Partnership Deed and Accounting Quiz

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

• 50

• 100

• 2

• None of the above.

In the absence of partnership deed, interest on capital is allowed at the rate of:

• 6% p.a. simple interest

• 6% p.a. compound interest

• 12% simple interest

• None of the above.

Interest on Partner's Loan will be credited to:

• Partner's Loan A/c

• Partner's Capital A/c

• Profit and Loss A/c

• None of the above.

Which of the following items will be shown in Partner's Capital A/c under Fixed Capital method?

• Drawings from profits

• Drawings from capital

• Interest on drawings

• All of the above.

Rent to a partner is shown in:

• Dr. side of Profit And Loss Appropriation A/c

• Cr. side of Profit And Loss Appropriation A/c

• Dr. side of Profit And Loss A/c

• Cr. side of Profit And Loss A/c.

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.

The relation of partner with the firm is that of:

• An owner

• An agent

• An owner and agent both

• A manager.

Current accounts of partners are maintained under which method?

• Fluctuating Capital method

• Fixed Capital method

• Both of the above

• None of the above.

Which one of the following is not a right of a partner?

• Right to inspect the books of the firm

• Right to take part in the affairs of the company

• Right to share the profits/losses of the firm

• Right to receive salary at the end of each month.

Can a partner be exempted to share the losses of the firm?

• Yes

• No

• Yes, if partnership deed provides so

• Never.