partnership deed done clear
  View Solution play_arrow

• question_answer7)
  Following are the essential elements of a partnership firm except:
  A)
  Minimum two partners done clear
  B)
  There is an agreement between all partners done clear
  C)
  Equal share of profits and losses done clear
  D)
  Relationship of Agent and Principal done clear
  View Solution play_arrow

• question_answer8)
  When duration of partnership is not fixed and it can be dissolved any time, it is called;
  A)
  Partnership Deed   done clear
  B)
  Partnership at WILL done clear
  C)
  Partnership without deed done clear
  D)
  Fixed Partnership done clear
  View Solution play_arrow

• question_answer9)
  In case of partnership, the act of any partner is:
  A)
  Binding on all partners done clear
  B)
  Binding on that partner only done clear
  C)
  Binding on all partners except that partner done clear
  D)
  Binding on new partner only done clear
  View Solution play_arrow

• question_answer10)
  Which of the following cannot be a partner in the firm?
  A)
  A person who is insane (lunatics or unsound mind) done clear
  B)
  A person who is disqualified by law done clear
  C)
  A minor done clear
  D)
  Both (a) and (b) done clear
  View Solution play_arrow

• question_answer11)
  Which of the following is not an importance of partnership deed?
  A)
  Registration of partnership business is mandatory done clear
  B)
  It avoids disputes/conflicts/misunderstandings among the partners done clear
  C)
  It can be used as an evidence done clear
  D)
  It helps in smooth functioning of the business done clear
  View Solution play_arrow

• question_answer12)
  Pick the odd one out:
  A)
  Rent to partner done clear
  B)
  Salary to partner (charge) done clear
  C)
  Interest on Partner's Loan  done clear
  D)
  Interest on Partner's capital done clear
  View Solution play_arrow

• question_answer13)
  Which of the following is legally qualified to start a partnership business?
  A)
  Minor Partner done clear
  B)
  Lunatic person done clear
  C)
  A person disqualified by Law done clear
  D)
  Solvent person done clear
  View Solution play_arrow

• question_answer14)
  Profit and Loss Appropriation Account is prepared:
  A)
  In case of Sole Proprietorship Business done clear
  B)
  In case of Partnership business only done clear
  C)
  in case of all business firms except the sole proprietorship business done clear
  D)
  Both and options are correct done clear
  View Solution play_arrow

• question_answer15)
  Match the following:

  (i)	Interest on capital	(a)	50
  (ii)	Interest on drawings	(b)	Written Agreement
  (iii)	Partnership deed	(c)	Will be charged irrespective of Profit OR loss
  (iv)	Maximum number of partners	(d)	Will not be allowed in case of loss

  A)
  (i) d; (ii) c; (iii) b; (iv) a done clear
  B)
  (i) d; (ii) b; (iii) c; (iv) a done clear
  C)
  (i) d; (ii) a; (iii) b; (iv) c done clear
  D)
  (i) d; (ii) c; (iii) a; (iv) b   done clear
  View Solution play_arrow

• question_answer16)
  When partnership deed is silent regarding interest on capital and drawings, it will be given as follows
  A)
  6% p. a. on capital and drawings done clear
  B)
  10 % p.a. on capital and 6% on drawings done clear
  C)
  No interest on capital and drawings done clear
  D)
  None of these done clear
  View Solution play_arrow

• question_answer17)
  In the absence of partnership deed profit sharing ratio will be:
  A)
  Capital Ratio done clear
  B)
  Senior partner will get more profit done clear
  C)
  Profits will not be distributed done clear
  D)
  Equal ratio irrespective of capitals done clear
  View Solution play_arrow

• question_answer18)
  _______ will be provided whether there is partnership deed or not and even firm is in profit or loss:
  A)
  Commission to partner done clear
  B)
  Interest on loan by partner done clear
  C)
  Rent to a partner   done clear
  D)
  Both (b) and (c) done clear
  View Solution play_arrow

• question_answer19)
  Which of the following is not applicable in the absence of partnership deed?
  A)
  No interest on capital and drawings done clear
  B)
  Interest on Partner's Loan 6% p.a. done clear
  C)
  No salary/remuneration to partners done clear
  D)
  Profit are shared in capital ratio done clear
  View Solution play_arrow

• question_answer20)
  Identify the correct statement:
  A)
  Profits will be shared equally when appropriations are more than the profits done clear
  B)
  Profits will be shared equally when there is loss in the firm. done clear
  C)
  Interest on drawings is not calculated in case firm is in loss. done clear
  D)
  When there is no partnership deed, interest on drawings is not calculated. done clear
  View Solution play_arrow

• question_answer21)
  What is the other name of Partnership Deed?
  A)
  Articles of Association      done clear
  B)
  Articles of Partnership done clear
  C)
  Certificate of Registration done clear
  D)
  Legal Promissory Note done clear
  View Solution play_arrow

• question_answer22)
  X, Y and Z are partners with a capital of Rs.5,00,000, Rs.2,50,000 and Rs.2,50,000 respectively. At the time of division of profit for the year there was a dispute between the partners for profit sharing ratio. X wanted that profit should be distributed in their capital ratio, but other partners do not agree on this. Profit during the year is Rs.15,000. Z's share of Profit will be:
  A)
  7,500 done clear
  B)
  5,000 done clear
  C)
  3,750 done clear
  D)
  7,000 done clear
  View Solution play_arrow

• question_answer23)
  Match the following :

  (i)	Loan given by partner to the firm	(a)	Is an extension of Profit and Loss Account
  (ii)	Loan given by the firm to a partner	(b)	Liability
  (iii)	Profits will be shared equally	(c)	When there is no partnership deed
  (iv)	Profit and Loss Appropriation Account	(d)	Asset

  A)
  (i) b, (ii) d, (in) a (iv) c done clear
  B)
  (i) b, (ii) c, (iii) d (iv) a done clear
  C)
  (i) b, (ii) d, (iii) c (iv) a done clear
  D)
  (i) b, (ii) a, (iii) c (iv) d done clear
  View Solution play_arrow

• question_answer24)
  Loan obtained from the bank @ 9% p.a. but there is no partnership deed. How much interest will be paid to the bank?
  A)
  6% fixed done clear
  B)
  6% per annum done clear
  C)
  9% p.a.   done clear
  D)
  No, interest done clear
  View Solution play_arrow

• question_answer25)
  A and B are partners. B has given a loan of Rs.40,000 to the firm on 1st July 2020. The partnership deed is silent upon the interest on loan. B claims 10% p.a. interest on his loan. What amount of interest is payable to B on 31st March 2021?
  A)
  4,000  done clear
  B)
  3,000 done clear
  C)
  2,400 done clear
  D)
  1,800 done clear
  View Solution play_arrow

• question_answer26)
  A and B are partners entered into the partnership on 01.11.2020 without any partnership deed with a capital of Rs.5,00,000 each. On 01.12.2020 Mrs. A advance Rs.2,00,000 by way of loan to the firm @ 9% p.a. Interest on Mrs. A loan on 31st March 2021 will be:
  A)
  12,000 done clear
  B)
  6,000 done clear
  C)
  No Interest on Loan done clear
  D)
  3,000 done clear
  View Solution play_arrow

• question_answer27)
  Mohan a partner given loan to the firm on 1st October 2020 without any agreement to interest. On 31st March 2021, Interest on loan was paid to him Rs.8,000 and Rs.1,000 interest was still outstanding. How much loan Mohan had given to the firm?
  A)
  1,50,000   done clear
  B)
  2,00,000 done clear
  C)
  2,50,000 done clear
  D)
  3,00,000 done clear
  View Solution play_arrow

• question_answer28)
  Match the following : A and B are two partners in a firm (Loan taken in the beginning)

  (i)	Loan given by Mrs. A to the firm is Rs.2,00,000 and there is no agreement on interest on loan		12,000
  (ii)	Loan given by Mrs. B to the firm is Rs.2,00,000 and interest on loan is 10% p.a.	(b)	No Interest
  (iii)	Loan given by B to the firm is Rs.2,00,000 and interest on loan is 12% p.a.	(c)	20,000
  (iv)	Loan given by the partner A to the firm is Rs.2,00,000 and Partnership deed is silent on Interest on loan	(d)	24,000

  A)
  (i) b ; (ii) c ; (iii) d ; (iv) a done clear
  B)
  (i) b ; (ii) c ; (iii) a ; (iv) d done clear
  C)
  (i) b ; (ii) a ; (iii) d ; (iv) c done clear
  D)
  (i) b ; (ii) d ; (iii) c ; (iv) a done clear
  View Solution play_arrow

