hopes 1 Accounting for Prnetin Frms—Fndoments 1.79) ap QUESTIONS i orice Questions (MCQS) MULTIPLE Which ofthe flowing i the basis between/among partners for the business? a) Ofer (6) Agreement (@) Understanding (@) Acceptance: Which ofthe folowing snot an essential feature of partnership? fa) thasat least two persons (by. An agreement exes between/among all the partners {@ Profits anc losses are shared equally. (@) Agreement fora business. ‘Mohan, a partner, withdrew & 20000 on 1st Apel, 2024 and % 40,000 on 1st Octaber, 2024 Interest on Drawings @ 6% pa on 31s March, 2025 will be ta) 200, (b) 83,600 () €1800, (@) 81200 Actofa partner is a) ot inding on the other partners. (b) binding onal he partners. {binding onal partners except a partner who doesnot agree (@) Alot the above Wihich ofthe following statements is rue? (@) Aminor cannot be admted a a partner, {@) Aminor canbe admitted asa partner, only for benefits of he partnership. {6} An insolvent person canbe admitted into partnership, (@) Alot the above ‘A partership frm has 45 partners. It wants to admit 7 more partner into partnership, Only ‘more partnets can be admitted in the partnership frm accarding to Companies Act, 2013? @y we ws 3 (cosez004 7. Which one of he following items i not deal through Profit and Loss Appropriation Account? [a) terest on Capital (B) Interest on Drawings (©) Rent paid to partners (@) Parner’ slary ceseanes Features of partnership fms {a} Two.or more persons carrying common business under an agreement. (b) Profits andloses ar shred in agreed ratio or as provided in the Partnership Act, 1932. (©) Business scarred on by aor any of them acting for al. (@) Allofthe above Lbitty of partners is (3) Limited, (6) Untinitea (©) Asdetermined by Cour (a) Asdetermined by the Partners1.80 Double Entry Book Keeping CBSE XI 10. Provisions ofthe Partnership Act, 1932 ae applied (a) fa Partnership Deed does not exist. (b) 1fPartnership Deed exists but there are differences among the partners (©) feapita contribution by the partnersis not same, (@) Partner salary isnot provided inthe Partnership Deed 11. Which ofthe folcng items cannot be recorded in the caplal account of partnets ifthe capital accounts of porters are fe? (@) Drawings (b) Withdrawal of capita ©) Introduction of sddtona capital (@) Opening balance of capital (Cs#2024) 12, Interest on Capitalis allowed on (@) the opening capital (©) the capitalat the yearend. {e) average capital ofthe year. (the capital inthe mide of the year. 13, In the absence of Partnership Deed, the interest on capital @) Kalowed 06% pa, (0) Isalowed@ 10% pa. (© sallowed at he boxtowing rate (@) Is not alowed 14, Anju ond Sanju are partners in afr, The Partnership agreement provides for interest on drawings (912% per annum Which ofthe fllowing account willbe debited o transfer intreston drawings Profit {Less Appropriation Account? (a) Interest on Drawings Account. (by Bank Account. (© Partners Curent Acount (a) Partners Capital Accounts, 15, Ara, Bhanu and Zubin ate partnersin frm without a Partnership Deed. dispute arose among them at the year end when final accounts were being craw. Bhanu demanded interest on his loan oF 10,0000 tothe frm @105 pa Proitbefore interest on partners capital was 720,00, Amount stiutable among partners wil be (@) 71,2000. (b) € 60.000, (9 ©60,000 (6) None ofthese 16, Kanha, Reshar and Nisha were partners ina fim Nisha had given laan of 00,000 the firm @ 10% pa. The accountant of the frm is emphasing that interest an loan vl be pald @ 6% pa. At what rate the Interest on loan willbe paid to Nisha? @ 6%pa, (©) 10% pa. (© B%pa (@) Nointerestontoan willbe paid. c8S€2028 17, On ist January 2025, a partner gave loan of&10,0,000 to the firm. the Partnership Deed does na exit, interest on oan on 31st March, 2025 will be (2) Nit () € 15000, et 3q0. (@) €60.00, ‘partner had opening capital of 5.00000. He ntoduced sdtional captal oF 2.00000 on st uly, 2024, "Partnership Deed doesnot exist, he wil receive Interest on capital forthe year ended 21st March 2025 of | (2) € 36000 (b) 30000, (@ 25000. @ Ni 19, Ashu andNishaare partnershaving Opening Captals of 5,00000 each without a Partnership Dee. Nish, on Ist June, 2024 ntioduced further capital of 10,000 and advance loan of & 100,000 the fm on 1st October, 2024. Interest payable to Nisha will be (a) % 39000. (6) 3600 (@ T000, (@) NiChapter 1 Accounting for Partnership Fims—Fundamentals 1.81 Spon 1 Jota 2023, Abhishek, a partes advanced loan a 300000 tthe n he absence of - Brneship agreement the amount offerest on the lopn forthe year ending 315t Mach 2023 lbe (b) €4500 {) Nointerest willbe provided. (cHse2024) ™ (a) Interest on drawings by partners wll be charged @ 6% pa “by Imereston drawings by partners willbe charged © 7% pa. “(ntereston drawings by partners willbe charged @ 