Quiz on Partnership Accounts

In the absence of partnership deed, what is the rate of interest given on partner's loan?

• @7% p.a.

• @6% p.a.

• @8% p.a.

• @10% p.a.

Accounting rules for partnership are governed by the partnership act of

• 1933

• 1956

• 1932

• 2013

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. 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

which of the following are shown on the debit side of current account ( u can tick more than one option)

• Drawing

• Interest on capital

• Interest on drawing

• salary