CBSE Questions for Class 12 Commerce Accountancy Accounting For Partnership: Basic Concepts Quiz 7 - MCQExams.com

In case of winding up of firm if the asset of the firm are not sufficient to pay the partner capital, the deficiency in capital _______________________.
  • will be made good by the Registrar of firms
  • will be borne by the partners in their profit sharing ratio
  • will be borne by the partners in their capital ratio
  • will be borne by the partners in the ratio of their net worth
Goods worth Rs.$$5,000$$ were purchased from P on $$3$$ months credit. P A/c will be shown under.....
  • Under Sundry Debtors
  • Under Bill Receivables
  • Under sundry creditors
  • Under claims receivable
As per the Partnership Act partners are entitled to interest on capital at....
  • $$@7\%$$
  • $$@10\%$$
  • $$@6\%$$
  • No interest is allowed
Which of these is not a determinant of good will of a firm _________?
  • Location
  • Quality of goods and services rendered
  • Customer relationship/behaviour
  • No. of partners
XYZ is a partnership firm, Y took goods worth Rs 5000 from the business for self use. This will be accounted for as 
  • Drawing of Y as well credited to purchase A/c
  • Drawing of Y only
  • Deducted from closing stock
  • Debited to trading A/c
An agreement to carry on business at future time does not result in partnership unless __________________.
  • the agreement is registered
  • the agreement is properly stamped and registered
  • that time arrives arid business actually commence
  • an undertaking to that effect is filed in the court
As per Partnership Act the property of the firrn shall be held and used by the partners ______________________.
  • exclusively for the purposes of the business of the firm
  • mainly for the purpose of the business of the firm
  • for the use ofthe fitin as well as personal use of the partners
  • all the three
A, B and C are three partners in a partnership from dealing in ready-made garments. A on his own without knowledge and consent of remaining partner enter into an export order of sugar to Nepal on which he suffered heavy losses. A cannot recover this loss from the firm or other partners because ___________.
  • Export to Nepal is prohibited
  • Export of sugar is banned in India
  • He do not have implied authority of the partners
  • All the three
There are three partners in a firm A, B and C. D is admitted into the firm with $$1_{/4}$$ share of profit with a guaranteed profit of Rs. $$50,000$$ p.a. The firm's total profit is Rs. $$1,60,000$$ what amount would be given to D as his share of profit by the firm.
  • Rs. $$40,000$$
  • Rs. $$50,000$$
  • Rs. $$45,000$$
  • Rs. $$52,500$$
A, B and C are three partners sharing profit and loss in the ratio of 2:3:1 B retires from the firm. What is the new profit sharing ratio of the remaining partners
  • 1:3
  • 5:2
  • 2:1
  • 3:2
A and B are two partners in a firm sharing profit and loss equally. C is admitted as a third partner for $$1_{/3}$$ share of profit for which he agreed to pay Rs. $$10,000$$ to each partner as his share of good will privately. How this will be accounted for in the books of the firm.
  • No entry being paid privately
  • Credit each partners capital by Rs. $$10,000$$ and debit C's Capital by Rs. $$20,000$$
  • Credit each partners capital by Rs. $$10,000$$ and debit goodwill a/c by Rs. $$20,000$$
  • Credit each partners capital by Rs. $$10,000$$ and debit C's current a/c by Rs. $$20,000$$
A, B and C are three partners sharing profit and loss in the ratio of $$2:3:1$$ B retires from the firm. What is the new profit sharing ratio of the remaining partners
  • $$1:3$$
  • $$1:3$$
  • $$1:2$$
  • $$2:1$$
XYZ are three partners in a firm sharing profit and loss equally. P is admitted as a new partner for $$1_{/4}$$ share of profit. He brings Rs. $$45,000$$ as his capital for $$1_{/4}$$ share of profit. The combined capital of the old partner stand Rs. $$1,05,000$$ each partner having capital of Rs. $$35,000$$. The partners decided that the capital of firm be restructured on the basis of P share capital and capital of all the partners should be in their profit sharing ratio. What should be the combined capital of the existing partner after restructuring.
  • Rs. $$1,30,000$$
  • Rs. $$1,45,000$$
  • Rs. $$1,35,000$$
  • Rs. $$1,50,000$$
A and B are partners in a firm with profit sharing ratio of 2:3, they admit C as a partner for 1/3 share of profit. What would be the sacrificing ratio of A and B?
  • 1:1
  • 5:3
  • 3:2
  • 2:3
X and Y are two partners in a firm, they admitted C as a third partner for $$1_{/3}$$ share of profit. On admission of new partner old partner noticed an unrecorded assets of Rs. $$6,000$$ and unrecorded liability of Rs. $$2,000$$ which they want to account for before admission of a new partner in the books of a/c. What entry will be made for this revaluation?
