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

2. Ram and Shyam are partners in the ratio of 3 : 2. Before profit distribution, ‘ Ram is entitled to 5% commission of the net profit (after charging such commission). Before charging commission, firm’s profit was ₹42,000. Shyam’s share in profit will be :

3. A partner draws ₹2,000 each on 1st April 2018, 1st July 2018, 1st October, 2018 and 1st January 2019. For the year ended 31st March, 2019 interest on drawings @ 8% per annum will be :

4. A, B and C were Partners with capitals of ₹50,000; ₹40,000 and ? 30,000 respectively carrying on business in partnership. The firm’s reported profit for the year was ₹80,000. As per provision of the Indian Partnership Act, 1932, find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of ₹20,000 in addition to his capital contribution.

5. A partner introduced additional capital of ₹30,000 and advanced a loan of ₹40,000 to the firm at the beginning of the year. Partner will receive year’s interest:

6. Interest on partner’s drawings will be credited to

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 A has withdrawn ?50,000 out of his Capital as drawings.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

8. Oustensible partners are those who

9. Forming a Partnership Deed is :

10. X and Y are partners in the ratio of 3 : 2. Their capitals are ₹2,00,000 and ₹1,00,000 respectively. Interest on capitals is allowed @ 8% p.a. Firm earned a profit of ₹15,000 for the year ended 31st March 2019. As per partnership agreement, interest on capital is treated a charge on profits. Interest on Capital will be :

11. Sangeeta and Ankita are partners in a firm. Sangeeta’s capital is ₹70,000 and Ankita’s Capital is ₹50.000. Firm’s profit is ₹60,000. Ankita share in profit will be :

12. Which item is recorded on the credit side of partner’s current accounts :

13. Charulata is a partner in a firm. She withdrew ₹10,000 in each quarter during the year ended 31st March, 2019. Interest on her drawings @ 9% p.a. will be:

14. A and B contribute ₹1,00,000 and ?₹60,000 respectively in a partnership firm by way of capital on which they agree to allow interest @ 8% p.a. Their profit or loss sharing ratio is 3 : 2. The profit at the end of the year was ₹2,800 before allowing interest on capital. If there is a clear agreement that interest on capital will be paid even in case of loss, then S’s share will be:

15. Which accounts are opened when the capitals are fixed?

16. Asha and Vipasha are equal partners with fixed capitals of ₹5,00,000 and ₹2,00,000 respectively. After closing the accounts for the year ending 31st March 2019 it was discovered that interest on capitals was provided @ 6% instead of 5% p.a. In the adjusting entry :

17. A and B are partners. According to Profit and Loss Account, the net profit for the year is ₹2,00,000. The total interest on partner’s drawings is ₹1,000. As salary is ₹40,000 per year and B’s salary is ₹3,000 per month. The net profit as per Profit and Loss Appropriation Account will be :

18. If equal amount is withdrawn by a partner in the end of each month during a period of 6 months, interest on the total amount will be charged for .............. months

19. Is rent paid to a partner appropriation of profits?

20. According to Profit and Loss Account, the net profit for the year is ₹4,20,000. Salary of a partner is ₹5,000 per month and the commission of another partner is ₹10,000. The interest on drawings of partners is ₹4,000. The net profit as per Profit and Loss Appropriation Account will be :

21. Every partner is bound to attend diligently to his in the conduct o. the business.

22. In case of partnership the act of any partner is : (C.S. Foundation Dec. 2012)

23. Liability of partner is :

24. When partners’ capital accounts are floating, which one of the following items will be written on the credit side of the partners’ capital accounts? :

25. Which of the following statement is true?