• question_answer29)
  X and Y have started a business in partnership on 1st July 2020. As per the partnership deed interest on capital to be allowed @ 10% p.a. and profits will be shared in the ratio of their capitals i.e. 5:3. Total interest on capital provided at the end of the year 31st March 2021 Rs.24,000. What was the capital of Y:
  A)
  3,20,000 done clear
  B)
  2,00,000 done clear
  C)
  1,50,000 done clear
  D)
  1,20,000 done clear
  View Solution play_arrow

• question_answer30)
  X and Y are partners sharing profits and losses in the ratio of 5:3. As per the partnership deed interest on capital is allowed @10% p.a. There is loss during the year Rs.70,000 instead of profits. Interest on capital will be:
  A)
  Allowed @ 10% p.a.       done clear
  B)
  Allowed @ 6% p.a. due to loss done clear
  C)
  No interest on capital due to loss done clear
  D)
  Allowed @ 5% p.a. only done clear
  View Solution play_arrow

• question_answer31)
  What Interest on capital is to be provided to X & Y, when profits shown by Profit & Loss Account Rs. 1,500 and capitals invested by X & Y are Rs.30,000 and Rs.20,000 (rate of interest is 10% p.a.).
  A)
  600 and 900 done clear
  B)
  900 and 600 done clear
  C)
  300 and 200 done clear
  D)
  3000 and 2000 done clear
  View Solution play_arrow

• question_answer32)
  A and B are partners with ratio 6/15 and 9/15 with capitals of Rs.50,000 and Rs.25,000. Partnership deed provides interest on capital @10% p.a. The trading loss for the year was Rs.3,000. Loss Shared by Partners :
  A)
  Loss to A 4,200; B 6,300 done clear
  B)
  Loss to A 1,200; B 1,800 done clear
  C)
  Loss to A 1,800; B 2,700 done clear
  D)
  Loss to A 1,500; B 1,500 done clear
  View Solution play_arrow

• question_answer33)
  Jolly and Monty started a business in partnership on 1st August 2020. They introduced capital Rs.4,50,000 and Rs.3,75,000 respectively. On 1st October 2020 Monty introduced Rs.25,000 additional capital. Interest on capital provided as per the partnership deed at the end of the year 31st March 2021, Jolly Rs.27,000 and Monty Rs.23,625. What was the rate of interest on capital?
  A)
  6% p.a. done clear
  B)
  8% p.a. done clear
  C)
  9% p.a. done clear
  D)
  12% p.a. done clear
  View Solution play_arrow

• question_answer34)
  Interest on capital will be paid to the partners if provided for in the partnership deed but only out of:
  A)
  Profits done clear
  B)
  Goodwill done clear
  C)
  Reserves  done clear
  D)
  Accumulated profits done clear
  View Solution play_arrow

• question_answer35)
  Calculate interest on capital @ 10% p.a. of Rishi (partner) from the following information:

  01.04.2020	Opening Capital	5,00,000
  30.04.2020	Additional capital	50,000
  31.07.2020	Additional capital	1,00,000
  01.08.2020	Drawings	50,000
  30.09.2020	Withdrawal of capital	2,00,000
  31.12.2020	Additional capital	2,00,000

  Interest on capital calculated on 31st March 2021:
  A)
  51667   done clear
  B)
  51667 done clear
  C)
  55417 done clear
  D)
  56250 done clear
  View Solution play_arrow

• question_answer36)
  Calculate interest on capital @ 10% p.a. for a partner Mohan from the following information:

  01.04.2020	Opening Capital	1,00,000
  30.04.2020	Additional capital	50,000
  01.08.2020	Withdrawn for personal use against capital	50,000
  30.09.2020	Withdrawal of capital	20,000
  31.12.2020	Additional capital	40,000

  Interest on capital calculated on 31st March 2021;
  A)
  10,583   done clear
  B)
  11,250   done clear
  C)
  10,000 done clear
  D)
  14,583 done clear
  View Solution play_arrow

• question_answer37)
  Calculate interest on capital of Mr. Rishi @ 8% p.a. as on 31.03.2021. His Fixed capital balance as on 31.03.2021 is Rs.5,00,000 Additional capital introduced on 01.07.2020 is Rs.1,00,000 Drawing against profit on 01.10.2020 is Rs.60,000
  A)
  40,000 done clear
  B)
  38,000 done clear
  C)
  40,400 done clear
  D)
  46,000 done clear
  View Solution play_arrow

• question_answer38)
  Match the following: Profit sharing ratio is equal

  (i)	Interest on capital of A and B is Rs.5,000 and Rs.2,500 respectively and profit for the year before interest on capital is Rs.10,000.	(a)	A = 5700 (Loss), B = 5700 (Loss)
  (ii)	Interest on capital of A and B is Rs.5,000 and Rs.2,500 respectively and profit for the year before interest on capital is Rs.3,900.	(b)	A = 1250 , B = 1250
  (iii)	Interest on capital of A and B is Rs.5,000 and Rs.2,500 respectively and loss for the year before interest on capital is Rs.3,900.	(c)	A = 2600, B = 1300
  (iv)	On capital (Charge) of A and B is Rs.5,000 and Rs.2,500 respectively and loss for the year before interest on capital is Rs.3900.	(d)	A = 1950 (loss), B = 1950 (Loss)

  A)
  (i) b ; (ii) c ; (iii) a; (iv) d done clear
  B)
  (i) b ; (ii) c: (iii) d; (iv) a done clear
  C)
  (i) b ; (ii) a; (iii) d ; (iv) c done clear
  D)
  (i) b; (ii) d; (iii) c, (iv) a done clear
  View Solution play_arrow

• question_answer39)
  After closing accounts, it was found that interest on capital of Mr. Rishi @ 12% p.a. was omitted:

  His capital (Fluctuating) balance as on 31.03.20 is	5,00,000
  Additional capital introduced on 01.07.2020 is	1,00,000
  Drawing against profit on 01.10.2020 is	60,000
  Mr. Rishi's salary is	80,000 p.a.
  Mr. Rishi's commission is	10,000
  Interest on drawing (Mr. Rishi)	5000 p.a.

  Interest on his capital will be:
  A)
  60,000 done clear
  B)
  50,400 done clear
  C)
  54,000 done clear
  D)
  50,000 done clear
  View Solution play_arrow

• question_answer40)
  Vidit and Seema were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their opening capitals were Rs.1,20,000 and Rs.4,80,000, respectively. As per the partnership deed, they were entitled to interest on capitals @ 10% p.a. The firm earned a profit of Rs. 20,000 during the year. The interest on Vidit's capital will be:                                                                     [CBSE 2020 Modified]
  A)
  12,000  done clear
  B)
  24,000 done clear
  C)
  7,200 done clear
  D)
  4,000 done clear
  View Solution play_arrow

• question_answer41)
  A, B and C are partners sharing profits in the ratio of 1 : 2 : 3 with a capital of Rs.5,00,000 each. On 01.08.2020 Mr. A introduce an additional capital of Rs.1,00,000 and on 30.09.2021 Mr. A withdrew the amount of additional capital, interest on capital is to be allowed @ 12% p.a. Interest on capital of Mr. A Rs. _____ is to be shown in the ______ side of partners' capital account:
  A)
  62,000 / Credit side done clear
  B)
  62,000 / Debit side done clear
  C)
  60,000 / Credit side done clear
  D)
  60.000/ Debit side done clear
  View Solution play_arrow

• question_answer42)
  X, Y and Z are partners. On 1st April 2020 their capitals are Rs.2,50,000; 1,50,000 and Rs.2,00,000 respectively. On 1st October 2020 they decided that their capitals should be Rs.2,00,000 each. The necessary adjustments in the capitals were made. As per the partnership deed interest on capital is allowed to all the partners. Z got interest on his capital Rs.16,000. How much interest on capital is to be allowed to X?
  A)
  20,000  done clear
  B)
  18,000 done clear
  C)
  16,000 done clear
  D)
  22,000 done clear
  View Solution play_arrow

• question_answer43)
  P and Q are partners. Their capitals balance on 1st April 2020 are as follows: P Rs.3.00,000 Credit balance and Q (50,000) Debit balance. Q introduced Rs.2,50,000 additional capital on 1st October 2020. Interest on capital is allowed @ 8% p.a. Interest on Q's capital will be:
  A)
  Nil, due to his negative capital done clear
  B)
  4,000 done clear
  C)
  10,000 done clear
  D)
  8,000 done clear
  View Solution play_arrow

• question_answer44)
  Balance Sheet of Sunita and Simran as on 31st March 2021.

