online Mock Tests in Partnership Accounts for preparation of professional exams of CA cpt, CA foundation, CS foundation, CMA foundation , And Also for B.com, M.com, MBA
Introduction to Partnership Accounts-Test 1
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Subject :Fundamentals of Accounting Questions: 30
Chapter: Introduction to Partnership Accounts -Test 1
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A draws Rs.1000 per month on the last day of every month. If the rate of interest is 5% p.a. then the total interest on drawings will be :
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Question 2 of 30
2. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A and B are partners sharing profits and losses in the ratio of 4 : 1. C was a manager who received the salary of Rs.2000 p.m. in addition to a commission of 5% on net profits after charging such commission, Profits for the year is Rs.3,39,000 before charging salary. Find total remuneration of C :
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Question 3 of 30
3. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
In the absence of an agreement, partners are entitled to :
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Question 4 of 30
4. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
In absence of any agreement, partners are liable to receive interest on loans at the rate of :
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Question 5 of 30
5. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A and B are partners A’s capital is Rs.10,000 and B’s Capital is Rs.6,000; Interest is payable @ 6% p.a. B is entitled to a salary of Rs.300 per month. Profit to the year before interest and salary to B is Rs.8,000. Profits between A and B will be divided :
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Question 6 of 30
6. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Ram is a partner. He made drawings as follows :
July 1 Rs.200
August 1 Rs.200
September 1 Rs.300
November 1 Rs. 50
February 1 Rs.100
If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawing is :
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Question 7 of 30
7. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Fluctuating Capital Account is credited with :
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Question 8 of 30
8. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Ram and Mohan, are partner’s. They draw for private use Rs.6,000 and Rs.4,000 respectively. Interest is changeable @ 6% per annum on drawings. What is the interest ?
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Incorrect
Question 9 of 30
9. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
As per Section 37 of the Indian Partnership Act, 1932, the executors would be entitled at their choice to the interest calculated from the date of death till the date of payment on the final amount due to the deceased partner at ______ % per annum :
Correct
Incorrect
Question 10 of 30
10. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Interest on Partners capital is :
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Question 11 of 30
11. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A and B are partners having capital of Rs.50,000 and Rs.60,000 respectively. Interest on capital given @ 5% p.a. Profits for the year before appropriation is Rs.4,600 provide interest on capital out of profits. Interest allocated to partners is :
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Incorrect
Question 12 of 30
12. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
If there is no partnership deed then interest on capital will be charged at ____ p.a.
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Incorrect
Question 13 of 30
13. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Interest on Drawings is :
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Incorrect
Question 14 of 30
14. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Profit or loss on revaluation is shared among the old partners in _______ ratio.
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Incorrect
Question 15 of 30
15. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
In the presence of an agreement, interest on capital is to be provided from ______ ?
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Incorrect
Question 16 of 30
16. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
In the absence of an agreement, interest to be allowed on partner’s capital is ____ ?
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Incorrect
Question 17 of 30
17. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Interest on drawings is treated as :
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Incorrect
Question 18 of 30
18. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A partnership firm consisted of three partners A, B, C. If A pays Rs.10,000 against the liability of the firm from his private funds, then what will be the entry in the books of the firm ?
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Incorrect
Question 19 of 30
19. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
‘Salary Rs.5,000 paid to partner’.
The above item will appear in _______ .
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Incorrect
Question 20 of 30
20. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A partner has given a loan of Rs.50,000 to the firm. He wants interest @ 15% p.a. on his loan. there was no agreement or partnership deed betweenthem. The partner ________ .
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Question 21 of 30
21. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
In the absence of any deed of partnership –
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Incorrect
Question 22 of 30
22. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Net profit of the firm is Rs.5,000. Interest on capital and interest on drawings still not charged are Rs.5,000 and Rs.2,500 respectively. net profit available for the distribution among the partners after charging the above will be :
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Incorrect
Question 23 of 30
23. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Insurance Premium paid by the firm on the life insurance policy of a partner is
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Question 24 of 30
24. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Ram, Rahim, Singh and John are in partnership sharing profits and losses equally. They mutually agree to change their profit sharing ratio to 2: 2: 1:1. In this case John’s share would decrease by ______ share of profit and loss.
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Question 25 of 30
25. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
If opening capital of a partner in the firm is Rs.1,00,000 and closing capital is Rs.2,00,000. Interest on capital allowed during the year Rs.10,000 and interest on drawings charged during the year Rs.2,000. If total drawings were Rs.20,000, the amount of profit transferred to his capital account by the firm would be :
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Question 26 of 30
26. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
X and Y are partners. Given below is detail of items appearing in the Appropriation Account.
Particulars X (Rs.) Y(Rs.)
Interest on Capital 1,600 1,800
Interest on Drawing 500 400
Remuneration to partners 2,000 3,000
Share of profit after Appropriation 8,000 12,000
What was the net profit before appropriation ?
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Question 27 of 30
27. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Subject to contract between the partners, interest on capital is to be provided out of profits only. In case of insufficient profits (i.e. net profit less than the amount of interest on capital), the amount of profit is distributed :
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Question 28 of 30
28. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A, B and C are partners sharing profit and losses equally and A paid liability of Rs.10,000 out of his private funds. How will you record this in the books of the firm ?
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Question 29 of 30
29. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Aryan and Gauri were partner in a firm sharing profits and losses in the ratio of 2 : 1. Their capital was Rs.90,000 and Rs.60,000 respectively. They were entitled for interest on capital @ 12% p.a. The firm earned a profit of Rs.84,000 after allowing interest on capitals. Profits will be distributed among them will be :
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Incorrect
Question 30 of 30
30. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
In a partnership firm, in case of insufficient profit i.e. net profit less than the amount of interest on capital, the amount of profit is distributed :