Fundamental of Partnership MCQs Set 1

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

2) Oustensible partners are those who

3) 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 A has withdrawn Rs 50,000 out of his Capital as drawings.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 :

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

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

6) 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:

7) 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

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

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

10) Which of the following statement is true?