  Liabilities		Amount	Assets	Amount
  Capital A/cs:	Sunita	2,00,000	Non-current Assets	6,00,000
  	Simran	2,00,000	Current Assets	1,40,000
  Current A/cs:	Sunita	20,000
  	Simran	20,000
  General Reserve		3,00,000
  		7,40,000		7,40,000

  Drawings made by the partners during the year were Rs.10,000 and Rs.8,000. Profit during the year was Rs.4,50,000 out of which 3,00,000 was transferred to the General Reserve. After closing the accounts, it was noticed that interest on capital @6% p.a. for the year was not provided. Interest on capital of Sunita and Simran will be:
  A)
  Sunita 8,100 and Simran 7,980  done clear
  B)
  No interest on capital due to negative capital done clear
  C)
  Sunita 12,000 and Simran 12,000 done clear
  D)
  Sunita 12,000 and Simran 10,000 done clear
  View Solution play_arrow

• question_answer45)
  After preparing the accounts, it was found that interest on capital @ 10% p.a. was not provided. Following information was provided by Gagan and Shubh on 31st March 2021.

  Liabilities	Amount	Assets	Amount
  Gagan's Capital	52,000	Fixed Assets	4 90,000
  Shubh's Capital	34,000	Current Assets	12,000
  Creditors	16,000
  	1,02,000		1,02,000.

  During the year drawings of the partners were Rs. 12,000 and Rs.10,000. Profit during the year was Rs.8,000 which was distributed without providing interest on capital Interest on Gagan and Shubh's Capital will be:
  A)
  Gagan 4,800 and Shubh 3,200  done clear
  B)
  Gagan 6,000 and Shubh 4,000 done clear
  C)
  Gagan 5,200 and Shubh 3,400 done clear
  D)
  Gagan 5,000 and Shubh 5,000 done clear
  View Solution play_arrow

• question_answer46)
  Money withdrawn against the anticipated profits, by a partner for personal use on 1st July 2019 Rs. 10,000 and interest on drawings is 6% p.a. (Books are closed on 31st March) The amount of interest will be rupees:
  A)
  600 done clear
  B)
  450       done clear
  C)
  350 done clear
  D)
  No interest will be charged done clear
  View Solution play_arrow

• question_answer47)
  David drew an equal amount regularly at the end of every month for last 6 months. Interest on his drawings was calculated on 31st March 2021 Rs.500 (5% p.a.) Total Drawings of David:
  A)
  24,000 done clear
  B)
  48,000 done clear
  C)
  40,000 done clear
  D)
  50,000 done clear
  View Solution play_arrow

• question_answer48)
  Mr. Parkar (a partner) drew an equal amount at the end of each half year (he withdrew his last amount of Rs.8,000 on 31st March 2021). Interest was calculated on his drawings was Rs.320. What is the rate of interest on drawings?
  A)
  6% p.a. done clear
  B)
  8% p.a. done clear
  C)
  10% p.a. done clear
  D)
  12% p.a. done clear
  View Solution play_arrow

• question_answer49)
  When a partner withdraws Rs. 4000 at the beginning of each quarter, the interest on his drawings @ 6% p.a. will be;
  A)
  600  done clear
  B)
  240  done clear
  C)
  480 done clear
  D)
  960 done clear
  View Solution play_arrow

• question_answer50)
  If Rs.3,000 are withdrawn by a partner on the first day of every quarter, interest on drawings will be Calculated for the average period :
  A)
  \[{{7}^{{}^{1}/{}_{2}}}\]     done clear
  B)
  \[{{4}^{{}^{1}/{}_{2}}}\]     done clear
  C)
  \[{{5}^{{}^{1}/{}_{2}}}\]       done clear
  D)
  \[{{6}^{{}^{1}/{}_{2}}}\] done clear
  View Solution play_arrow

• question_answer51)
  Calculate interest on MK's drawings @ 10% p.a. if he withdrew Rs.20,000 during the year.
  A)
  1,000 done clear
  B)
  2,000 done clear
  C)
  1,200 done clear
  D)
  600 done clear
  View Solution play_arrow

• question_answer52)
  Calculate interest on drawings @10% p.a. if X withdrew Rs.3.000 per quarter.
  A)
  3,000 done clear
  B)
  6,000 done clear
  C)
  1,200 done clear
  D)
  600 done clear
  View Solution play_arrow

• question_answer53)
  What average period is used to calculate interest on drawings of equal amounts drawn at the end of each quarter?
  A)
  6.5 done clear
  B)
  5.5        done clear
  C)
  7.5   done clear
  D)
  4.5 done clear
  View Solution play_arrow

• question_answer54)
  Calculate the interest on drawings of Mr. A @10% p.a. for the year ended 31.03.2022, if Mr. A withdrew 1200 at the end of each quarter
  A)
  300  done clear
  B)
  180       done clear
  C)
  240 done clear
  D)
  None of these done clear
  View Solution play_arrow

• question_answer55)
  Calculate the interest on drawings of Mr. B @ 6% p.a. on 31st March 2021. If A & B has started a business on 1st July 2020 and During the year Mr. B withdrew an equal amount at the end of each quarter. First drawing was made on 30th September 2020 of Rs.1,000.
  A)
  150  done clear
  B)
  90         done clear
  C)
  67.5      done clear
  D)
  45 done clear
  View Solution play_arrow

• question_answer56)
  Calculate interest on drawings of Mr. B @ 9% p.a. on 31st March 2021. If A & B has started a business on 1st July 2020 and During the Last 7 months Mr. B withdrew Rs.1000 at the Beginning of each month.
  A)
  158       done clear
  B)
  210  done clear
  C)
  263 done clear
  D)
  None of these done clear
  View Solution play_arrow

• question_answer57)
  Calculate interest on drawings of Mr. A @ 10% p.a. from the following information

  01.04.2020	Drawings	5,000
  30.06.2020	Drawings	6,000
  31.08.2020	Withdrawal of capital	10,000
  01.12.2020	Drawings	1,500

  Interest on drawings on 31st March 2021 will be:
  A)
  1200 done clear
  B)
  1583 done clear
  C)
  1683 done clear
  D)
  1000 done clear
  View Solution play_arrow

• question_answer58)
  Calculate interest on drawings of Mr. D @ 10% p.a. for the year ended 31.03.2021, if he withdrew an equal amount in the middle of every month and his total drawings are Rs.14,400.
  A)
  720  done clear
  B)
  660       done clear
  C)
  780  done clear
  D)
  1,440 done clear
  View Solution play_arrow

• question_answer59)
  Calculate interest on drawings of Mr. Z @ 10% p.a. for the year ended 31.03.2021, if he withdrew Rs.15000 on 01.08.2020.
  A)
  875 done clear
  B)
  750  done clear
  C)
  1500     done clear
  D)
  1000 done clear
  View Solution play_arrow

• question_answer60)
  Calculate interest on drawing when a partner Mr. X withdrew the fixed amount of drawing at the end of each month Interest on drawings = 550 Rate of drawings = 10% p.a. Monthly drawings made by him:
  A)
  1,300 per month done clear
  B)
  1,100 per month done clear
  C)
  1,200 per month done clear
  D)
  1,000 per month done clear
  View Solution play_arrow

• question_answer61)
  Calculate Interest on drawings of Mr. X @ 8% p.a. from the following information as on 31.03.2021 Drawings on 15.04.2020 = 12,000 After 15.04.2020 Mr. X has withdrawn Rs.10,000 at the beginning of each month Interest on his drawings will be:
  A)
  6,120 done clear
  B)
  5,320 done clear
  C)
  5,720 done clear
  D)
  5,520 done clear
  View Solution play_arrow

• question_answer62)
  What will be the Interest on drawing of Mr. Z from the following information as on 31.03.2021 Mr. Z withdrew Rs.1200 per month at the middle of each month Partnership deed is silent on interest on drawings. Interest on drawings:
  A)
  432  done clear
  B)
  864       done clear
  C)
  720   done clear
  D)
  No interest on drawings done clear
  View Solution play_arrow

• question_answer63)
  A and B entered into the partnership on 01.09.2020. B draws an equal amount at the end of every month starting from 31.10.2020 (first drawing made on this date). Interest on drawings is charged @ 10% p.a. at the year ended 31.03.2021 Interest on B's Drawing amounting to Rs.300. Monthly Drawings of B were:
  A)
  1,200 done clear
  B)
  14,400 done clear
  C)
  1,500 done clear
  D)
  2,400 done clear
  View Solution play_arrow

• question_answer64)
  Vinod, Kumar and Shray are partners. During the year Vinod and Shray each withdrew a total sum of Rs.72,000 in equal installments in the beginning of each month and Kumar withdrew a total sum of Rs.12,000 in equal installments at the end of each month. At the end of the year there wasa loss of Rs.60,000. Interest on Drawings @ 6% p.a. will be:
  A)
  Vinod 4,320; Kumar 720; Shray 4,320 done clear
  B)
  Vinod 2,340; Kurnar 2,340; Shray 2,340 done clear
  C)
  No interest on drawings due to loss done clear
  D)
  Vinod 2,340; Kumar 330; Shray 2,340 done clear
  View Solution play_arrow

• question_answer65)

  Mr. A (partner) withdrew the following amounts during the year
  31.05.2021 ....................................................................................2,000
  31.07.2021 ....................................................................................2,000
  30.09.2021 ....................................................................................2,000
  30.11.2021 .....................................................................................2,000
  31.01.2021 .....................................................................................2,000
  31.03.2021 .....................................................................................2,000
  Average period of above drawing is:

  A)
  Average period 6/12 done clear
  B)
  Average period 6.5/12 done clear
  C)
  Average period 5/12 done clear
  D)
  Average period 5.5/12 done clear
  View Solution play_arrow

• question_answer66)
  Match the following : if Interest on drawings is charged @ 12% p.a.

