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Accounting For Partnership Firms (MCQs)
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Accounting For Partnership Firms (MCQs)
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25 Questions

1. An account operated to ascertain the loss or gain at the death of a partner is called
2. Loss on realization is
3. In the general form of partnership, liabilities of partners are
4. At the time of admission an incoming partner contributes as goodwill
5. Under fixed capital methods, profit will be credited to
6. A credit balance on a partners current Account is.
7. How many minimum persons require for a valid partnership
8. Good will is valued as two years purchase of the average profits of three previous years are Rs. 15000, the value of good-will be
9. When all partners are insolvent creditors will be
10. Mohit and Rohit were partners in a firm with capital of ₹80,000 and ₹40,000 respectively. The firm earned a profit of ₹30,000 during the year Mohit's share in the profit will be:
11. Money withdrawn by a partner on 1st July Rs. 20,000 and interest on drawings is fixed @ 6% (Books are closed on 31st March.) The amount of interest will be Rupees
12. Interest on capital Allowed in Partnership firm
13. Verma and Kaul are partners in a firm. The partnership agreement provides that interest on drawings should be charged @ 6% p.a. Kaul withdrew ₹3,000 per quarter, starting from April 01, 2019. What will be the interest on Kaul's drawings during the year 2019-20?
14. Drawings of the partners are
15. Current accounts of the partners should be opened when the capitals are
16. When a partner dies, firm will receive the
17. Profit and Loss appropriation account is differ from Profit and Loss account as it is prepared by
18. A banking partnership business can have
19. Vidit and Seema were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their capitals were ₹1,20,000 and ₹2,40,000, respectively. They were entitled to interest on capital @ 10% p.a. The firm earned a profit of `18,000 during the year. The interest on Vidit's capital will be:
20. Partners equity is effected due to
21. In case of retirement of a partner full good will is credited to the accounts of
22. Loss on realization is distributed among partners
23. A and B are partners. The net divisible profit as per Profit and Loss Appropriation A/c is ₹2,50,000. The total interest on partner's drawing is ₹4,000. A's salary is ₹4,000 per quarter and B's salary is ₹40,000 per annum. The net profit/loss earned during this year was:
24. On Dissolution of a firm, Bank Overdraft is transferred to
25. Dev withdrew `10,000 on 15th day of every month. Interest on drawings was to be charged @ 12% per annum. Interest on Dev's drawings will be:

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