Fundamentals of Partnership MCQs - (Theory-Based)

Created on November 17, 2021 By

One Mark Solution

Fundamental of Partnership (Theory Based MCQs)

1 / 10

1) Which of the following is not incorporated in the Partnership Act?

a) no interest is to be charged on capital

b) profit and loss are to be shared equally

c) all loans are to be charged interest @ 6% p.a.

d) all drawings are to be charged interest

2 / 10

2) Om & Bipul were partner’s without any deed where Publisher invested the total capital and Om had the
complete hold on the business as Bipul was the sleeping partner, but as Bipul invested complete capital
demanded to share the profits in the Ratio of 5 : 1 and Om object’s to this.

a) Both are wrong

b) Om’s objection is correct

c) As investment is of Bipul he should be given interest on capital

d) Bipul’s demand is correct

3 / 10

3) Which of the following items will not be shown in the Profit & Loss Appropriation account?

a) Interest on Drawings

b) General Reserve

c) Interest on capital

d) Interest on Loan

4 / 10

4) If the partnership deed is silent interest on drawings will be charged @

a) Any other Rate

b) 6% P.a

c) Will not be charged

d) 6% P.m

5 / 10

5) If the Partners are maintaining the capital account on Fixed basis, partner’s capital account will have:

a) Credit balance

b) Credit or Debit balance

c) May have Nil balance

d) Debit balance

6 / 10

6) If the guarantee is given to the partner by some partners, deficiency on such will be borne by

a) None of these

b) Partners who had given the guarantee

c) Partnership firm

d) All of the other partners

7 / 10

7) Which of the following items will be shown in Partner’s Capital A/c under Fixed Capital method?

a) Drawings from capital

b) All of these

c) Drawings from profits

d) Interest on drawing

8 / 10

8) Which is not the clause of the Partnership Deed?

a) Business can be carried on by all or any of the partner’s acting for all

b) Capital Contribution of Partners

c) Rights & Duties of Partner

d) Commencement of business

9 / 10

9) Rent to a partner is shown in:

a) Dr. side of Profit And Loss A/c

b) Cr. side of Profit And Loss A/c

c) Dr. side of Profit And Loss Appropriation A/c

d) Cr. side of Profit And Loss Appropriation A/c

10 / 10

10) What is not the essential feature of the partnership firm?

a) Agreement

b) Lawful Business

c) Two or more persons

d) Settlement of Disputes

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The average score is 52%

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Fundamentals of Partnership MCQs – (Theory-Based)

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