Accounting for Partnership: Basic Concepts Test 23

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Accounting for Partnership: Basic Concepts Test 23

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SHARING IS CARING

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Weekly Quiz Competition

Question 1
1 / -0

______________ is not available to a minor partner.

A
Right to share the profit

B
Right to have access to books of account

C
Right to exercise option on attaining the age of majority

D
Right to inspect books containing confidential matters
Question 2
1 / -0

Which of these would increase the net profit of a partnership firm

A
Charging interest on drawing of the partners

B
Allowing interest on capital of the partners

C
distribution of goodwill

D
accounting an unrecorded liability
Question 3
1 / -0

The provisions regarding retirement of a partner are contained in section of the partnership Act ___________.

A
32(1)

B
33(6)

C
30(10)

D
36
Question 4
1 / -0

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. 12,500 @ 8%. Find the goodwill of the firm

A
156250

B
125000

C
100,000

D
115000
Question 5
1 / -0

Rs.1250 paid for the residential telephone bill of the proprietor which of these accounts will be debited

A
Household A/c

B
Drawing A/c

C
Telephone A/c

D
none
Question 6
1 / -0

On admission of a new partner he does not become automatically, liable for the acts of the firm _________.

A
done without his knowledge

B
done before his joining the firm

C
done where he has some reservations

D
done after his expressed disagreement
Question 7
1 / -0

Public notice in respect of partnership firm is required to be published in at least ______

A
one vernacular newspaper

B
one Hindi newpaper

C
one Hindi and one English newspaper

D
one local newspaper and one English newspaper
Question 8
1 / -0

$$A$$ and $$B$$ are two partners in a firm, as per the terms of agreement partners drawing will carry interest @$$10$$%. If $$B$$ has drawn funds from the business as per the details given below. Find the interest for the year ending 31.12.08.
1.04.08 Rs. $$10,000$$
1.09.08 Rs. $$20,000$$

A
Rs. $$2500$$

B
Rs. $$2750$$

C
Rs. $$1417$$

D
Rs. $$2000$$
Question 9
1 / -0

A firm purchase goods costing $$1,00,000$$. He sold goods costing Rs. $$50,000$$ at Rs. $$75,000$$ and the remaining were sold to a consumer co-operative society at the same GP as in the case of direct sales less 20%. Find the total sales of the firm.

A
Rs. $$135,000$$

B
Rs. $$90,000$$

C
Rs. $$150,000$$

D
Rs. $$140,000$$

Solution

Therefore, D is the correct option.
Question 10
1 / -0

$$ABC$$ are three partners sharing profit and loss in the ratio $$2:2:1$$, $$B$$ recently obtained MBA degree from Oxford University, accordingly the partner decided to give him a guaranteed profit of Rs. $$60,000$$. Find the share of profit of $$A$$ if the firm made a net profit of Rs. $$120,000$$ during 2013-14

A
Rs. $$60,000$$

B
Rs. $$50,000$$

C
Rs. $$20,000$$

D
Rs. $$40,000$$

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Re-Attempt Weekly Quiz Competition

Accounting for Partnership: Basic Concepts Test 23

Result

Accounting for Partnership: Basic Concepts Test 23

Score

-

Rank

-

SHARING IS CARING

Question 1

Right to share the profit

Right to have access to books of account

Right to exercise option on attaining the age of majority

Right to inspect books containing confidential matters

Question 2

Charging interest on drawing of the partners

Allowing interest on capital of the partners

distribution of goodwill

accounting an unrecorded liability

Question 3

32(1)

33(6)

30(10)

36

Question 4

156250

125000

100,000

115000

Question 5

Household A/c

Drawing A/c

Telephone A/c

none

Question 6

done without his knowledge

done before his joining the firm

done where he has some reservations

done after his expressed disagreement

Question 7

one vernacular newspaper

one Hindi newpaper

one Hindi and one English newspaper

one local newspaper and one English newspaper

Question 8

Rs. $$2500$$

Rs. $$2750$$

Rs. $$1417$$

Rs. $$2000$$

Question 9

Rs. $$135,000$$

Rs. $$90,000$$

Rs. $$150,000$$

Rs. $$140,000$$

Solution

Question 10

Rs. $$60,000$$

Rs. $$50,000$$

Rs. $$20,000$$

Rs. $$40,000$$

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