Fundamental of Partnership Assertion Reason MCQs

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Created on By One Mark Solution

Fundamentals of Partnership (Assertion Reason Type Questions)

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1) Assertion (A): Partnership firm is a form of organisation where two or more persons carry on business activity on the basis of agreement among them.

Reason(R): The profit or loss arising from the partnership business is shared by the partners in the agreed ratio.

2 / 10

2) Assertion (A): In the absence of Partnership deed profits and losses are divided equally among the partners.

Reason(R): This rule is applicable according to Indian partnership Act, 1932.

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3) Assertion (A): Rent payable to partner is credited to Partner’s Capital account.

Reason(R): Rent is payable to partner for letting the firm use his personal property for business.

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4) Assertion (A): A partnership deed covers all matters relating to mutual relationship among the partners.

Reason(R): But in the absence of partnership deed, provisions of the Indian partnership Act, 1932 shall apply for accounting purposes.

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5) Assertion (A): Maximum number of partners in a partnership firm is 50.

Reason(R): Maximum number of partners in a partnership firm is prescribed in Companies Act, 2013.

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6) Assertion (A): For calculating Interest on Drawings, product method is used.

Reason(R): Partners withdraw different amounts of money at different intervals of time.

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7) Assertion (A): Interest on Partner’s capital may be shown in Profit and Loss Account.

Reason(R): If Partners treat interest on capital as a charge.

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8) Assertion (A): Guarantee of minimum profit may be given to a partner.

Reason(R): It is compulsory as per Indian Partnership Act, 1932.

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9) Assertion (A): Rent to partner is not shown in Profit and Loss Appropriation Account.

Reason(R): Rent to a partner is a charge against profit.

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10) Assertion (A): Personal properties of a partner may also be used to pay off the firm’s debts.

Reason(R): All partners have limited liability in the firm.

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The average score is 45%

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This type of reasoning question consists of two statements; an assertion (statement of fact) and a reason (explanation for the assertion). You have to determine whether each statement is correct. If both the statements are correct, you have to determine whether the reason supports the assertion. There will be four answer choices for the possible outcomes and you have to select the correct one.

We are providing here the Fundamentals of Partnership Assertion Reason Based 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.

So that they may easily attempt the related Multiple Choice Type Questions asked in CBSE XII Accountancy Exam 2021-22.

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Stay Tuned, in Future we will provide the multiple choice questions on fundamentals of partnership mcq pdf. Practice it for the Better Results in the CBSE Term 1 Exam 2021-22.

Fundamentals of Partnership MCQS
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