Fundamental of Partnership MCQs Set 2

1) Interest on capital will be paid to the partners if provided for in the partnership deed but only out of:

2) According to Profit and Loss Account, the net profit for the year is ₹ 1,50,000. The total interest on partner’s capital is ₹ 18,000 and interest on partner’s drawings is ₹ 2,000. The net profit as per Profit and Loss Appropriation Account will be :

3) Interest on Capital is under the Fixed Capital Account method is credited to ___________.

4) In the absence of partnership deed, the following rule will apply :

5) In case of guarantee of minimum profit to a partner deficiency of guaranteed partner is from shared by remaining partner in ____________.

6) If average capital employed in a firm is ₹ 12,00,000 , actual profit is ₹ 1,50,000 and Normal rate of return is 10% per annum . The amount of super profit will be ______.

7) In the absence of agreement, partners are not entitled to :

8) Which one of the following items cannot be recorded in the profit and loss appropriation account?

9) A and B are Partners .A drew ₹ 32,000 .If the rate of Interest on Drawing is 12% per annum then ______ will amount of interest on drawing.

10) Manager’s commission is a ___________ against profits.