Accountancy

Accountancy

Assessment

Quiz

Education

12th Grade

Hard

Created by

dhanya vk

Used 4+ times

FREE Resource

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26 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Number of partners in a partnership firm may be

Maximum two

Maximum ten

Maximum one hundred

Maximum fifty

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A & B are partners in a partnership firm without any agreement. A has given a loan of 50,000 to the firm. At the end of year loss was incurred in the business. Following interest may be paid to A by the firm :

5%p.a

6%p.a

6% p.m

As there is a loss in the business, interest can't be paid

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

According to Profit & Loss Account, the net profit for the year is ₹ 1,50,000. The total interest on partner's capital is ₹18,000 and interest on partner's drawings is ₹2,000. The net profit as per Profit & Loss Appropriation Account will be:

₹1,66,000

₹1,70,000

₹1,30,000

₹1,34,000

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A& B are partners in a firm. A's Caoital is ₹70,000 & B's Capital is ₹50,000. Firm's profit is ₹60,000. A's share in profit will be:

₹25,000

₹30,000

₹35,000

₹20,000

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Net Profit of a firm is ₹49,500. Manager is entitled to a commission of 10% on profits before charging his commission. Manager's commission will be:

₹4,500

₹4,950

₹5,500

₹495

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

A, B & C are partners in the ratio of 5:3:2. Before B's salary of ₹17,000, firm's profit is ₹ 97,000. How much in total B will receive from the firm?

₹17,000

₹ 40,000

₹ 24,000

₹ 41,000

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which accounts are opened when the capitals are fixed?

Only Capital Accounts

Only Current Accounts

Capital Accounts as well as Current Accounts

Either Capital Accounts or Current Accounts

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