12th Commerce Subject – Accounting Quiz

If a partner withdraws an equal amount in the beginning of each month for a period of 10 months, what will be the average period for calculation of Interest on Drawings?

• 5.5 months

• 6 months

• 7.5 months

• 6.5 months

Manager is entitled to a commission of 10% of the net profits after charging such commission. The net profit for the year is ₹1,32,000. What will be the amount of manager’s commission?

• None of the above

• ₹12,000

• ₹13,200

• ₹10,000

Akhil and Ravi are partners sharing profits and losses in the ratio of 7:3 with capitals of ₹8,00,000 and ₹6,00,000 respectively. According to partnership deed interest on capital is to be provided @ 8% p.a. and is to be treated as a charge. Profit for the year is ₹80,000. Choose the correct option:

• A will be credited by ₹ 64,000 and B will be credited by ₹ 48,000.

• A will be credited by ₹ 56,000 and B will be credited by ₹ 24,000.

• A will be credited by ₹ 22,400 and B will be credited by ₹ 9,600.

• A will be credited by ₹ 41,600 and B will be credited by ₹ 38,400.

A and B are partners. B draws a fixed amount at the end of every month. Interest on drawings is charged @15% p.a. At the end of the year interest on B’s drawings amounted to ₹8,250. Drawings of B were:

• ₹12,000 p.m.

• ₹10,000 p.m.

• ₹9,000 p.m.

• ₹8,000 p.m

Assertion (A): Personal properties of a partner may also be used to pay off the firm’s debts. Reason(R): All partners have limited liability in the firm.

• Both (A) and (R) are true and (R) is not the correct explanation of (A)

• (A) is false, but (R) is true.

• (A) is true, but (R) is false.

• Both (A) and (R) are true and (R) is the correct explanation of (A)

Assertion (A): Maximum number of partners in a partnership firm is 50. Reason(R): Maximum number of partners in a partnership firm is prescribed in Companies Act, 2013.

• (A) is false, but (R) is true

• (A) is true, but (R) is false

• Both (A) and (R) are true and (R) is not the correct explanation of (A)

• Both (A) and (R) are true and (R) is the correct explanation of (A)

What is the minimum number of partners in a partnership firm?

• None of the above

• 50

• 100

• 2

Limited Liability Partnerships came into existence in India after the enactment of:

• Indian Partnership Act, 1932

• Limited Liability Partnership Act, 1932

• Limited Liability partnership Act, 2008

• Indian companies Act, 2013

Interest on capital will be paid to the partners if provided for in the partnership deed but only out of:

• Goodwill

• Profits

• Reserves

• Accumulated Profits

A, B and C were Partners with capitals of ₹50,000; ₹40,000 and ? 30,000 respectively carrying on business in partnership. The firm’s reported profit for the year was ₹80,000. As per provision of the Indian Partnership Act, 1932, find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of ₹20,000 in addition to his capital contribution.

• ₹33,333 for A ₹26,667 for B and ₹20,000 for C.

• ₹26,667 each partner.

• ₹30,000 each partner

• ₹26,267 for Partner B and C and ₹27,466 for Partner A.