Accountancy Partnership Firm Quiz

Vikas is a partner in a firm. His drawings during the year ended 31st March, 2019 were ₹.72,000. If interest on drawings is charged @ 9% p.a. the interest charged will be :

In the absence of partnership deed, partne₹ share profits or losses :

• In the ratio of their Capitals

• In the ratio decided by the court

• Equally

• In the ratio of time devoted

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.

In case of partnership the act of any partner is :

• Binding on all partners

• Binding on that partner only

• Binding on all partners except that particular partner

• None of the above

Following are essential elements of a partnership firm except:

• At least two persons

• There is an agreement between all partners

• Equal share of profits and losses

• Partne₹hip agreement is for some business.

What should be the minimum number of persons to form a Partnership :

• 2

• 7

• 10

• 20

The relation of partner with the firm is that of:

• An Owner

• An Agent

• An Owner and an Agent

• Manager

Where will you record interest on drawings :

• Debit Side of Profit & Loss Appropriation Account

• Credit Side of Profit & Loss Appropriation Account

• Credit Side of Profit & Loss Account

• Debit Side of Capital/Current Account only.

Which of the following statement is true?

• a minor cannot be admitted as a partner

• a minor can be admitted as a partner, only into the benefits of the partnership

• a minor can be admitted as a partner but his rights and liabilities are same of adult partner

• none of the above

Which of the following items are recorded in the Profit & Loss Appropriation Account of a partnership firm?

• Interest on Capital

• Salary to Partner

• Transfer to Reserve

• All of the above