Multiple question

Fundamental of partnership
Language: English
Subject: Other > Other
School grade: India India
Age: 15 - 17

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


Profit share in capital ratio

Interest on loan and advance@6/p.a


6.Who among the following can not be a partner in the firm


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


6 /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