| 1 |
In the absence of a partnership deed, how are profits shared among partners? |
Accountancy/Book Keeping
Nature of partnership and partnership deed |
Easy |
| 2 |
Which feature of partnership means that each partner can bind the firm by acts done in the ordinary course of… |
Accountancy/Book Keeping
Nature of partnership and partnership deed |
Easy |
| 3 |
X and Y are partners with no deed. X has advanced a loan of ₹50,000 to the firm and asks for interest at 10% … |
Accountancy/Book Keeping
Nature of partnership and partnership deed |
Medium |
| 4 |
Ravi and Mohan run a firm without a deed. Ravi works full time and claims a monthly salary, while Mohan objec… |
Accountancy/Book Keeping
Nature of partnership and partnership deed |
Medium |
| 5 |
A firm with no deed suffered a loss of ₹20,000 before considering interest on a partner's loan of ₹40,000. Wh… |
Accountancy/Book Keeping
Nature of partnership and partnership deed |
Hard |
| 6 |
Under the fixed capital method, where is a partner's share of profit recorded? |
Accountancy/Book Keeping
Fixed and fluctuating capital |
Easy |
| 7 |
How many accounts are maintained for each partner under the fluctuating capital method? |
Accountancy/Book Keeping
Fixed and fluctuating capital |
Easy |
| 8 |
Under the fixed capital method, which item is recorded in the partner's Capital Account? |
Accountancy/Book Keeping
Fixed and fluctuating capital |
Medium |
| 9 |
Capitals are fluctuating. A partner's opening capital is ₹50,000; interest on capital ₹5,000, salary ₹6,000, … |
Accountancy/Book Keeping
Fixed and fluctuating capital |
Medium |
| 10 |
Capitals are fixed. A partner's current account opens with a credit of ₹4,000. During the year he is credited… |
Accountancy/Book Keeping
Fixed and fluctuating capital |
Hard |
| 11 |
Interest on capital is usually allowed to partners in order to |
Accountancy/Book Keeping
Division of profit among partners |
Easy |
| 12 |
A partner withdrew equal amounts at the end of every month for a year. For how many months, on average, is in… |
Accountancy/Book Keeping
Division of profit among partners |
Easy |
| 13 |
A partner's capital on 1 April was ₹2,00,000. He introduced ₹50,000 more on 1 October. The deed allows 10% in… |
Accountancy/Book Keeping
Division of profit among partners |
Medium |
| 14 |
The profit before commission is ₹1,10,000. A partner is entitled to a commission of 10% of net profit after c… |
Accountancy/Book Keeping
Division of profit among partners |
Medium |
| 15 |
A partner withdrew ₹2,000 at the beginning of every month for 12 months. Interest on drawings is charged at 6… |
Accountancy/Book Keeping
Division of profit among partners |
Hard |
| 16 |
Where does interest on drawings appear in the Profit and Loss Appropriation Account? |
Accountancy/Book Keeping
Profit and Loss Appropriation Account |
Easy |
| 17 |
Which of these items is NOT shown in the Profit and Loss Appropriation Account? |
Accountancy/Book Keeping
Profit and Loss Appropriation Account |
Easy |
| 18 |
The Profit and Loss Appropriation Account is mainly prepared to |
Accountancy/Book Keeping
Profit and Loss Appropriation Account |
Medium |
| 19 |
Net profit is ₹90,000. Interest on capital is A ₹6,000 and B ₹4,000, B's salary is ₹12,000 and interest on A'… |
Accountancy/Book Keeping
Profit and Loss Appropriation Account |
Medium |
| 20 |
The deed allows interest on capital of ₹12,000 to P and ₹8,000 to Q as an appropriation of profit. Net profit… |
Accountancy/Book Keeping
Profit and Loss Appropriation Account |
Hard |