  (i)	Partner withdrew Rs.1000 per month in the beginning of every month	(a)	600
  (ii)	Partner withdrew Rs.1000 per month at the End of every month	(b)	360
  (iii)	Partner withdrew Rs.2000 per month in the End of every Quarter	(c)	660
  (iv)	Partner withdrew Rs.2000 per month in the Beginning of every Quarter	(d)	780

  A)
  (i) d; (ii) c; (iii) a ; (iv) b  done clear
  B)
  (i) d; (ii) c; (iii) b ; (iv) a done clear
  C)
  (i) b ; (ii) c; (iii) d ; (iv) a done clear
  D)
  (i) c ; (ii) d; (iii) b ; (iv) a done clear
  View Solution play_arrow

• question_answer67)
  Match the following :

  (i)	When drawings are made in the beginning of every month	(a)	7.5 Average Period
  (ii)	When drawings are made in the beginning of every quarter	(b)	9 Average Period
  (iii)	When drawings are made in the beginning of each half yearly	(c)	6 Average Period
  (iv)	When date of drawings are not given	(d)	6.5 Average Period

  A)
  (i) d; (ii) b ; (iii) a ; (iv) c done clear
  B)
  (i) d ; (ii) c ; (iii) b ; (iv) d done clear
  C)
  (i) d; (ii) a ; (iii) b ; (iv) c done clear
  D)
  (i) d; (ii) a; (iii) c , (iv) b done clear
  View Solution play_arrow

• question_answer68)
  Rent paid to a partner comes under:
  A)
  Profit and Loss Account done clear
  B)
  Profit and Loss Appropriation Account done clear
  C)
  Partners Capital Account done clear
  D)
  Partners Current Account done clear
  View Solution play_arrow

• question_answer69)
  Salary paid to the manager will be shown in:
  A)
  Profit and loss appropriation account done clear
  B)
  Profit and loss account done clear
  C)
  Partners capital account only  done clear
  D)
  Partners current account only done clear
  View Solution play_arrow

• question_answer70)
  Salary paid to a partner will be shown in:
  A)
  Profit and loss account done clear
  B)
  Partners capital account only done clear
  C)
  Profit and loss appropriation account done clear
  D)
  Partners current account only done clear
  View Solution play_arrow

• question_answer71)
  Which of the following is shown in P/L Appropriation A/c?
  A)
  Rent to partner  done clear
  B)
  Interest on loan done clear
  C)
  Manager's Commission done clear
  D)
  Partner's Commission done clear
  View Solution play_arrow

• question_answer72)
  Under what circumstances interest on loan will be debited to profit and loss account?
  A)
  When there is profit         done clear
  B)
  When there is loss done clear
  C)
  When there is no partnership deed done clear
  D)
  All of above done clear
  View Solution play_arrow

• question_answer73)
  X and Y are partners sharing profits in 3 : 2 ratio. Their capitals were Rs.50,000 and Rs.40,000. Interest on capital (charge) @10% p.a. Loss during the year was Rs.6,000. What profit or loss is to be shared by the partners?
  A)
  Loss to X Rs.3,600; Y Rs.2,400 done clear
  B)
  Loss to X Rs.9,000; Y Rs.6,000 done clear
  C)
  Loss to X Rs.3,000; Y Rs.3,000  done clear
  D)
  Loss to X Rs.2,000; Y Rs.1,000 done clear
  View Solution play_arrow

• question_answer74)
  Interest on drawings will not be charged if:
  A)
  There is loss       done clear
  B)
  Appropriations are more than the profits done clear
  C)
  Date of withdrawn is not given      done clear
  D)
  Partnership deed is silent on interest on drawings done clear
  View Solution play_arrow

• question_answer75)
  X and Y are partners in a firm sharing profits in 3:2. They are entitled to interest on their capitals but the net profit was not sufficient for this interest, then the net profit will be distributed among partners in:
  A)
  Ratio of Appropriation (Ratio of Interest on capital payable to them) done clear
  B)
  Agreed Ratio done clear
  C)
  Equally done clear
  D)
  Profit Sharing Ratio 3:2 done clear
  View Solution play_arrow

• question_answer76)
  Mohit and Rohit were partners in a firm with capitals of Rs.80,000 and Rs.40,000 respectively. The firm earned a profit of Rs.30,000 during the year. Mohit's share in the profit will be :                                                            [CBSE]
  A)
  20,000 done clear
  B)
  10,000  done clear
  C)
  15,000   done clear
  D)
  18,000 done clear
  View Solution play_arrow

• question_answer77)
  Vinod, Mohan and Rakesh are partners sharing profits and losses equally. Their capital balances on March, 31, 2019 are Rs.1,60,000; Rs.1,20,000 and Rs.80,000 respectively. Their personal assets are worth as follows: Vinod Rs.40,000; Mohan Rs.30,000 and Rakesh Rs.20,000. The extent of their liability in the firm would be:
  A)
  Vinod Rs.1,60,000; Mohan 1,20,000 and Rakesh Rs.80,000 done clear
  B)
  Vinod Rs.40,000; Mohan 30,000 and Rakesh Rs.20,000 done clear
  C)
  Vinod Rs.2,00,000; Mohan 1,50,000 and Rakesh Rs.1,00,000 done clear
  D)
  Equal (all three partners) done clear
  View Solution play_arrow

• question_answer78)
  B and A are partners in a firm and sharing the profit & loss in the ratio of 3:2 with a capital of Rs.1,00,000 and Rs.60,000 respectively. Calculate the amount of profit or loss to be distributed among the partner if partnership deed is silent on interest on capital. Profit for the year is Rs.50,000. Profit distribution will be:
  A)
  Profit to B = 20,000 and A = 30,000 done clear
  B)
  Profit to B = 25,000 and A = 25,000 done clear
  C)
  Profit to B = 30,000 and A = 20,000 done clear
  D)
  Profit is to be shared in the ratio of their capital i.e. 5:3 done clear
  View Solution play_arrow

• question_answer79)
  A and B started a new partnership business on 1st October 2020. They have decided to share the profits & losses in the ratio of 1:2. They have contributed capital of Rs.1,00,000 and Rs.1,60,000 respectively. Calculate the amount of profit or loss to be distributed among the partner, if partnership deed provides interest on capital @ 10% p.a. and profit for the year ending 31st March 2021 is Rs.52,000. Profit distributed between the partners:
  A)
  B = 26000 A = 13000 done clear
  B)
  B = 13000 A = 26000 done clear
  C)
  B = 17333 A = 34667 done clear
  D)
  B = 34667 A = 17333 done clear
  View Solution play_arrow

• question_answer80)
  X and Y are partners in a firm and sharing the profit & loss in the ratio of 2:3 with a capital of Rs.1,00,000 and Rs.80,000 respectively. Calculate the amount of profit or loss to be distributed among the partners if partnership deed provides interest on capital (charge) @ 10% p.a. and loss for the year is Rs.52,000 Loss distributed among the partners:
  A)
  Loss: X = 20,800 Y = 31,200 done clear
  B)
  Loss: X = 28,000 Y = 42,000 done clear
  C)
  Loss: X = 42,000 Y = 28,000 done clear
  D)
  Loss: X = 31,200 Y = 20,800 done clear
  View Solution play_arrow

• question_answer81)
  A and B are partners in a firm and sharing the profit & loss in the ratio of 3:2. Their capitals on 1st April 2020 ware Rs. 2,00,000 and Rs. 1,00,000 respectively. Calculate the amount of profit or loss to be distributed among the partner if partnership deed provides, Interest on capital (charge) @ 10% p.a. and profit for the year is Rs. 10,000. Distribution of Profit/loss as:
  A)
  A = Nil and B = Nil       done clear
  B)
  Profit: A = 6000 and B = 4000 done clear
  C)
  Loss: A = 12000 and B = 8000 done clear
  D)
  Profit: A = 12000 and B = 8000 done clear
  View Solution play_arrow

