1.
'A' and 'B' are partners sharing profits in the ratio of 3:2. Calculate interest on A/s capital if profits for the year are Rs. 15,000 and interest on capital to all partners is Rs. 20,000 each.
1 out of 10
2.
Following are the essential elements of a partnership firm except:
2 out of 10
3.
In case of Partnership the act of any partner is:
3 out of 10
4.
X, Y and Z are partners sharing profits and losses equally. Their capital balances as at March 31, 2022 are Rs. 80,000, Rs. 60,000 and Rs. 40,000 respectively. Their personal assets are worth as follows: X Rs. 20,000, Y Rs. 15,000 and Z Rs. 10,000. The extent of their liability in the firm would be:
4 out of 10
5.
In the absence of Partnership Deed, the interest is allowed on partner’s capital
5 out of 10
6.
Interest on capital will be paid to the partners if provided for in the partnership deed but only out of:
6 out of 10
7.
Seeta and Geeta are partners sharing profits and losses in the ratio of 4:1. Meeta was manager who received the salary of Rs. 4000 p.m. in addition to a commission of 5% on net profits after charging such commission. Profit for the year is Rs. 6,78,000 before charging salary. Find the total remuneration of Meeta.
7 out of 10
8.
Where will you record interest on drawings:
8 out of 10
9.
In a partnership firm, a partner withdrew Rs. 5,000 per month on the first day of every month during the year for personal expenses. If interest on drawings is charged @6% per annum the interest charged will be:
9 out of 10
10.
A and B are partners in a firm. They are entitled to interest on their capitals but the net profit was not sufficient for this interest, then the net profit will be distributed among partners in:
10 out of 10