8% pa (a) Interest on drawing by partners will not be charged, if apartner withdraws xed amount atthe end of each quarter Interest on drauings wil be charged for months wo (7m 6 @ a (ease 2024 ‘shnu and Mishu are partnersin afm, Mishu draws fixed amount atthe end of very quarter Interest on ‘awings charged @ 15% pa. At the end of the year, interest on Mishu’scrawings amountee to € 9.000, Interest on drawings was charged on dravings of Mishu for (a) 6rmonths (b) 7Hmonths, {9 si months. (6) Amonths (cose2009 ‘mit and fr ate partners ina frm, Their Partnership provides for charging Interest on drawings {2 10% pa Amit has withdrawn & 1.00000 out of Fis Captal. Interest on drawings that wil be charged ‘rom Amit bythe fr is (a) 10.00. te) ¢7.500. (@ €5.000. (@) otto be charge. ‘Ajay and Sanjay ae partners in a partnership frm without an agreement. Ajay devotes more time than Sanjay in managing the business. The frm earned net prot forthe year of ® 50,000. lay wl et salary in adition to profit share of amount equa to Fa) €30000. (b) 20,000 (©) €25,00. (@)_ None of these. ‘ni, ikzam and Chand! are parters Chand hasbeen given a guarantee of minimum profit of 8000 by the firm, Fim suffered oss of 5,000 during the yar Captal Account of Vikram ill be by (a) Crecited, 6.500, (b) Debited, 6.500 © Created, 1,500, (6) Debited, 1.500, 27. Commission of 20% on net profit after charging such commission scaleulated as {2} 6 ofthe net profit befor charng commission, (b) 105 ofthe net proft before charging commission. (©) Wo he net profit before charging commission, (13 ofthe net proft befoee charging commission. ater charging the commission, Net profit forthe year is ® 5 50,000.Commision of C willbe fa) £55,000, (b) % 50000. (9 45,00, (@) ©3500. | 28. Oldand Young are equal partnersin afm. Thelr accounts forthe yar ended 31st March, 2025 show profit {of £150,000 before taking into account interest @ 10% pa. on loan of 50,000 from Young. Partners are to get salary 25 folows le: £15,000 per annum Young : 10000 per annum1.82 Double Entry Book Keeping ~CBSE XI a. 2, 35. 37. \Wihats Ola total appropriation of profit forthe year ended 313t March, 2025? (a) t7750. (b) £70.00. e) ©7500. (a) £80,000, \Wihich one ofthe following tems snot ransferedin the Profit & Loss Appropriation Account? {3} Inereston Partners Capital, (b) Interest on crawings (6) Rent pad to partners. (Partners Salary. When Guarantee i given toa partner by the other partners, ns on such guarantee wl be borne by {@) Partnership fim. (b) Partners who gave the guarantee. (© Allofthe other partners. (a) Partners with highest prof sharing ratio, Arf, Rai and Ben are parnersin a frm sharing profs ane lasses in the ratio of 6:4 1. Arif guaranteed ‘minimum profit o® 16.000 to Ben. Net prefitof the fim forthe year ending 31st March 2025, 982 132008, ‘ifs share nthe profits ofthe fm wll be (@) T7200. 1) £68,000. © 69,60. (a) €16000. Pick he odd one out from the folowing (@)Interestllowed om loan taken by the em from a partnes, (6) Rent due toa partner of the fm for using his premises for business purposes, (©) Salary dueto the manager ofthe frm, (0) Salary due to partner ofthe fr, and ¥ started business on Ist July, 2026, Calculate Interest an Drawings oFY@ 10% pa. forthe year ended 3st Mar, 2025, he withdrew ® 36,000 in te mide ofeach quarter la) € 43500, tb) 75,400. (@ R450. (a) €3,600. ‘Mia, Karan and Shilpa ae partners Ina fim, They withdraw & 20,00 per month a follows ‘Ala draws in the beginning of each month, Karan withdraws in the middle ofeach month and Shilpa ‘withdraws at the end ofeach month, Rate of interest on drawings 8% pa, Interest on drawings for tree partners espectively wl be (9) T10400,% 8000 and 7.300. (b) € 10400, 9600 and #8800 () € 10400, 9.500 and € 10,400. (6) 10400, 9600, nd 27330 Simi, Manu, andl Beena ae prtnersin a firm sharing profits and fassesin the ratio of2:2:1.The balances ‘oftheir fied capital accounts on st Api 2028 were: Simi 100,000, Manu 100,000 nd Beens 880000. ‘Aer the accounts forthe year ended 31st March, 2025, were prepared it was discovered that intrest on ‘apital @ 10% per annum had been credited to the Partners’ Curent Accounts even though i nas not Provided in the partnership deed ‘The eosin Sims Capital AccountCurent Account wil be rectified by (a) Debiting her Capital Account with’ 1,200, (0) Ceding her Current Account wth 200. (e) Debiting her Current Account with & 1,200. (4) Creiting her Capital Account with 1,200. Pick he odd one out ofthe following (8) Rentto Partner. (6) Manager's Commission. (6) mereston Partners Loan, (6) Interest on Partners Capea. ‘Mohit and Rohit were partners ina fm wth capitals af 60,000 and 840,000 respectively. The frm eared profit of € 30.000 during the year Mohit’ share inthe profit il be ‘@) € 20000. (©) € 10.000, (@ € 15000. (a 218000,