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Test: Introduction To Partnership Accounts - 2


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30 Questions MCQ Test Accountancy Class 12 | Test: Introduction To Partnership Accounts - 2

Test: Introduction To Partnership Accounts - 2 for Commerce 2022 is part of Accountancy Class 12 preparation. The Test: Introduction To Partnership Accounts - 2 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Introduction To Partnership Accounts - 2 MCQs are made for Commerce 2022 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Introduction To Partnership Accounts - 2 below.
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Test: Introduction To Partnership Accounts - 2 - Question 1

Ram and Mohan, are partner’s. They draw for private use Rs. 6,000 and Rs. 4,000 respectively. Interest is changeable @ 6 percent per annum on drawings. What is the interest?

Detailed Solution for Test: Introduction To Partnership Accounts - 2 - Question 1

When the dates of drawings are not given interest is calculated on the total amount of drawings for an average period of 6 months

Ram= 6000×6/100×6/12 = Rs. 180

Mohan = 4000×6/100×6/12= Rs. 120

Test: Introduction To Partnership Accounts - 2 - Question 2

A and B are partners sharing profits and losses in the ratio of 4:1. C was a manager who received the salary of Rs. 2000 p.m. in addition to a commission of 5% on net profits after charging such commission. Profits for the year is Rs. 3,39,000 before charging salary. Find total remuneration of C:

Detailed Solution for Test: Introduction To Partnership Accounts - 2 - Question 2

Correct Answer :- a

Explanation : C salary = 2000 × 12

= 24000

profit after giving c salary= 339000-24000=315000

commission= (315000×5)÷105

= 15000

total salary of c = 24000 + 15000

= 39000

Test: Introduction To Partnership Accounts - 2 - Question 3

 Ram is a partner. He made drawings as follows:
July 1     Rs. 200
August 1  Rs. 200
September 1 Rs. 300
November 1  Rs. 50
February 1   Rs. 100

If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawing is:

Test: Introduction To Partnership Accounts - 2 - Question 4

Profit or loss on revaluation is shared among the old partners in _______ ratio. 

Test: Introduction To Partnership Accounts - 2 - Question 5

Subject to contract between the partners, interest on capital is to be provided out of profits only. In case of insufficient profits (i.e. net profit less than the amount of interest on capital), the amount of profit is distributed:

Test: Introduction To Partnership Accounts - 2 - Question 6

 On the death of a partner, public notice of death is not given and the firm continues the business, then for the acts of firm done after his death, the estate of the deceased partner is

Test: Introduction To Partnership Accounts - 2 - Question 7

Kapur and Sharma are partners in a partnership firm. Calculate the interest on drawings made by Kapur and Sharma @ 10% p.a. for the year ending 31st December 2013. If, Kapur withdrew Rs. 2,000 per month in the beginning whereas Sharma withdrew same amount at the end of every month.

Test: Introduction To Partnership Accounts - 2 - Question 8

In the absence of any agreement, partners are liable to receive interest on their Loans @:

Test: Introduction To Partnership Accounts - 2 - Question 9

Aryan and Gauri were partner in a firm sharing profits and losses in the ratio of 2:1. Their capital was R.s. 90,000 and Rs. 60,000 respectively. They were entitled for interest on capital @ 12% p.a. The firm earned a profit of Rs. 84,000 after allowing interest on capitals. Profits will be distributed among them will be:

Detailed Solution for Test: Introduction To Partnership Accounts - 2 - Question 9

The profit for the year is 84000 and that is given after allowing the interest on capital to the partners hence we can directly calculate the profit share for both the partners for Aryan it is 84000×2/3=56000, and for Gauri it is 84000×1/3=28000 hence option B is the correct answer

Test: Introduction To Partnership Accounts - 2 - Question 10

Bill and Monica are partners sharing profits and losses in the ratio of 3:2 having the capital of Rs. 80,000 and Rs. 50,000 respectively. They are entitled to 9% p.a. interest on capital before distributing the profits. During the year firm earned Rs. 7,800 after allowing interest on capital. Profits apportioned among Bill and Monica is: 

Test: Introduction To Partnership Accounts - 2 - Question 11

Seeta and Geeta are partners sharing profits and losses in the ratio 4:1. Meeta was manager who received the salary of Rs. 4,000 p.m. in addition to a commission of 5% on net profits after charging such commission. Profits for the year is Rs. 6,78,000 before charging salary. Find the total remuneration of Meeta

Test: Introduction To Partnership Accounts - 2 - Question 12

In absence of any agreement, partners are liable to receive interest on loans at the rate of : 

Test: Introduction To Partnership Accounts - 2 - Question 13

If there is no partnership deed then interest on capital will be charged at ……….p.a.

Test: Introduction To Partnership Accounts - 2 - Question 14

Following is the difference between partnership deed and partnership agreement.

Test: Introduction To Partnership Accounts - 2 - Question 15

Interest on Partners capital is :

Test: Introduction To Partnership Accounts - 2 - Question 16

Match the following items from column A with column B

Test: Introduction To Partnership Accounts - 2 - Question 17

 Partners are suppose to pay interest on drawings only when ……………..by the ………

Test: Introduction To Partnership Accounts - 2 - Question 18

 X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before interest on partner’s capital was Rs. 6,000 and X wanted interest on capital @ 20% as his capital contributions was Rs. 1,00,000 as compared to that of Y and Z which was Rs. 75,000 and Rs. 50,000 respectively.

Test: Introduction To Partnership Accounts - 2 - Question 19

Would interest on loan be allowed in the absence of any agreement or when partnership deed is silent?

Test: Introduction To Partnership Accounts - 2 - Question 20

 In the absence of an agreement, partners are entitled to 

Test: Introduction To Partnership Accounts - 2 - Question 21

Seeta and Geeta are partners sharing profits and losses in the ratio 4:1. Meeta was manager who received the salary of Rs. 4,000 p.m. in addition to a commission of 5% on net profits after charging such commission. Profits for the year is Rs. 6,78,000 before charging salary. Find the total remuneration of Meeta

Test: Introduction To Partnership Accounts - 2 - Question 22

Bill and Monica are partners sharing profits and losses in the ratio of 3:2 having the capital of Rs. 80,000 and Rs. 50,000 respectively. They are entitled to 9% p.a. interest on capital before distributing the profits. During the year firm earned Rs. 7,800 after allowing interest on capital. Profits apportioned among Bill and Monica is: 

Detailed Solution for Test: Introduction To Partnership Accounts - 2 - Question 22

 

Test: Introduction To Partnership Accounts - 2 - Question 23

 Guarantee given to a partner ‘A’ by the other partners ‘B & C’ means

Test: Introduction To Partnership Accounts - 2 - Question 24

 What balance does a Partner’s Current Account has?

Test: Introduction To Partnership Accounts - 2 - Question 25

What time would be taken into consideration if equal monthly amount is drawn as drawings at the beginning of each month?

Test: Introduction To Partnership Accounts - 2 - Question 26

 Features of a partnership firm are: 

Test: Introduction To Partnership Accounts - 2 - Question 27

How would you close the Partner’s Drawings Account?

Test: Introduction To Partnership Accounts - 2 - Question 28

 Following are the differences between Partnership and Joint Venture except:

Test: Introduction To Partnership Accounts - 2 - Question 29

In the absence of any agreement, partners are liable to receive interest on their Loans @:

Test: Introduction To Partnership Accounts - 2 - Question 30

 X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before interest on partner’s capital was Rs. 6,000 and Z demanded minimum profit of Rs. 5,000 as his financial position was not good. However, there was no written agreement. Profit to be distributed to X, Y and Z will be

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