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 is not the clause of the Partnership Deed?

a) Capital Contribution of Partners

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

c) Rights & Duties of Partner

d) Commencement of business

2 / 10

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

a) 6% P.m

b) Any other Rate

c) Will not be charged

d) 6% P.a

3 / 10

3) 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) Bipul’s demand is correct

b) Om’s objection is correct

c) Both are wrong

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

4 / 10

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

a) Settlement of Disputes

b) Agreement

c) Two or more persons

d) Lawful Business

5 / 10

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

a) May have Nil balance

b) Credit balance

c) Credit or Debit balance

d) Debit balance

6 / 10

6) 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

7 / 10

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

a) All of the other partners

b) Partnership firm

c) None of these

d) Partners who had given the guarantee

8 / 10

8) Rent to a partner is shown in:

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

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

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

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

9 / 10

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

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

b) profit and loss are to be shared equally

c) all drawings are to be charged interest

d) no interest is to be charged on capital

10 / 10

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

a) Interest on Loan

b) General Reserve

c) Interest on Drawings

d) Interest on capital

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Fundamentals of Partnership MCQs – (Theory-Based)

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