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Test: Fundamentals Of Partnership And Goodwill - 1 - Commerce MCQ


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10 Questions MCQ Test Accountancy Class 12 - Test: Fundamentals Of Partnership And Goodwill - 1

Test: Fundamentals Of Partnership And Goodwill - 1 for Commerce 2024 is part of Accountancy Class 12 preparation. The Test: Fundamentals Of Partnership And Goodwill - 1 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Fundamentals Of Partnership And Goodwill - 1 MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Fundamentals Of Partnership And Goodwill - 1 below.
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Test: Fundamentals Of Partnership And Goodwill - 1 - Question 1

Q  Which Section of the Partnership Act defines partnership as the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all?

Detailed Solution for Test: Fundamentals Of Partnership And Goodwill - 1 - Question 1

Section 4 of the Indian Partnership Act, 1932 defines partnership as the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.

Test: Fundamentals Of Partnership And Goodwill - 1 - Question 2

If partners are running a business without a partnership deed how much interest on their capitals will be given?

Detailed Solution for Test: Fundamentals Of Partnership And Goodwill - 1 - Question 2

Partners are entitled to interest on capital only if rate of interest is mentioned in the partnership deed. But in this case business is continued without partnership deed. As per the Partnership Act, 1932, partners are enttiled to interest on capital only when there is partnership deed and rate of interest is mentioned in it.

Test: Fundamentals Of Partnership And Goodwill - 1 - Question 3

In the absence of partnership deed profit sharing ratio will be:

Detailed Solution for Test: Fundamentals Of Partnership And Goodwill - 1 - Question 3

When there is no partnership deed or partnership deed is prepared but it is silent on profit sharing ratio, in such a case rules of Partnership Act, 1932 will be applicable. According to which, profits or losses will be shared by the partners equally irrespective of their capitals.

Test: Fundamentals Of Partnership And Goodwill - 1 - Question 4

Partners collectively are called :

Detailed Solution for Test: Fundamentals Of Partnership And Goodwill - 1 - Question 4

A person who joins a partnership business, individually called a partner. The group of partners is called Firm and the name under which all business activities going on is known as firm’s name.

Test: Fundamentals Of Partnership And Goodwill - 1 - Question 5

It is better to have the agreement in writing to avoid any ___

Detailed Solution for Test: Fundamentals Of Partnership And Goodwill - 1 - Question 5

Partnership deed plays important role in regulating the duties and responsibilities of each partner. A written partnership deed is useful to resolve disputes and misunderstanding among partners because every thing is in written form.

Test: Fundamentals Of Partnership And Goodwill - 1 - Question 6

Which of the following is not a content of partnership deed?

Detailed Solution for Test: Fundamentals Of Partnership And Goodwill - 1 - Question 6

Interest on bank loan will be fixed by the bank and not by the partners or partnership deed. A partnership deed can show only those contents which are concerned with partners or firm. Interest on bank loan is a charge against the profit. It means it will be paid in all conditions whether there is profit or loss in the business.

Test: Fundamentals Of Partnership And Goodwill - 1 - Question 7

Partnership is established by ___________

Detailed Solution for Test: Fundamentals Of Partnership And Goodwill - 1 - Question 7

The beginning of partnership is always because of an agreement. There should be an agreement among the partners to start a partnership business. Agreement can be written or oral that does not matter.

Test: Fundamentals Of Partnership And Goodwill - 1 - Question 8

Registration of partnership firm is _________

Detailed Solution for Test: Fundamentals Of Partnership And Goodwill - 1 - Question 8

Registration of a partnership firm is optional. It means there is no need for the registration of a partnership firm. As per the Partnership Act, 1932, it is an option for a partnership firm to get registered or not. But it is always advisable to get registered.

Test: Fundamentals Of Partnership And Goodwill - 1 - Question 9

The persons who have entered into a partnership business with one another are individually called

Detailed Solution for Test: Fundamentals Of Partnership And Goodwill - 1 - Question 9

A person who joins a partnership business, individually called a partner. The group of partners is called Firm and the name under which all business activities going on is known as firm’s name

Test: Fundamentals Of Partnership And Goodwill - 1 - Question 10

Indian Partnership Act year is

Detailed Solution for Test: Fundamentals Of Partnership And Goodwill - 1 - Question 10

In India, Partnership Act, 1932 is followed by all the partnership firms. Specially in the absence of partnership deed, all provisions of Partnership Act, 1932 will be applicable.

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