Accounting for Partnership: Basic Concepts Test 25

Result

Accounting for Partnership: Basic Concepts Test 25

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SHARING IS CARING

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Weekly Quiz Competition

Question 1
1 / -0

The partners selling goodwill of the firm can ________.

A
carry on a similar business

B
also complete with the business sold by them to the purchaser

C
advertise his business

D
all the three
Question 2
1 / -0

As per Partnership Act, a partner shall indemnify the firm for the losses caused to it by his _______ in the conduct of the business of the firm

A
wilful neglect

B
bona fide mistake

C
act of fraud or omission

D
all the three
Question 3
1 / -0

In Partnership the agreement must be to share ___________ of the business

A
profit

B
profit and loss

C
loss

D
all the revenue
Question 4
1 / -0

Which of these rights are available to transferee under the partnership Act

A
to inspect books of account

B
to interfere in firms day to day business

C
to transfer immovable property of the firm

D
to receive share of assets to which the transferor is entitled at the time of dissolution of the firm
Question 5
1 / -0

Which of the following cannot be a ground for dissolution of a firm by court at the suit of any partner

A
A partner getting elected to local body

B
A partner has become in any way permanently in capable of performing of duties as partner

C
A partner has transferred whole of his interest in the firm to a third party

D
A partner has become of unsound mind
Question 6
1 / -0

A person is said to be insolvent when he.........

A
Is unable to pay his liabilities

B
Has run into heavy business losses

C
Is short of necessary cash in hand

D
All the three
Question 7
1 / -0

Partners share profit or loss..........

A
Equally

B
In capital ratio

C
As per agreement

D
As per qualification
Question 8
1 / -0

AB are two partners in a firm, as per terms of agreement partners drawing will carry interest @10%. IF A has drawn funds from the business as per the details given below. Find the interest for the year ending 31.12.2010.
1.04.10 Rs. 20,000
1.06.10 Rs. 10,000
1.09.10 Rs. 20,000

A
Rs. 2500

B
Rs. 2750

C
Rs. 1417

D
Rs. 2000
Question 9
1 / -0

Which of these rights are not available to a transferee under the Partnership Act.

A
To inspect books of account

B
To interfere in firms day to day business

C
To transfer immovable property of the firm

D
All the three
Question 10
1 / -0

A agree to bring B's Grand father back who died five years ago if he pay his Rs.100000. The agreement is _____________.

A
void due to inadequacy of consideration

B
void due to uncertainty of the time period

C
void due to impossibility of act to be done

D
void due to unreasonable of consideration

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Re-Attempt Weekly Quiz Competition

Accounting for Partnership: Basic Concepts Test 25

Result

Accounting for Partnership: Basic Concepts Test 25

Score

-

Rank

-

SHARING IS CARING

Question 1

carry on a similar business

also complete with the business sold by them to the purchaser

advertise his business

all the three

Question 2

wilful neglect

bona fide mistake

act of fraud or omission

all the three

Question 3

profit

profit and loss

loss

all the revenue

Question 4

to inspect books of account

to interfere in firms day to day business

to transfer immovable property of the firm

to receive share of assets to which the transferor is entitled at the time of dissolution of the firm

Question 5

A partner getting elected to local body

A partner has become in any way permanently in capable of performing of duties as partner

A partner has transferred whole of his interest in the firm to a third party

A partner has become of unsound mind

Question 6

Is unable to pay his liabilities

Has run into heavy business losses

Is short of necessary cash in hand

All the three

Question 7

Equally

In capital ratio

As per agreement

As per qualification

Question 8

Rs. 2500

Rs. 2750

Rs. 1417

Rs. 2000

Question 9

To inspect books of account

To interfere in firms day to day business

To transfer immovable property of the firm

All the three

Question 10

void due to inadequacy of consideration

void due to uncertainty of the time period

void due to impossibility of act to be done

void due to unreasonable of consideration

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