TN State Board Samacheer Kalvi Online Test for 11th Std - Accountancy - English - Accounts of Partnership Firms-Fundamentals

Question 1 Of 10

In the absence of partnership deed, profits of the firm will be shared by the partners in

Equal ratio Capital ration Both (a) and (b) None of these

Question 2 Of 10

Which of the following is shown in profit and loss appropriation account?

Office Expenses Salary of staff Partner’s salary Interest on bank loan

Question 3 Of 10

In a partnership business, the agreement is

Compulsory Optional Not necessary. Compulsory

Question 4 Of 10

As per the Indian Partnership Act, 1932, the rate of interest allowed on loans advanced by partners is

8% per annum 12% per annum 5% per annum 6% per annum

Question 5 Of 10

In the absence of agreement profits and losses are divided

in the ratio of capitals in the ratio of time devoted by each partner equally equally

Question 6 Of 10

under fixed capital system, the profits and losses of partners will be transferred to their account

Current Drawings Capital Current

Question 7 Of 10

Pick the odd one out

Partners share profits and losses equally Interest on partners capital is allowed at 7% per annum No salary or remuneration allowed Interest on loan from partners is allowed at 6% per annum

Question 8 Of 10

under fixed capital method, salary payable to a partner is recorded

in the current account in capital account either in current account or capital account in the current account

Question 9 Of 10

In a partnership, partners share their profits & losses in ‘ ratio

their capital equal agreed agreed

Question 10 Of 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.

₹ 50 ₹ 150 ₹ 550 ₹ 500

Tamil Nadu State Board ( Samacheer Kalvi ) Online Test based on Book Back Questions - 11th Standard Accountancy - English Medium - Accounts of Partnership Firms-Fundamentals

Samacheer Kalvi 11th Accountancy - Accounts of Partnership Firms-Fundamentals - Book Back Questions in English Medium