Partnership quiz

Partnership quiz

12th Grade

20 Qs

quiz-placeholder

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Partnership quiz

Partnership quiz

Assessment

Quiz

Business

12th Grade

Practice Problem

Hard

Created by

Jasbir Kaur

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under which act partnership is covered

1946

1942

1932

2001

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Himani and Kajal are partners in a firm, sharing profits and losses in the ratio of 5:3. The balance in their fixed capital accounts, on April 1, 2016 were: Himani, Rs. 6,00,000 and Kajal, Rs. 8,00,000. The profit of the firm for the year ended March 31, 2017 was Rs, 1,26,000. Calculate their shares of profits, when there is no agreement in respect of interest on capital

Profit : Priya, Rs. 76,500; Kajal, Rs. 67,250

Profit : Priya, Rs. 78,750; Kajal, Rs. 47,250

Profit : Priya, Rs. 75,780; Kajal, Rs. 74,250

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Mohan and Shyam are partners in a firm. State whether the claim is valid if the partnership agreement is silent in the following matters:


Mohan is an active partner. He wants a salary of Rs. 10,000 per year;

valid

invalid

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Is rent paid to a partner appropriation of profits?

It is appropriation of profit

It is not appropriation of profit

If partner’s contribution as capital is maximum

If partner is a working partner.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Partners’ Current Accounts are opened when their capital accounts are

Fixed

Fixed and Fluctuating both

Fluctuating

None of these

6.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Provisions of Partnership Act, 1932 in the absence of Partnership Deed

profits and losses of the firm are to be shared equally by partners

No interest on capital is payable

Interest is to be charged on drawings @ 6% p.a

No partner is entitled to get salary or other remuneration

for taking part in the conduct of the business of the firm

No interest on loan payable to partners

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Mohan and Shyam are partners in a firm. State whether the claim is valid if the partnership agreement is silent in the following matters:


Shyam had advanced a loan to the firm. He claims interest @ 10% per

annum;

Valid

Invalid

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