12th Acc partnership fundamentals

Accounting rules for partnership are governed by the partnership act of

• 1933

• 1956

• 1932

• 2013

It is mandatory to have a written partnership aggreement.

• True

• False

following are essential elements of a partnership firm except:

• atleast two persons

• there is an agreement among all partners

• equal share of profit and losses

• partnership is for some business

In the absence of a partnership deed the partners are entitles to interest on capital at the rate of

• 6%

• 9%

• 12%

• nil

A and B are partners in a firm , 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 :

• Agreed ratio

• Captial ratio

• Profit sharing ratio

• equally

A and B are partners. B withdraws a fixed amount at the END of every MONTH. IOD is charged at 15%p.a. At the end of the year, interest on B's Drawings amounts to rs 1650. Drawings of B were:

• 24000 p.m.

• 24000

• 12000

• 10000

which of the following items can not be recorded in the P & L appropriation a/c

• IOC

• IOD

• Rent paid to partners

• Partner's salary

A & B are partners, their firm charges interest on drawing @10%. Be draws 1000 at the beginning of every month. what will be Average period for which IOD will be calculated

• 11/2

• 12

• 13/2

• 6

As per the companies act 2013, what is the maximum number of partners in firm

• 50

• 10

• 100

• unlimited

Under which capital method, two accounts are prepared

• fixed

• fluctuating

• both

• none