Fundamentals of Partnership Quiz

Anirudha and Rishabh agreed to share the rental income of a property owned by both of them. Is it a partnership?

• it is a partnership as there is an agreement between Anirudha and Rishabh

• it is a partnership as Anirudha and Rishabh are sharing rental income

• it is not a partnership as there is no mutual agency between Anirudha and Rishabh

• it is not a partnership as rental income sharing ratio is not given between Anirudha and Rishabh

Ramya, Tanvi and Soumya are partners in the ratio 5:3:2. Ramya signed a cheque for the payment to a creditor of the firm of Rs. 10 Lacs on the behalf of the firm. In this case, who is the principal?

• Ramya is a principal while Tanvi and Soumya are agents

• Ramya is an agent while Tanvi and Soumya are principals

• All are principals

• All are agents

Mohan & Sohan are partners in equal profit sharing ratio with capitals of Rs. 2,00,000 and Rs. 1,00,000 carrying interest @ 6% p.a. The partnership was started on 1st April 2016. Sohan introduced Rs. 100,000 on Sep 30, 2016 as well. The amount of interest credited to their capital account will be…

• Mohan will get Rs. 20,000 and Sohan will get Rs. 10,000

• Mohan will get Rs. 9,000 and Sohan will get Rs. 9,000

• Mohan will get Rs. 8,000 and Sohan will get Rs. 10,000

• Mohan will get Rs. 12,000 and Sohan will get Rs. 9,000

Vikas and Sahil are partners in the ratio 3:2. During the year 2015-16, Vikas withdrew Rs. 10,000 at the beginning of every quarter for personal use. Calculate interest on drawing @10% if the firm closes the books on 31st March 2016.

• Interest on drawing Rs. 2,500

• Interest on drawing Rs. 3,000

• Interest on drawing Rs. 4,000

• None of the above

Tanu, Anu and Manu are partners in the ratio 5:3:2. Manu is guaranteed for the minimum profit of Rs. 48,000. At the end of the year on 31st March 2016, firm earned profit of Rs. 2,00,000. Amount of deficiency borne by?

• Tanu Rs. 8,000

• Anu Rs. 8,000

• Anu Rs. 3,000 and Tanu Rs. 5,000

• Tanu Rs. 4,000 and Anu Rs. 4,000

A and B are partners in the ratio 3:2. B is entitled for commission of 10% of the net profit after charging salary to A Rs. 3,000 p.m and such commission. The net profit of the firm is Rs. 2,56,000. B's commission will be of Rs._____________.

Riya and Aditya are partners in the ratio 3:2. On 1st April 2016 their capitals were Rs. 4,00,000 each. During the year Riya withdrawn Rs. 10,000 on first day of every month for six months starting from 1st October 2016. Rate of interest on drawing was 6%. Her interest on drawing will be Rs.

• 3,600

• 1050

• 2100

• 7,200

A and B are partners in 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% Per Annum

• @ 6% Per Annum

• @ 6% Per Month

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

Which one of the following items cannot be recorded in the profit and loss appropriation account?

• Interest on capital

• Interest on drawings

• Rent paid to partners

• Partner's salary

According to Profit and 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 and Loss Appropriation Account will be:

• ₹1,66,000

• ₹1,70,000

• ₹1,30,000

• ₹1,34,000