Accountancy: CUET Mock Test - 7 - Commerce MCQ

Following are the differences between Partnership and Joint Venture except.

 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

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?

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:

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:

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.

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:

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

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

Interest on Partners capital is:

Partners are suppose to pay interest on drawings only when _______by the _______

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

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

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

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

How would you close the Partner’s Drawings Account?

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

Interest on Drawings is:

Firm has earned exceptionally high profits from a contract which will not be renewed. In such a cash the profit from this contract will not be included in ______.

A draws Rs. 1000 per month on the last day of every month. If the rate of interest is 5% k.p.a. then the total interest chargeable from him to accounting year ending on 31-12-1985 will be

As per Section 37 of the Indian Partnership Act, 1932, the executors would be entitled at their choice to the interest calculated from the date of death till the date of payment on the final amount due to the deceased partner at ______% p.a.:

A partner acts as ______ for a firm. 

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

A and B are partners A’s capital is Rs. 10,000 and B’s Capital is Rs. 6,000. Interest is payable @ 6% p.a. B is entitled to a salary of Rs. 300 per month. Profit to the year before interest and salary to B is R.s 8,000. Profits between A and B will be divided as:

A and B are partners having capital of Rs. 50,000 and Rs. 60,000 respectively. Interest on capital is given @ 5% p.a. Profits for the year before appropriation is Rs. 4,600 provide interest on capital out of profits. Increase allocated to partners is :

A, B and C had capitals of Rs. 50,000; Rs. 40,000 and Rs. 30,000 respectively for carrying on business in partnership. The firm’s reported profit for the year was Rs. 79,200. As per provisions of the Indian Partnership Act, 1932, find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of Rs. 20,000, in addition to his capital contribution. 

When is Profit & Loss Appropriation Account prepared?