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Worksheetsfundamentals of partnership
Total questions: 20
Worksheet time: 16mins
Which one of the following is NOT an essential feature of a partnership?
There must be an agreement
There must be a business
The business must be carried on for profits
The business must be carried on by all the partners
In the absence of Partnership Deed, the interest is allowed on partner’s capital:
@ 5% p.a.
@ 6% p.a
@ 12% p.a.
No interest is allowed
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
In the absence of partnership deed, the following rule will apply :
No interest on capital
Profit sharing in capital ratio
Profit based salary to working partner
9% p.a. interest on drawings
Interest on capital will be paid to the partners if provided for in the partnership deed but only out of:
Profits
Reserves
Accumulated Profits
Goodwill
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
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
Rani and Suman are in partnership with fixed capitals of Rs, 80,000 and Rs. 60,000, respectively. During the year 2015-16, Rani withdrew Rs. 10,000 from her capital and Suman Rs. 15,000. Profits before charging interest on capital was Rs. 50,000. Rani and Suman shared profits in the ratio of 3:2. Calculate the amounts of interest on their capitals @ 12% p.a. for the year ended March 31, 2016.
Rani, Rs. 6,000; Suman, Rs. 9,300
Rani, Rs. 9,000; Suman, Rs. 6,300
Rani, Rs. 8,000; Suman, Rs. 6,500
Rani, Rs. 19,000; Suman, Rs. 16,300
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
Ram and Syam are partners sharing profits/losses equally. Ram withdrew Rs. 1,000 p.m. regularly on the first day of every month during the year 2015-16 for personal expenses. If interest on drawings is charged @ 5% p.a. Calculate interest on the drawings of Ram.
225
300
325
600
Verma and Kaul are partners in a firm. The partnership agreement provides that interest on drawings should be charged @ 6% p.a. Verma withdraws Rs. 2,000 per month starting from April 01, 2019 to March 31, 2020. Kaul
withdrew Rs, 3,000 per quarter, starting from April 01, 2019. Calculate interest on partner’s drawings.
Verma 780 and Kaul 450
Verma 450 and Kaul 780
Verma 870 and Kaul 540
Verma 540 and Kaul 870
On 1st June 2018 a partner introduced in the firm additional capital ₹50,000. In the absence of partnership deed, on 31st March 2019 he will receive interest :
₹3,000
Zero
2,500
1,800
A partner introduced additional capital of ₹30,000 and advanced a loan of ₹40,000 to the firm at the beginning of the year. Partner will receive year’s interest:
4,200
2,400
Nil
1,800
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.
According to Profit and Loss Account, the net profit for the year is ₹4,20,000. Salary of a partner is ₹5,000 per month and the commission of another partner is ₹10,000. The interest on drawings of partners is ₹4,000. The divisible profit as per Profit and Loss Appropriation Account will be :
3,54,000
3,46,000
4,09,000
4,01,000
Partners’ Current Accounts are opened when their capital accounts are
Fixed
Fixed and Fluctuating both
Fluctuating
None of these
The current account of a partner
Will always have a credit balance
Will always have a debit balance
May have a debit or credit balance
Can never have a debit balance
Features of partnership are
Agreement
Legal Business
Agency relationship
Limited liability of all partners
Maximum number of members is 500
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
In which year was the Partnership Act passed?
1932
1956
1947
1956
