TN State Board Samacheer Kalvi Online Test for 12th Std - Accountancy - English - Accounts of Partnership Firms-Fundamentals

Question 1 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 2 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 3 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 4 Of 10

Current accounts for partners will be opened under

fixed capital method fluctuation capital method either fixed capital method or fluctuating capital method fixed capital method

Question 5 Of 10

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

their capital equal agreed agreed

Question 6 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

Question 7 Of 10

The minimum number of Reasons in a partnership firm is

One Two Three Two

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

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

Current Drawings Capital Current

Question 10 Of 10

x and y are partners sharing the profits and losses in the ratio of 2:3 with capitals of Rs. 1,20,000 and Rs. 60,000 respectively profits for the year are Rs. 9,000. If the partnership deed is silent as to interest on the capital show how profit is shared among x and y

profit x – Rs.6,000 y – Rs.3,000 profit x – Rs.3,600 y – Rs.5,400 profit x – Rs.3,000 y – Rs. 6000 profits – Rs.3,600 y – Rs.5,400

Tamil Nadu State Board ( Samacheer Kalvi ) Online Test based on Book Back Questions - 12th Standard Accountancy - English Medium - Accounts of Partnership Firms-Fundamentals

Samacheer Kalvi 12th Accountancy - Accounts of Partnership Firms-Fundamentals - Book Back Questions in English Medium