Multiple question
Faraz Mateen Multiple question
Fundamental of partnership
1.Pick the odd man out with respect to fixed capital account
Capital introduced
Capitol withdraw
Interest on capital
None of these
2.Partners current account has
A debit balance
A credit balance
Either a debit or credit balance
A nil balance
3.Intrest on partners drawing is credited to
Profit and loss account
Profit and loss appropriation
Partner's capital account
Partner's current account
4.Profit and loss appropriation account is prepared to
Creat reserve fund
Find out divisible profit
Find out net profit
None of these
5.In the absence of an agreement partners are entitled to
Salary
Profit share in capital ratio
Interest on loan and advance@6/p.a
Commission
6.Who among the following can not be a partner in the firm
Minor
Person of unsound mind
Person disqualified by law
All of these
7.In the absence of partnership deed a partner is entitled to get on interest on his capital in firm at
10/p.a
6 /p.a
12/p.a
None of these
8.Pick the odd man out
Rent to partner
Mangers commission
Interest on partners loan
Interest on partners capital
9.What will be the interest on drawings@12 for the year. If a partner withdraw rs 5000in the beginning of each quarter
1100 rs
2100 rs
1500 rs
None of above
10.What time would be taken into consideration if equal monthly amount is draw as drawings at the beginning of each month
7 month
6 month
5 month
6.5month
