Fundamentals of Partnership MCQs

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Created on November 17, 2021 By One Mark Solution

Fundamental of Partnership (Theory)

1 / 10

1) Under Fluctuation Method of Capital, what is the treatment of “Interest on Capital”?

a) Credited to current account

b) No treatment or adjustment needed

c) Credited to capital account

d) Debited to capital account

2 / 10

2) Which of the following statement is true?

a) A minor can be admitted as a partner, only into the benefits of the partnership

b) None of the above

c) A minor cannot be admitted as a partner

d) A minor can be admitted as a partner but his rights and liabilities are same of adult partner

3 / 10

3) Vinod and Anuj are partners sharing profits equally. Vinod get a commission on sales @ 5%. Sales were ` 6,00,000
during the year. Commission of Vinod is to be shown in:

a) Profit and Loss Account

b) In his capital account only

c) Profit and Loss Appropriation Account

d) Trading Account

4 / 10

4) In the absence of Partnership Deed interest on partner’s loan is calculated at:

a) 6% p.a.

b) 8% p.a.

c) 7% p.a.

d) 5% p.a.

5 / 10

5) Under what circumstances, a partner can get exemption from sharing losses in a firm?

a) All of the above

b) If he is retiring partner

c) If he is a minor

d) If he is a senior citizen

6 / 10

6) Which of the following items is not dealt through Profit and Loss Appropriation Account?

a) Interest on Partner’s Loan

b) Partner’s Salary

c) Partner’s Commission

d) Interest on Partner’s Capital

7 / 10

7) The written Agreement of Partnership is most commonly referred to as:

a) Agreement

b) Partnership contract

c) Partnership Act

d) Partnership deed

8 / 10

8) Need of Profit and Loss Adjustment account is for:

a) Charge against profits

b) Rectification of errors or omissions

c) None of these

d) Appropriation of profits

9 / 10

9) In case of partnership the act of any partner is:

a) Binding on that partner only

b) Binding on all partners except that particular partner

c) None of the above

d) Binding on all partners

10 / 10

10) Following are essential elements of a partnership firm except:

a) There is an agreement between all partners

b) Partnership agreement is for some business

c) At least two persons

d) Equal share of profits and losses

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Hello Students!  We are providing here the Fundamentals of Partnership MCQs.

From the Annual Examination 2021-22, class XII students will find more number of objective type questions in their Accountancy question paper.

To prepare for the one mark questions, students need to know all the important concepts which can be tested in the exam.

CBSE MCQs on Class XII Accountancy Fundamentals of Partnership MCQs provided by One Mark Solution will help students get acquainted with such important concepts and topics.

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