  • Assets Debit Rs. $$6,000$$, Credit liability Rs. $$2,000$$, A Rs. $$2,000$$, B Rs. $$2,000$$.
  • Assets A/c Dr $$6000$$. Revaluation A/c credit Rs. $$4,000$$, liability Cr. $$2,000$$
  • Assets A/c Dr. $$6,000$$. Profit and loss A/c credit Rs. $$4,000$$, liability Cr. $$2,000$$
  • Assets A/c Dr. $$6,000$$. General reserve a/c credit Rs. $$4,000$$, liability Cr. $$2,000$$
A and B are partners in a firm with profit sharing ratio of $$3:2$$, they admit C as a partner for $$1_{/4}$$ share of profit. What would be the sacrificing ratio of A and B.
  • $$1:1$$
  • $$2:3$$
  • $$3:2$$
  • $$5:2$$
A, B and C are three partners in a partnership firm dealing in ready-made garments. A on his own without knowledge and consent of remaining partners enter into a forward trading of commodities and run into heavy losses, a can _______.
  • Not pass on the loss to the firm
  • Recover the loss from the personal estate of other partners
  • Pass on the loss to active partner
  • None
XYZ are three partners in a partnership firm dealing in fashionable garments. Z on his own without knowledge and consent of remaining partners signed an export order on which he made substantial profit. Z is liable to ________
  • Retain the profit with him
  • Render the true account of profit to the firm
  • Share the profit with other partners
  • Give some part of profit to other partners also
In the absence of specific provisions in the partnership deed, every partner is bound to contribute ______ to the losses of the firm
  • Equally
  • Profit sharing ratio
  • Capital ratio
  • Any of the above manner
Liability of a firm is.......
  • Limited
  • Unlimited
  • Restricted
  • Undefined
An expulsion sais to be in good faith if __________.
  • It is in the interest of the firm
  • It has been done after due notice to the partner
  • It has after affording opportunity of being heard
  • All the three conditions are met
Select the odd one
  • Lazy partner
  • Dormant partner
  • Nominal partner
  • Active partner
Which of these is not a type of partner?
  • Active partner
  • Co-partner
  • Sleeping partner
  • Sub-partner
A partner can be expelled by majority decision when such power is ________.
  • Exercised in good faith
  • Conferred by an agreement between the partners
  • Both
  • None
XYZ a partnership firm was constituted on $$1-4-2013$$. On $$25$$th April the partners resolved to get the firm registered with the registrar of firm. The firm prepared the necessary documents for registration on $$26$$th April which were signed on $$28$$th April. They send the documents to the registrar office on $$30$$th April by Registered post which was received in the Registrar office on $$4$$th May $$2014$$. The registrar office filed the statement and entered the firms name in the register of firms on $$20$$th May $$14$$. The firm will be deemed to have been registered on.
  • $$30$$th April
  • $$28$$th April
  • $$20$$th May
  • $$4$$th May
Which of these events will not lead to re-constitution of the firm?
  • Death of a partner
  • Retirement of any Partner
  • Marriage of a partner
  • Admission of a partner
Which of these agreements are expressly declared to be void Rs. ______
  • Hire purchase agreements
  • Forward contracts
  • Wagering agreements
  • All the three
Goods sold by other co-venture is debited to
  • Joint venture A/c
  • Other co-venture A/c
  • Joint bank A/c
  • Sales A/c
From the following details find out the correct amount of trade debtors.
Debtors a/c appeared in the books of A/c Rs. $$69,985$$. Includes the following __________.
(i) Rs. $$6,500$$ due from an employee on account of temporary advance outstanding.
(ii) Rs. $$1,100$$ being goods used by the proprietor for self use.
(iii) Rs. $$990$$ due from X to whom the firm also owes Rs. $$500$$ on account of services rendered by him.
  • Rs. $$63,985$$
  • Rs. $$62,385$$
  • Rs. $$65,000$$
  • Rs. $$61,885$$
Which of these accounts are not opened in a Joint Venture
  • Stock reserve
  • Joint bank A/c
  • Joint venture A/c
  • Co-ventures personal A/c
Joint Venture business is governed by...........
  • Companies Act, 1956
  • Indian Partnership Act
  • Societies Registration Act
  • None of these
PQR are three partners in a partnership firm. As per the terms of partnership deed partners are charged $$6\%$$ interest on the drawing made by them during the year. For the year ending $$31$$st Dec. $$09$$. Q draws money from the firm as per the details given.
$$31$$st March Rs. $$1,000$$
$$31$$st May Rs. $$1,000$$
$$31$$st August Rs. $$3,000$$
$$30$$th November Rs. $$3,000$$
Calculate the interest on drawing to be charged from X.
