Fundamental of Partnership MCQs Set 1

1) In the absence of Partnership Deed, the interest is allowed on partner’s capital:

2) A and B are partners in a partnership firm without any agreement. A devotes more time for the firm as compare to B. A will get the following commission in addition to profit in the firm’s profit:

3) Which of the following statement is true?

4) Oustensible partners are those who

5) Number of partners in a partnership firm may be :

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

7) Which one of the following items is recorded in the Profit and Loss appropriation account

A and B are partners in partnership firm without any agreement. A has given a loan of Rs 50,000 to the firm. At the end of year loss was incurred in the business.
Following interest may be paid to A by the firm

9) A and B are partners in a partnership firm without any agreement. A has withdrawn Rs 50,000 out of his Capital as drawings. Interest on drawings may be charged from A by the firm :

10) Rani and Shyam are partners in a firm. They are entitled to interest on their capital but the net profit was not sufficient for paying his interest, then the net profit will be disturbed among partner in