Partnership Fundamentals

Welcome to Partnership Fundamentals quiz by Accounts Aptitude

You will get 10 questions to attempt in 5 minutes time.

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Mohit and Rohit were partners in a firm with capitals of Rs. 80,000 and Rs. 40,000 respectively. The firm earned a profit of Rs. 30,000 during the year. Mohit’s share in the profit will be:

Pick the odd one out:

Vidit and Seema were partners in a firm sharing profits and losses in the ratio of 3:2. Their capitals were Rs. 1,20,000 and Rs. 2,40,000, respectively. They were entitled to interest on capitals @ 10% p.a. The firm earned a profit of Rs. 18,000 during the year. The interest on Vidit’s capital will be:

Which of the following items is not dealt through Profit and Loss Appropriation Account?

E, F and G are partners sharing profits in the ratio of 3:3:2. As per the partnership agreement, G is to get a minimum amount of Rs. 80,000 as his share of profits every year and any deficiency on this account is to be personally borne by E. The net profit for the year ended 31st March, 2020 amounted to Rs. 3,12,000. Calculate the amount of deficiency to be borne by E?

X, Y and Z are partners in a firm sharing profits and losses in the ratio of 6 : 4 : 1. X guaranteed a profit of Rs. 15,000 to Z. The net profit for the year ending 31st March, 2019 was Rs. 99,000. X’s share in the profit of the firm will be :

If partnership deed is silent or has not been formulated, then partners are entitled for

In partnership business, partner's liability is

If a partner individually carries on any business of the same nature as competing with that of firm, he shall account for

In a partnership, manager's commission is shown in

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