Q.1.
Intimation regarding change in the firms name is signed by  

Explanation

Q.2.
Partners are bound to carry on firms business

Explanation

Q.3.
X advanced Rs. 50,000 to Y to celebrate marriage ceremony of his minor daughter Z. Y refused to return the loan. X cannot legally recover the sun advanced to Y as
Q.4.
Which of the following is the real test of existence of partnership?

Explanation

Q.5.
XY formed a joint venture to construct railway line for Metro Railway in Delhi and agreed to share profit and loss in the ratio of 2:X purchased goods worth Rs. 200000 and send the same to Y on payment of freight and insurance of Rs. 10,Y also purchased material worth Rs. 45000 and incurred Rs. 5000 as incidental expenses. Y sold the construction material to Railway for Rs. 3,20,What is the profit on Joint venture
Q.6.
Loss due to insolvency of a partner is dealt with in accordance with

Explanation

Q.7.
Where the notice of dissolution of the firm does not mention any date as the date of dissolution of the firm, dissolution takes place from the date.

Explanation

Q.8.
ST Ltd. intends to revalue its good will on the basis of $$3$$ years purchase of weighted average of super profit of last four years. Estimate the goodwill of the firm.
Year $$2011$$ Profit Rs. $$17,000$$, year $$2012$$ Profit Rs. $$15,000$$
Year $$2013$$ Profit Rs. $$16,000$$, Year $$2014$$ profit Rs. $$20,000$$
Q.9.
Total annual wages bill of XYZ Associates for the year 09-10 amounted to Rs.12,00,00, however two workers remained on medical leave during the month of February and March, 2010, accordingly their two months wages amounting to Rs. 50,000 remained undisbursed till 1st May 2010,Which was paid in the month of MayThe unpaid wages of Rs.50,000 will be shown in the books of account as ....
Q.10.
A management accountant is generally concerned with _________.
Q.11.
A partner of an unregistered firm has a right to-sue
Q.12.
Loss due to insolvency of a partner is born by

Explanation

Q.13.
If a retiring partner does not give public notice of his retirement from the firm, he becomes a.......

Explanation

Q.14.
Register of firm is open to inspection by
Q.15.
If a firm is declared insolvent, the share of minor partner in the firm vests in the.....

Explanation

Q.16.
Delivery under the Sale of Goods Act, includes voluntary transfer of
Q.17.
Notice of intention to dissolve a partnership at will can be served by

Explanation

Q.18.
What is the maximum fee payable to the Registrar of firms at the time of giving Intimation under section $$61$$ of the Indian Partnership Act.
Q.19.
Words like Royal, Crown, Emperor, King, Queen etc. can be used as a part of firm's name only.....
Q.20.
Mutual right and duties of partners are decided by-
Q.21.
In case a partner has been promised guaranteed profit, then short fall in profit is met by ____________.
Q.22.
XY are two 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. $$14$$. X draws money from the firm as per the details given.
$$31$$st March Rs. $$4,000$$
$$31$$st May Rs. $$2,000$$
$$31$$st August Rs. $$3,000$$
$$30$$th November $$2,000$$.
Calculate the interest on drawing to be charged from X.
Q.23.
A person is deemed to be in a position to dominate the will of another person by undue influence if the mental capacity of the aggrieved person is temporarily or permanently affected by which of these....

Explanation

Q.24.
The disabilities for non-registration of a partnership firm are prescribed in... of the Partnership Act.

Explanation

Q.25.
Public Notice to a Registrar of firm is not required if it relates to the situation other than......
Q.26.
Under section $$2$$ of the Indian Partnership Act, "an act of firms" means any act or commission by... which gives rise to right enforceable by or against the firm.

Explanation

Q.27.
Tick the correct statement.

Explanation

Q.28.
Expulsion of a partner is justified.....

Explanation

Q.29.
As regard $$3rd$$ parties, a partner is.... of the firm for all purpose within the scope of the Partners Act

Explanation

Q.30.
Public notice in respect of partnership firm is required to be published in at least.....
Q.31.
ABC are three partners in a partnership firm sharing profit and loss equally. C retires from the firm on $$31.03.14$$. His share of profit is purchased by A and B in the ratio of $$2:1$$, what is the gaining ratio of the remaining partners.
Q.32.
Under the concept of Disclosure which of these would require proper disclosure in financial statements.
Q.33.
An association of two or more persons created for which of these purposes is not a partnership.........

Explanation

Q.34.
...... is a conclusive evidence of existence of a partnership.
Q.35.
Shares can be forefeited for..........

Explanation

Q.36.
Public notice in respect of partnership firm is required to be published in at least on vernacular newspaper circulated in the district where the firm to which relates, has its....

Explanation

Q.37.
Which of the following statements is not true?

Explanation

Q.38.
Under fixed capital methods, profits will be credited to __________.

Explanation

Q.39.
A and B are two partners in a partnership firm having capital Rs. $$10,000$$ and Rs. $$15,000$$. The firm intends to value its goodwill by capitalizing super profit of Rs. $$10,000$$ @$$8\%$$. Find the goodwill of the firm.

Explanation

Q.40.
Which of the following is not required to be mentioned in the partnership deed?

Explanation

Q.41.
ABC are three partners in a firm sharing profit and loss in the ratio of $$2:2:1$$, C retires from the firm. On his retirement C's capital a/c was credited by Rs. $$20,000$$ being his share of goodwill and A and B's Capital A/c was debited by Rs. $$12,000$$ and Rs. $$8000$$ respectively. Find the new profit sharing ratio of A and B.
Q.42.
Which of the following is not the requirement in Partnership deed?

Explanation

Q.43.
A and B are two partners in a partnership firm having capital Rs. 10,000 and Rs. 15,000, C is admitted as third partner for 1/3 share of profit for which he brings Rs. 15,000 as his share of capital. Find the goodwill of the firm

Explanation

Q.44.
Outgoing partner is compensated for parting with firm's future profits in favour of remaining partners.
In what ratio do the remaining partners contribute to such compensation amount?
Q.45.
Which of these would increase the net profit of a partnership firm.

Explanation

Q.46.
Unrecorded Asset realized at the time of dissolution of a firm is credited to which of these accounts

Explanation

Q.47.
P and Q are two partners sharing profit and loss equally. P draws Rs. 2000 at the end of each month for 6 months whereas Q draws Rs. 1,000 at the beginning of each month for six months. Assuming that interest on drawing is to be charged at 6% p.a. Interest on drawing of P will be __________.
Q.48.
As per Section $$37$$ of the Indian Partnership Act, $$1932$$, the executors would be entitled at their choice to the interest calculated from the date of death till the date of payment on the final amount due to the dead partner at _____________ percentage per annum.
Q.49.
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 Q draws Rs. 1,000 at the beginning of each month for six months. Assuming that interest on drawing is to be charged at 6% p.a. Interest on drawing of Q will be.
Q.50.
Features of a partnership firm are _____________________.

Explanation