• question_answer82)
  X and Y are partners in a firm and sharing the profit & loss in the ratio of 5:3. Their capitals on 1st April 2020 were Rs.5,00,000 and Rs.3,00,000 respectively. Calculate the amount of profit or loss to be distributed among the partner if partnership deed provides interest on capital @ 10% p.a. and Loss for the year is Rs.10,000. Profit/Loss distributed among the partners:
  A)
  X = Nil and Y = Nil       done clear
  B)
  Loss: X = 56250 and Y = 33750 done clear
  C)
  Loss: X = 6250 and Y = 3750 done clear
  D)
  Loss: X = 5,000 and Y = 5,000 done clear
  View Solution play_arrow

• question_answer83)
  Y and X are partners in a Firm and sharing the profit & loss in the ratio of 3 : 2 with a capital of Rs.5,00,000 and Rs.3,00,000 respectively. Calculate the amount of profit or loss to be distributed among the partner if partnership deed provides interest on capital @ 10% p.a. and Profit for the year is Rs.8,000. Amount to be credited to the partners' capital account:
  A)
  Profit: Y = 3000 and X = 5000 done clear
  B)
  Loss: X = 45000 and Y = 27000 done clear
  C)
  X = 4,000 and Y = 4,000 done clear
  D)
  Profit: Y = 5000 and X = 3000 done clear
  View Solution play_arrow

• question_answer84)
  A and B are partners in a firm and sharing the profit & loss equally. Their capitals are Rs.5,00,000 and Rs.3,00,000 respectively. Calculate the amount of profit or loss to be distributed among the partner if rent is paid to partner A Rs.10,000 per month and Profit for the year is Rs.1,00,000 after providing rent to partner A. Distribution of Profit/Loss will be as:
  A)
  Loss: A = 10,000 B = 10,000  done clear
  B)
  A= Nil B = Nil done clear
  C)
  Loss: A = 50,000 B = 50000      done clear
  D)
  Profit: A = 50,000 and B = 50,000 done clear
  View Solution play_arrow

• question_answer85)
  X and Y are partners in a firm and sharing the profit & loss equally with a capital of Rs.10,00,000 and Rs.7,00,000 respectively. Calculate the amount of profit or loss to be distributed among the partner if rent payable to partner X is Rs.10,000 per quarter and Profit for the year is Rs.30,000 before providing the rent to X. Profit/loss shared among the partners:
  A)
  Profit: X = 15000 Y = 15000      done clear
  B)
  X = Nil and Y = Nil done clear
  C)
  Profit: X = 5000   Y = 5000  done clear
  D)
  Loss: X = 5000   Y = 5000 done clear
  View Solution play_arrow

• question_answer86)

  Yash and Peter are partners. They have provided the following information on 31st March 2021:

  Net profit .............................................................................................. 10,00,000

  Partners salary .........................................................................................2,00,000

  Interest on capital (all partners) ................................................................1,40,000

  Peter is entitled to a commission of 10% of the net profit after charging interest on capital, salary and his commission.

  Peter's Commission will be :

  A)
  66,000  done clear
  B)
  60,000 done clear
  C)
  1,00,000 done clear
  D)
  80,000 done clear
  View Solution play_arrow

• question_answer87)

  Show the distribution of Profit or loss between X and Y in their ratio 3:5:

  Net profit ............................................................................................. 80,000

  Interest on capital .................................................................................60,000

  Salary....................................................................................................20,000

  Interest on drawings ...................................................................................800

  Profit/loss distributed among the partners:

  A)
  Profit to X Rs.500 and Y Rs.300   done clear
  B)
  Profit to X Rs.400 and Y Rs.400 done clear
  C)
  Profit to X Rs.300 and Y Rs.500   done clear
  D)
  Profit to X Rs.240 and Y Rs.560 done clear
  View Solution play_arrow

• question_answer88)

  Ram and Mohan are partners.

  Loan given by the Ram (partner) to the firm on 1st October 2020..........................50,000

  Loan given by the firm to Mohan (a partner) on 1st December 2020......................20,000

  Partnership deed provides interest on loan by Ram @8% p.a. but silent on interest on Loan to Mohan.

  Profit for the year ended 31st March 2021 was Rs. 10,000.

  Profit/loss shared by the partners:

  A)
  Profit to Ram 5,000 and Mohan Rs.5,000 done clear
  B)
  Profit to Ram 4,250 and Mohan Rs.4,250 done clear
  C)
  Profit to Ram 4,100 and Mohan Rs.4,100 done clear
  D)
  Profit to Ram 4,000 and Mohan Rs.4,000 done clear
  View Solution play_arrow

• question_answer89)

  X and Y are partners sharing profits in the ratio of 3:2.

  Loan given by the X to the firm on 1st July 2020.....................................................1,00,000

  Loan given by the firm to Y on 1st October 2020.....................................................50,000

  Partnership deed provides interest on loan to Y @10% p.a. but silent on interest on Loan by X.

  Profit for the year ended 31st March 2021 was Rs.8,000.

  Profit/loss shared by the partners:

  A)
  Profit to X Rs.600 and Y Rs.400   done clear
  B)
  Profit to X Rs.1,800 and Y Rs.1,200 done clear
  C)
  Profit to X Rs.3,600 and Y Rs.2,400 done clear
  D)
  Profit to X Rs.3,000 and Y Rs.2,000 done clear
  View Solution play_arrow

• question_answer90)

  Esha and Navya are partners sharing profits in the ratio of 7:3.

  Loan given by the Esha to the firm on 1st October 2020 .................................... 1,00,000

  Loan given by the firm to Navya on 1st December 2020 ....................................... 60,000

  Partnership deed provides interest on loan by Esha @10% p.a. and interest on Loan by Navya @8% p.a.

  Profit for the year ended 31st March 2021 was Rs.2,400.

  Profit/loss shared by the partners:

  A)
  Loss to Esha 1,400 and Navya Rs.600 done clear
  B)
  Profit to Esha 420 and Navya Rs.180 done clear
  C)
  Loss to Esha 700 and Navya Rs.300 done clear
  D)
  Loss to Esha 280 and Navya Rs.120 done clear
  View Solution play_arrow

• question_answer91)

  X and Y are partners sharing profits & Losses equally.

  Loan given by Mrs. Y @ 10% p.a. to the firm on 1st April 2020 ......................2,00,000

  Loan given by X to the firm on 1st October 2020 ............................................1,00,000

  There is no partnership deed. Profit for the year ending 31st March 2021 was Rs.8,000.

  Profit/loss shared by the partners:

  A)
  Profit Rs.4,000 to X and Rs.4,000 to Y done clear
  B)
  Loss Rs.4,000 to X and Rs.4,000 to Y done clear
  C)
  Loss Rs.7,500 to X and Rs.7,500 to Y  done clear
  D)
  Loss Rs.3,500 to X and Rs.3,500 to Y done clear
  View Solution play_arrow

• question_answer92)
  Vanya and Manya are partners they have provided the following information at the end of the year 31st March 2021:

  Particulars	Vanya	Manya
  Interest on capital provided	44,000	40,000
  Salary allowed to partners'	2,00,000	1,60,000
  Interest on drawings charged	12,500	10,000
  Profit shared by partners	1,00,000	78,500

  What was the Net Profit during the year?
  A)
  5,00,000  done clear
  B)
  6,00,000 done clear
  C)
  5,85,000 done clear
  D)
  6,10,500 done clear
  View Solution play_arrow

• question_answer93)
  X and Y are partners. They have provided the following information: Manager salary = 20,000 per Quarter Manager commission = 10% of the profit after charging such commission Total Remuneration (Salary + commission) to manager = 1,40,000 Profit for the year before charging salary & commission was:
  A)
  8,00,000  done clear
  B)
  6,80,000 done clear
  C)
  7,40,000 done clear
  D)
  6,60,000 done clear
  View Solution play_arrow

• question_answer94)
  A and B are partners entered into the partnership on 01.10.2020 with a capital of Rs.2,00,000 and Rs.1,00,000 respectively. Interest on capital is to be provided @ 10% p.a. as per the Partnership deed, but it is silent about profit sharing Ratio. Profit for the year ended 31.03.2021 is Rs.16,000 before providing the above. B's Share of profit/loss will be:
  A)
  Loss = 14,000 done clear
  B)
  Profit = 1,000 done clear
  C)
  Profit = 500 done clear
  D)
  Loss = 7,000 done clear
  View Solution play_arrow

• question_answer95)
  X and Y are partners entered into the partnership on 1st February 2021 with a capital of Rs.1,80,000 and Rs.1,20,000 respectively. Interest on capital (Charge) is to be provided @ 10% p.a. and profit sharing Ratio is 3:2. Profit for the year ended 31.03.2021 is Rs.4,800. Y's Share of profit/loss will be:
  A)
  Loss 200 done clear
  B)
  Loss 120 done clear
  C)
  Loss 100 done clear
  D)
  Loss 80 done clear
  View Solution play_arrow

• question_answer96)

  A and B are partners in a firm sharing Profit & Loss in the ratio of 3:2.

