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12th Accountancy Chapter 3 Online Test | Accounts of Partnership Firms-Fundamentals ~ Kalvikavi - Educational Website - Question Paper
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12th accountancy Online Test
» 12th Accountancy Chapter 3 Online Test | Accounts of Partnership Firms-Fundamentals
12th Accountancy Chapter 3 Online Test | Accounts of Partnership Firms-Fundamentals
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12th Accountancy Chapter 3 Online Test | Accounts of Partnership Firms-Fundamentals
12th Accountancy
All Chapter Online Test
Both
Tamil medium and English Medium
Available our samacheer guide online website .
Chapter 2 Accounts of Partnership Firms-Fundamentals Online Test
1➤
In the absence of a partnership deed, profits of the firm will be shared by the partners in …………….
(a) Equal ratio
(b) Capital ratio
(c) Both (a) and
(b) (d) None of these
2➤
In the absence of an agreement among the partners, interest on capital is …………….
(a) Not allowed
(b) Allowed at bank rate
(c) Allowed @ 5% per annum
(d) Allowed @ 6% per annum
3➤
As per the Indian Partnership Act, 1932, the rate of interest allowed on loans advanced by partners is …………….
(a) 8% per annum
(b) 12% per annum
(c) 5% per annum
(d) 6% per annum
4➤
Which of the following is shown in Profit and loss appropriation account?
(a) Office expenses
(b) Salary of staff
(c) Partners’ salary
(d) Interest on bank loan
5➤
When fixed capital method is adopted by a partnership firm, which of the following items will appear in capital account?
a) Additional capital introduced
b) Interest on capital
(c) Interest on drawings
(d) Share of profit
6➤
When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is …………….
(a) 5.5 months
(b) 6 months
(c) 12 months
(d) 6.5 months
7➤
Which of the following is the incorrect pair?
(a) Interest on drawings – Debited to capital account
(b) Interest on capital – Credited to capital account
(c) Interest on loan – Debited to capital account
d) Share of profit – Credited to capital account
8➤
In the absence of an agreement, partners are entitled to …………….
(a) Salary
(b) Commission
(c) Interest on loan
(d) Interest on capital
9➤
Pick the odd one out …………….
(a) Partners share profits and losses equally
(b) Interest on partners’ capital is allowed at 7% per annum
(c) No salary or remuneration is allowed
(d) Interest on loan from partners is allowed at 6% per annum.
10➤
Profit after interest on drawings, interest on capital and remuneration is ₹ 10,500. Geetha, a partner, is entitled to receive commission @ 5% on profits after charging such commission. Find out commission. …………….
(a) ₹ 50
(b) ₹ 150
(c) ₹ 550
(d) ₹ 500
11➤
Which of the following is the incorrect pair?
(a) Interest on drawings – Debited to capital account
b) Interest on capital – Credited to capital account
(c) Interest on loan – Debited to capital account
(d) Share of profit – Credited to capital account
12➤
Which of the following is shown in Profit and loss appropriation account?
a) office exoenses
b) salary of staff
c) Partners’ salary
d) Interest on bank loan
13➤
As per the Indian Partnership Act, 1932, the rate of interest allowed on loans advanced by partners is …………….
a) 8 % per annum
b) 12% per annum
c) 5% per annum
d) 6% per annum
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