1. A person who receives a share of profits from one of the regular partner is called

2. A partners has to pay interest on drawings what is the entry in the personal Account of the partner?

3. When a partner dies, firm will receive the

4. A Sleeping Partner is also known as

5. In which partnership deed, all the liabilities of partners are limited

6. On the retirement of a partner any reserve being should be transferred to the capital account of

7. 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

8. Anna and Bobby were partners sharing profits and losses in the ratio of 5 : 3. On 1st April, 2019 their capital accounts showed balances of ₹3,00,000 and ₹2,00,000 respectively. The partnership deed provided for interest on capital @10% p.a. and the firm earned a profit of ₹45,000 for the year ended 31st March, 2020. The interest on partners' capitals will be:

9. Ram and Shyam are partners sharing profits/losses equally. Ram withdrew ₹1,000 p.m. regularly on the first day of every month during the year 2019-20 for personal expenses. If interest on drawings is charged @ 5% p.a. What will be the interest on the drawings of Ram?

10. The partnership may come to an end due to the

11. Reena and Raman are partners with capitals of ₹3,00,000 and ₹1,00,000 respectively. The profit (as per Profit and Loss Account) for the year ended March 31, 2020 was ₹1,20,000. Interest on capital is to be allowed at 6% p.a. Raman was entitled to a salary of ₹30,000 p.a. The drawings of partners were ₹30,000 and 20,000. The interest on drawings to be charged to Reena was Rs. 1,000 and to Raman, ₹500. Their share of profit after necessary appropriations are:

12. In the absence of an agreement profit and loss are divided by partners in the ratio of

13. On Dissolution of a firm, Bank Overdraft is transferred to

14. Which one of the following is the method of goodwill valuation?

15. A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. During the year the firm incurred a loss of ₹84,000. The amount of loss transferred to the capital accounts of A, B and C will be:

16. Current accounts of the partners should be opened when the capitals are

17. One of the partners in a partnership firm has withdrawn `9,000 at the end of each quarter, throughout the year. The interest on drawings at the rate of 6% per annum will be:

18. The written agreement of partnership is called

19. Which Indian Act define Partnership Rules Terms & Conditions

20. Good will of the firm is valued Rs. 30000. C an incoming partner purchase share of total profit Good will be raised in the books.

21. Drawings of the partners are

22. In the absence of partnership deed remuneration or salary to the partners

23. Pick the odd one out:

24. In case of partnership business, a separate capital account is maintained for

25. An ordinary partnership business can have