  Interest on capital A ............................................................................... 10,000

  Interest on capital B ..................................................................................5,000

  Salary A (Charge).......................................................................................4000

  Salary B......................................................................................................4000

  Commission A (Charge) .............................................................................3000

  Commission B ........................................................................................... 4000

  Rent Paid to partner ................................................................................10,000

  Interest on Loan by A (Partner) ..................................................................5000

  Profit before providing the above ........................................................... 33,000

  B's Share of Profit/loss will be:

  A)
  Loss = 4400 to B done clear
  B)
  B will get 5,000  done clear
  C)
  B will get 4,000 done clear
  D)
  B will get 6,000 done clear
  View Solution play_arrow

• question_answer97)
  Vinod and Yuvraj are partners. Vinod withdrew Rs.50,000 and Yuvraj withdrew Rs.40,000 during the year for their personal use. There was a loss of Rs.2,500 during the year. As per the partnership deed interest on drawings is to be charged @ 10% p.a. Vinod's share of Profit/Loss.
  A)
  Vinod's Share of Profit Rs.1,000 done clear
  B)
  Vinod's Share of Loss Rs.3,500 done clear
  C)
  Vinod's Share of Profit Rs.3,500    done clear
  D)
  Vinod's Share of Profit Rs.3,250 done clear
  View Solution play_arrow

• question_answer98)
  Raj and Seema started a partnership firm on 1st July 2018. They agreed that Seema was entitled to a commission of 10% of the net profit after charging Raj's salary of Rs.2,500 per quarter and Seema's commission. The net profit before charging Raj's salary and Seema's commission for the year ended 31st March, 2019 was Rs.2,27,500. Seema's commission to be paid: -                                                                                      [CBSE 2019 C Modified]
  A)
  22,750  done clear
  B)
  21,750 done clear
  C)
  19,773  done clear
  D)
  20,000 done clear
  View Solution play_arrow

• question_answer99)
  A and B entered into the partnership business on 1st November 2020 with a capital of Rs.5,00,000 each. According to the partnership deed Interest on capital is to be allowed amounting to Rs.12,000 p.a. to each partner irrespective of their capitals during the year and salary to B is Rs.12,000 P.a. Profit for the year ended 31.03.2021 is Rs.40,000. A's share of profit will be:                                                                                                 [CBSE 2019 C Modified]
  A)
  25,000  done clear
  B)
  11,000 done clear
  C)
  4,000 done clear
  D)
  12,500 done clear
  View Solution play_arrow

• question_answer100)
  A and B entered into partnership on 15 November 2020 without any partnership deed. They introduced capitals of Rs.5,00,000 and Rs.3,00,000 respectively. On 15 December 2020, A advanced Rs.2,00,000 by way of loan to the firm without any agreement as to interest. On 1st January 2021 firm give a loan of Rs.40,000 to B. The Profit and Loss Account for the year ended 31.3.2021 showed a profit of Rs.2,00,000 before providing for the above. B's share of profit will be:                                                                                                 [CBSE 2019 C Modified]
  A)
  1,00,000  done clear
  B)
  75,000 done clear
  C)
  99,750  done clear
  D)
  98,250 done clear
  View Solution play_arrow

• question_answer101)
  A and B started business in partnership on 01.07.2020. They contributed capital Rs.5,00,000 and Rs.3,00,000 respectively. Profits/losses will be shared in the ratio of 3:2. A was in need of funds and hence took a loan of Rs.1,00,000 from the firm on 01.12.2020 at an agreed rate of interest being 12% p.a. Interest on capital (Charge) is to be allowed @ 10% p.a. Profit for the year ended 31st March, 2021 amounted to Rs.1,50,000 before charging interest on loan to A. A's share of profit will be:                                                                                                 [CBSE 2019 C Modified]
  A)
  56,400 done clear
  B)
  51,600 done clear
  C)
  44,400 done clear
  D)
  39,600 done clear
  View Solution play_arrow

• question_answer102)
  A, B and C are partners in a firm without any agreement. They have contributed Rs.5,00,000, Rs.2,50,000 and Rs.2,50,000 by way of capital in the firm. A was unable to work for six months in a year due to illness. At the end of year, firm earned a profit of 1,20,000. A's share in the profit will be:                                                                                            [CBSE 2019 C Modified]
  A)
  20,000 done clear
  B)
  40,000 done clear
  C)
  60,000   done clear
  D)
  30,000 done clear
  View Solution play_arrow

• question_answer103)
  In a partnership firm, partner X is entitled a monthly salary of Rs.2,000. At the end of the year, firm earned a profit of Rs.75,000 after charging X's salary. If the manager is entitled a commission of 10% on the net profit after charging his commission. Manager's commission will be:                                                                                          [CBSE 2019 C Modified]
  A)
  7,500 done clear
  B)
  9,000 done clear
  C)
  6,818 done clear
  D)
  7,000 done clear
  View Solution play_arrow

• question_answer104)
  X and Y are partners in a firm. X is to get a commission of 10% of net profit before charging any commission. Y is to get a commission of 10% on net profit after charging all commissions. Net profit before charging any commission was Rs.55,000. Commission of Y will be:                                                                                                             [CBSE Modified]
  A)
  5,500 done clear
  B)
  5,000 done clear
  C)
  4,500 done clear
  D)
  4,950 done clear
  View Solution play_arrow

• question_answer105)
  Match the following: Profit sharing ratio is equal

  (i)	Net Profit = 5,00,000	(a)	45,455
  	Manager commission = 10% of the net profit
  	Manager Commission = ?
  (ii)	Net Profit = 5,00,000	(b)	40,000
  	Manager commission = 10% of the net profit after charging his commission
  	Manager Commission = ?
  (iii)	Net Profit = 5,00,000	(c)	36,364
  	Partner's commission = 10% of the net profit after charging Interest on capital of Rs. 1,00,000
  	Partner's commission = ?
  (iv)	Net Profit = 5,00,000	(d)	50,000
  	Partner's commission = 10% of the net profit after charging Interest on capital of Rs.  1,00,000 and his commission
  	Partner's Commission = ?

   
  A)
  (i) d ; (ii) c ; (iii) a ; (iv) b done clear
  B)
  (i) d ; (ii) b ; (iii) c ; (iv) a done clear
  C)
  (i) d ; (ii) a ; (iii) c ; (iv) b done clear
  D)
  (i) d ; (ii) a ; (iii) b ; (iv) c done clear
  View Solution play_arrow

• question_answer106)
  Match the following:

  (i)	Commission to a Partner on Net Profit	(a)	Charge against profit
  (ii)	Interest on Drawings when capitals are fixed	(b)	Debit side of Partners Capital Account
  (iii)	Rent paid to partner	(c)	Debit side of Partners Current Account
  (iv)	Asset taken over by partner	(d)	Appropriation of Profit

  A)
  (i) d ; (ii) c ; (iii) b ; (iv) d done clear
  B)
  (i) d ; (ii) c ; (iii) a ; (iv) b done clear
  C)
  (i) d ; (ii) a ; (iii) c ; (iv) b done clear
  D)
  (i) d; (ii) a ; (iii) b ; (iv) c done clear
  View Solution play_arrow

• question_answer107)
  If partners' capitals are fixed where will you record additional capital contributed by a partner?
  A)
  Cr. Side of Partner's Capital A/c done clear
  B)
  Cr. Side of Partner's Current A/c done clear
  C)
  Dr. Side of Partner's Capital A/c  done clear
  D)
  Dr. Side of Partner's Current A/c done clear
  View Solution play_arrow

• question_answer108)
  Pick the odd one out keeping in mind that Partners Capitals are fluctuating:
  A)
  Drawings against the profit    done clear
  B)
  Some part of Capital withdrawn permanently done clear
  C)
  Asset taken over by the partner against his capital  done clear
  D)
  Liability taken over by partner done clear
  View Solution play_arrow

• question_answer109)
  Match the following (Capital account is to be prepared on fixed method)