  • Rs. $$199$$
  • Rs. $$210$$
  • Rs. $$155$$
  • Rs. $$205$$
A and B are two partners sharing profit and loss in the ratio of $$2:3$$. There capital A/c stood at Rs. $$20,000$$ and Rs. $$30,000$$ respectively on $$31$$st March $$07$$, and the balance sheet shows a general reserve of Rs. $$20,000$$. On $$1$$st April C is admitted for $$1/3$$rd share of profit for which he brings Rs. $$12,000$$ as his share of goodwill. On the date of his admission, Furniture and fitting is depreciated by Rs. $$2,000$$, stock appreciated by Rs. $$8,000$$ and provisions for bad debts also increased by Rs. $$2,000$$. Old partners decided that C's capital should be in accordance with his share of profit and capital of old partners. What amount C should bring as his share of capital in the firm.
  • Rs. $$43,000$$
  • Rs. $$33,000$$
  • Rs. $$36,000$$
  • Rs. $$35,000$$
A private limited can have .. members
  • 100
  • 200
  • 50
  • 20
X purchased a new office equipment for Rs. 50,000 on 1-04-09 he incurred Rs. 6,000 on its transportation and Rs. 4,000 on its erection and installation. The estimated useful life of the equipment is 10 years at the expiry of which the scrap value of the equipment will be Rs. 5,What is the depreciable value of the office equipment?
  • Rs. 50,000
  • Rs. 40,000
  • Rs. 55,000
  • Rs. 46,000
Balance in the Revaluation A/c is transferred to..........
  • Partners fixed Capital A/c
  • Partners current capital A/c
  • Profit and loss A/c
  • General Reserve A/c
There are three partners in a firm A, B and C. Sharing profit and loss in the ratio of 5:4:D is admitted into the firm with share of profit. What is the sacrificing ratio
  • 1:1:1
  • 5:4:3
  • 3:4:5
  • 1:2:5
A and B are two partners sharing profit and loss in the ratio of $$2:3$$. C is admitted as a third partner for which he brings Rs.$$6,000$$ in cash as his share of goodwill. The partners decided to share profit and loss in the ratio of $$4:5:6$$ in future. Find the sacrificing ratio.
  • $$5:4$$
  • $$2:1$$
  • $$2:3$$
  • $$3:2$$
Interest on capital of partner is a
  • Loss to business
  • Profit to business
  • Loss to partners
  • Loss to Tax department
The word partnership is derived from the word Part which means ..
  • Transfer
  • To divide
  • To join
  • All the three
A partnership firm cannot use which of the following words as a part of its name?
  • Emperor
  • Great
  • Excellent
  • Supreme
There are three partners in a firm A, B and C. D is admitted into the firm with share of profit with a guaranteed profit of Rs. 30,000 p.a. The firms total profit is Rs. 80,000, what amount would be given to X as his share of profit by the firm?
  • Rs. 25,000
  • Rs. 30,000
  • Rs. 27,500
  • Rs. 22,500
As per the Indian Partnership Act, the term Business does not include ..
  • Trade
  • Occupation
  • Profession
  • Vocation
XYZ are three partner sharing profit-and loss in the ratio of 3:2:The firm took Joint Life policy of Rs. 30,000 for X, Rs. 25,000 for Y and Rs. 18,000 for Z. What is the share of Z in the Joint life policy?
  • Rs. 30,000
  • Rs. 15,000
  • Rs. 18,000
  • Rs. 25,000
P and Q are two partners sharing profit and loss equally. P draws Rs. 2,000 at the end of each month for 6 months whereas O draw Rs 1,000 at the beginning of each month for six months. Assuming that interest on drawing is to be charged @ 6% p.a. Interest on drawing of P will be
  • Rs. 150
  • Rs. 80
  • Rs. 86
  • Rs. 90
An entry in the Register of firms can be made __________.
  • as per courts direction
  • application made by all the partners or their agents
  • suo motu by the Registrar of firms
  • all the three
What is the gaining ratio of the remaining partners in question No.39
  • 3:2
  • 1:2
  • 2:1
  • 1:3
Non-registration of firm does not effect a suit or claim of set-off not exceeding
  • Rs. 1000
  • Rs. 100
  • Rs. 5000
  • Rs. 50
X, Y are two co-venturers. If X a- co-venturers takes away goods for his personal use. Under memorandum method which of these accounts would be credited to
  • Joint venture with X
  • Joint venture with Y
  • Joint venture A/c
  • None
Novation means
  • Recession of contract
  • Substitution of new parties
  • Termination of contract
  • Remission of contract
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Practice Class 12 Commerce Accountancy Quiz Questions and Answers