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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. 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:
2. X and Y are partners sharing profits and losses in the ratio of 3 : 2 having fixed capitals of ₹1,50,000 and ₹2,00,000 respectively. The partnership deed provides for interest on capital @ 8% p.a. The Net Profit of the firm during 2019-20 was ₹21,000. In what ratio the appropriation of profit will be made?
3. What is Goodwill?
4. When interest on capital is paid whether there is profit or loss it is known as
5. Money withdrawn by a partner on 1st July Rs. 20,000 and interest on drawings is fixed @ 6% (Books are closed on 31st March.)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
6. Which one of the following is the method of goodwill valuation?
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. Himanshu withdrew ₹2,500 at the end of each month. The Partnership deed provides for charging the interest on drawings @ 12% p.a. What will be the interest on Himanshu's drawings for the year ending 31st December, 2017?
9. 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.
10. When good will is brought in cash by new partner, method is known as
11. On Dissolution of a firm, Bank Overdraft is transferred to
12. In which partnership deed, all the liabilities of partners are limited
13. If no provision is made in agreement regarding the duration of the partnership
14. The partnership may come to an end due to the
15. A and B are partners in a firm having capitals ₹5,00,000 and ₹10,00,000 respectively. The partnership deed provides or charging interest on drawings @ 5% p.a. A withdrew `40,000 for his personal use during the year 2019-20. B withdrew ₹2,00,000 from his capital 1.1.2020. The amount of interests that will be charged on partners' drawings are:
16. The loss or gain an account of revaluation at the time of retirement of a partner is shared by
17. Which of the following items is not dealt through Profit and Loss Appropriation Account?
18. Under fluctuation method of capital, what is the treatment of interest on capital?
19. Revaluation account is operated to find out gain or loss at the time of
20. At the time of admission of a new partner, general reserve is
21. The partnership that is made for fulfilling a particular task, it is called
22. Drawings of the partners are
23. The capital accounts of partners may be maintained by following any of the following two methods:
24. Capital of the partners are maintained by
25. 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:

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