  (i)	Drawing against Profit	(a)	Partners current a/c (Credit side)
  (ii)	Drawing Against capital	(b)	Partners current a/c (Debit side)
  (iii)	Interest on Capital (Charge against profit)	(c)	Partners' capital a/c (Credit side)
  (iv)	Additional capital	(d)	Partners' capital a/c (Debit side)

  A)
  (i) b ; (ii) c ; (iii) a ; (iv) d  done clear
  B)
  (i) b ; (ii) d ; (iii) c ; (iv) a done clear
  C)
  (i) d ; (ii) b ; (iii) a ; (iv) c  done clear
  D)
  (i) b ; (ii) d ; (iii) a ; (iv) c done clear
  View Solution play_arrow

• question_answer110)
  A, B and C are partners sharing profits in the ratio of 4 : 3 : 2. Their capitals are fixed. Profit for the year amounting to Rs.9,000. B's share of profit Rs. ____ is to be shown in the ____account
  A)
  9000 / Partners current account Credit Side done clear
  B)
  3,000 / Partners current account Debit Side done clear
  C)
  3,000 / Partners current account Credit Side done clear
  D)
  3,000 / Partners capital account Credit Side done clear
  View Solution play_arrow

• question_answer111)
  A, B and C are partners sharing profits in the ratio of 2 : 3 :1. A's share of profit is Rs.9,000. Capital account is to be prepared on fixed method. B's share of profit Rs. -____ is to be shown in the _______account
  A)
  13,500 / Credit side of Partners current account done clear
  B)
  13,500 / Debit side of Partners current account done clear
  C)
  9,000 / Credit side of Partners current account  done clear
  D)
  9,000 / Debit side of Partners current account done clear
  View Solution play_arrow

• question_answer112)

  A, B and C are partners sharing profits in the ratio of 3 : 2 : 1 with a capital of Rs. 5,00,000 each. Interest on drawing @ 12% p.a. A withdrew the following amounts during the year
  01.04.2021 = 20,000	01.07.2021 = 20,000
  01.10.2021 = 20,000	01.01.2022 = 20,000
  Interest on drawings of A will be Rs._____ to be shown in the ______ side of Partners' Capital Account:

   
  A)
  5, 200 / Credit side done clear
  B)
  5, 200 / Debit side  done clear
  C)
  6, 000 / Credit side  done clear
  D)
  6, 000 / Debit side done clear
  View Solution play_arrow

• question_answer113)
  How a partner's Drawings Account will be closed when capitals of the partners are fixed?
  A)
  By Transferring the balance of his Drawings Account in the Debit side of Partners Capital Account. done clear
  B)
  By Transferring the balance of his Drawings Account in the Credit side of Partners Capital Account. done clear
  C)
  By Transferring the balance of his Drawings Account in the Debit side of Partners Current Account. done clear
  D)
  By Transferring the balance of his Drawings Account in the Credit side of Partners Current Account. done clear
  View Solution play_arrow

• question_answer114)
  When partners capitals are fixed, which of the following is not shown in the debit side of Partners Current Account?
  A)
  Interest on drawings done clear
  B)
  Drawings  done clear
  C)
  Share of loss  done clear
  D)
  Withdrawal of capital done clear
  View Solution play_arrow

• question_answer115)
  X, Y and Z are partners sharing profits in the ratio of 5:3:2. As per the partnership deed interest on capital is allowed @4% p.a. After preparing accounts at the end, it was found that total Interest on capital Rs.41,000 was not allowed to the partners. To rectify the error, they passed an adjustment entry:

  Date	Particulars		L.F.	Debit	Credit
  	X's Capital A/c	Dr		3,500
  	To Y's Capital A/c				2,700
  	To Z's Capital A/c				800
  	(Being error rectified)

  Their opening capitals in the beginning were:
  A)
  X Rs.4,00,000; Y Rs.3,00,000 and Z Rs. 1,00,000 done clear
  B)
  X Rs.4,75,000; Y Rs.3,50,000 and Z Rs.2,50,000 done clear
  C)
  X Rs.4,25,000; Y Rs.3,75,000 and Z Rs.2,25,000 done clear
  D)
  X Rs.4,50,000; Y Rs.3,50,000 and Z Rs. 1,50,000 done clear
  View Solution play_arrow

• question_answer116)
  X, Y and Z are partners sharing Profits & Loss in the Ratio of 4:3:2 with a capital of Rs.5,00,000 each. Salary of X Rs.15,000 p.a. and Z Rs.3,000 p.a. omitted and profit was distributed. After rectification Y will be credited/debited with:
  A)
  4000 (Dr.)  done clear
  B)
  Neither Debit nor Credit because Y's salary is not omitted done clear
  C)
  6000 Cr.  done clear
  D)
  6000 (Dr.) done clear
  View Solution play_arrow

• question_answer117)
  X and Y are equal partners with fixed capitals of Rs.2,00,000 and Rs.1,00,000 respectively. After closing the accounts for the year ending 31.03.2021, it was discovered that interest on capitals @ 8% p.a. was omitted to be provided. After rectification the impact on Y will be:
  A)
  Y's Capital A/c Dr. 16.000 done clear
  B)
  Y's Current A/c Dr. 12,000 done clear
  C)
  Y's Current A/c Dr. 8,000 done clear
  D)
  Y's Current A/c Dr. 4,000 done clear
  View Solution play_arrow

• question_answer118)
  A and B are partners sharing Profits in the ratio of 3;2 with fixed capitals Rs.4,00,000 and Rs.3,00,000 respectively. After closing the accounts for the year ending 31st March, 2021, it was discovered that interest on capitals was provided @ 10 % p.a. instead of 8 % p.a. In the adjusting entry B's Current Account will be:
  A)
  Credited with 400 done clear
  B)
  Debited with 400 done clear
  C)
  Debited with 6,000 done clear
  D)
  Credited with 6,000 done clear
  View Solution play_arrow

• question_answer119)
  P and Q are partners sharing Profits in the ratio of 2:1 with fixed capitals of Rs.10,00,000 and Rs.5,00,000 respectively. After closing the accounts for the year ending 31st March 2021 it was discovered that interest on capitals was provided @ 10 % p.a. but partnership deed is silent on interest on capital. In the adjusting entry Q's Current Account will be:
  A)
  Credited with 50,000       done clear
  B)
  Debited with 50,000 done clear
  C)
  Neither debited nor credited done clear
  D)
  Credited with 1,00,000 done clear
  View Solution play_arrow

• question_answer120)
  P and Q are partners sharing Profits in the ratio of 2:1 with fixed capitals of Rs.10,00,000 and Rs.5,00,000 respectively. After closing the accounts for the year ending 31st March 2022 it was discovered that interest on Drawings was Charged from P is Rs.600 but partnership deed is silent on interest on Drawings. In the adjusting entry, Q's Current Account will be:
  A)
  Credited with 200 done clear
  B)
  Debited with 200 done clear
  C)
  Neither debited nor credited because there is no done clear
  D)
  Credited with 400 interest on drawings of Q done clear
  View Solution play_arrow

• question_answer121)
  A, B and C are sharing profits in the ratio of 3:2:1. After the final accounts have been prepared, it was noticed that interest on drawings was omitted. Drawings of the partners during the year were Rs.5,000; Rs.3,800 and Rs.2,000. Interest on Drawings to be charged @ 10% p.a. While passing adjustment entry, A's Capital Account will be:
  A)
  Debit by Rs.10 done clear
  B)
  Credit by Rs.10 done clear
  C)
  Debit by Rs.20 done clear
  D)
  Credit by Rs.20 done clear
  View Solution play_arrow

• question_answer122)

  X, Y and Z are partners (fixed capitals) sharing profits in the ratio of 3:2:1. After closing accounts for the year ending 31st March 2021, it was found that excess interest on capital @2% p.a. was provided to the partners by mistake. As a result profit of the year got reduced by Rs.2,400. An adjustment entry was recorded for the same:

  Z’s Current A/c Dr. 200 To X’s Current A/c   200

  The capital of the partners in the beginning were?

   
  A)
  X 60,000; Y 50,000 and Z 40,000  done clear
  B)
  X 50,000; Y 40,000 and Z 20,000 done clear
  C)
  X 30,000; Y 40,000 and Z 50,000  done clear
  D)
  X 50,000; Y 40,000 and Z 30,000 done clear
  View Solution play_arrow

• question_answer123)
  Which of the following statement is not correct?
  A)
  A minor can be admitted as a partner but his rights and liabilities are same of adult partner. done clear
  B)
  Interest on drawings is calculated whether firm is in profit or loss. done clear
  C)
  Guaranteed amount will be given to the partner whether firm is in profit or loss. done clear
  D)
  Interest on Partner's loan is not paid if firm is in loss. done clear
  View Solution play_arrow

• question_answer124)
  Ram, Shyam and Mohan are partners sharing profits in the ratio of 2:2:1. Mohan is guaranteed that his share of profit will not be less than Rs.50,000. Any deficiency will be borne by Ram and Shyam equally. The profit of the firm for the year ending was Rs.2,00,000. What will be the share of Shyam?
  A)
  80,000 done clear
  B)
  85,000 done clear
  C)
  75,000 done clear
  D)
  70,000 done clear
  View Solution play_arrow

• question_answer125)
  X, Y and Z are partners in a firm in 5:3:2. Z is guaranteed that he will get minimum of Rs.40,000 as his share of profit every year. Deficiency if any will be borne by X only. The profit during the year was Rs.1,50,000. How much profit will X get?
  A)
  75,000  done clear
  B)
  65,000 done clear
  C)
  40,000 done clear
  D)
  80,000 done clear
  View Solution play_arrow

• question_answer126)
  X, Y and Z are partners sharing profits in the ratio of their capitals. On 1st April 2020 their capital balances are: X Rs.3,00,000; Y Rs.2,00,000 and Z Rs.50,000 respectively. Z was guaranteed a minimum profit of Rs.50,000. The firm incurred a loss of Rs.5,50,000 for the year ended 31st March 2021. How much deficiency is borne by X and Y?
  A)
  X 50,000 and Y 50,000 done clear
  B)
  X 40,000 and Y 60,000 done clear
  C)
  X 30,000 and Y 20,000 done clear
  D)
  X 60,000 and Y 40,000 done clear
  View Solution play_arrow

• question_answer127)
  X and Y are partners sharing profits in the ratio of 3:2. On 1st January 2021 they admit Z (new partner) during the year and profit sharing ratio was decided 5:3:2. Y personally guarantee that Z's share in a year will not be less than Rs.40,000. Profit at the end of the year 31st March 2021 was Rs.70,000 (out of which 30,000 was earned in last 3 months). How much deficiency is borne by Y?
  A)
  34,000  done clear
  B)
  26,000 done clear
  C)
  4,000 done clear
  D)
  No deficiency done clear
  View Solution play_arrow

• question_answer128)
  X, Y and Z are partners in a firm sharing profits and losses in the ratio of 6 : 4 : 1. X and Y guaranteed a profit of Rs.15,000 to Z. Deficiency if any, will be borne by X and Y in the ratio of their capitals. The net profit for the year ending 31st March 2021 was Rs.99,000. Capital of Y in the beginning was Rs.3,00,000 and he bears deficiency on Guarantee Rs.2,000. What was the capital of X in the beginning?
  A)
  3,00,000  done clear
  B)
  4,00,000 done clear
  C)
  5,00,000 done clear
  D)
  6,00,000 done clear
  View Solution play_arrow

• question_answer129)
  Mohit, Shobhit and Rohit are partners sharing profits and losses in the ratio 2:1:1. Rohit is guaranteed a profit of Rs.14,000. The firm incurred a profit of Rs.20,000 during the year. Amount of deficiency borne by Shobhit:
  A)
  6,000 done clear
  B)
  9,000 done clear
  C)
  4,500 done clear
  D)
  3,000 done clear
  View Solution play_arrow

• question_answer130)
  E, F and G are partners sharing profits in the ratio of 3:3:2. As per the partnership agreement, G is to get a minimum amount of Rs.80,000 as his share of profits every year and any deficiency on this account is to be personally borne by E. The net profit for the year ended 31st March 2020 amounted to Rs.3,12 ,000. Amount of deficiency to be borne by E?                                                                 [CBSE Sample Paper 2020]
  A)
  1,000  done clear
  B)
  4,000 done clear
  C)
  8,000 done clear
  D)
  2,000 done clear
  View Solution play_arrow

• question_answer131)
  A, B and C are partners sharing profits in 3 : 2 ; 1 ratio. C was guaranteed that he will get minimum of Rs.20,000 as his share of profit every year. Firm's profit was Rs.90,000. Any deficiency in C profit will be compensate by A and B in the ratio of 4:1. A's share of Profit after meeting deficiency will be:
  A)
  40,000 done clear
  B)
  45,000 done clear
  C)
  41,000  done clear
  D)
  44,000 done clear
  View Solution play_arrow

• question_answer132)
  A, B and C started a business in partnership on 1st October 2020. Their profit sharing ratio was decided 3 : 2 : 1. A has given guarantee to C for a minimum profit of Rs.6,000 yearly. Profit at the end of the year 31st March 2021, was Rs.12,000. A's share of profit after deficiency will be:
  A)
  6,000  done clear
  B)
  5,000 done clear
  C)
  4,000  done clear
  D)
  3,000 done clear
  View Solution play_arrow

• question_answer133)
  A, B and C are partners in the ratio of 5 : 3 ; 2. A has given guarantee to C for a minimum profit of Rs.7,000 p.a. for the year ending 31st March 2021, B's share of profit is Rs.9,000. A's share of profit after meeting deficiency will be:
  A)
  15,000 done clear
  B)
  14,000 done clear
  C)
  700 (Loss) done clear
  D)
  4,500 done clear
  View Solution play_arrow

• question_answer134)
  A, B and C are partners sharing profits in the ratio of 4 : 3 : 2. A is given a guarantee that his share of profits will not be less than Rs.1,25,000 p.a. Profit at the end of the year is Rs.2,70,000. Deficiency if any, would be borne by B and C equally. B's share of profit after meeting deficiency (if any) will be:
  A)
  90,000 done clear
  B)
  87,500 done clear
  C)
  92,500 done clear
  D)
  87,000 done clear
  View Solution play_arrow

• question_answer135)
  X, Y and Z are partners sharing profits in the ratio of 3:2:1. X has given guarantee to Z for a minimum share of profit for the year. After meeting Z's deficiency of Rs.40,000, X gets his share of final net profit Rs.1,10,000. What was the guaranteed amount of Z ?
  A)
  1,50,000 done clear
  B)
  1,00,000 done clear
  C)
  50,000 done clear
  D)
  90,000 done clear
  View Solution play_arrow

• question_answer136)
  Profit and Loss Appropriation Account cannot show loss when appropriations are more than the profits.
  A)
  True      done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer137)
  Interest on capital (Charge against profit) is to be shown on the debit side of Profit and Loss Appropriation Account.
  A)
  True done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer138)
  Interest on capital (appropriation) in case of loss is to be shown on the debit side of Profit & Loss Account.
  A)
  True done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer139)
  Interest on capital (Charge) in case of loss is to be shown on the debit side of Profit & Loss A/c.
  A)
  True done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer140)
  If Interest on capital is more than the profit available for distribution, then in such a case interest on capital is to be shown in the debit side of Profit & Loss account.
  A)
  True done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer141)
  Rent payable to partner is an appropriation against profit.
  A)
  True done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer142)
  Rent Payable (not paid yet) to partner is to be shown on the credit side of Profit & Loss account.
  A)
  True done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer143)
  In case of loss. Rent Payable to partner is not shown in Profit & Loss account.
  A)
  True done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer144)
  Partner’s commission is to be shown on the debit side of Profit & Loss account.
  A)
  True      done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer145)
  In the absence of partnership deed Profit is always to be shared in capital ratio.
  A)
  True done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer146)
  In the absence of partnership deed Interest on loan (loan given by a partner to the firm) is to be provided @ 6% p.a. irrespective of loss.
  A)
  True done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer147)
  Interest on loan (loan given by a partner to the firm) is appropriation against profit.
  A)
  True done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer148)
  In case of loss interest on loan (loan given by a partner to the firm) is to be shown in the debit side of Profit & Loss account 
  A)
  True done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer149)
  In the absence of partnership deed, interest on loan to partner (loan given by a firm to a partner) is to be calculated @ 6% p.a.
  A)
  True done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer150)
  Interest on capital is always to be calculated on closing capital.
  A)
  True done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer151)
  In case of absence of partnership deed interest on drawing is to be calculated @ 6% p.a.
  A)
  True done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer152)
  Interest on drawing is to be shown on the debit side of Profit & Loss Appropriation account
  A)
  True  done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer153)
  If capital account is to be prepared on fixed capital method then withdrawal of capital is to be shown on the debit side of Partners current account.
  A)
  True      done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer154)
  Interest on drawing is to be calculated on both drawing against profits and capital withdrawn for personal use.
  A)
  True done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer155)
  If salary to a partner is a charge against profit then it will be paid only out of the profit but in case of loss salary to partner will not be paid.
  A)
  True      done clear
  B)
  False done clear
  View Solution play_arrow