Accounting for Partnership: Basic Concepts Test 35

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Accounting for Partnership: Basic Concepts Test 35

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Weekly Quiz Competition

Question 1
1 / -0

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?

A
Rs. 25,000

B
Rs. 30,000

C
Rs. 27,500

D
Rs. 22,500
Question 2
1 / -0

As per the Indian Partnership Act, the term Business does not include ..

A
Trade

B
Occupation

C
Profession

D
Vocation
Question 3
1 / -0

XYZ are three partner sharing profit-and loss in the ratio of 3:2:1. 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?

A
Rs. 30,000

B
Rs. 15,000

C
Rs. 18,000

D
Rs. 25,000
Question 4
1 / -0

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

A
Rs. 150

B
Rs. 80

C
Rs. 86

D
Rs. 90
Question 5
1 / -0

An entry in the Register of firms can be made __________.

A
as per courts direction

B
application made by all the partners or their agents

C
suo motu by the Registrar of firms

D
all the three
Question 6
1 / -0

What is the gaining ratio of the remaining partners in question No.39

A
3:2

B
1:2

C
2:1

D
1:3
Question 7
1 / -0

Novation means

A
Recession of contract

B
Substitution of new parties

C
Termination of contract

D
Remission of contract
Question 8
1 / -0

Non-registration of firm does not effect a suit or claim of set-off not exceeding

A
Rs. 1000

B
Rs. 100

C
Rs. 5000

D
Rs. 50
Question 9
1 / -0

Intimation regarding change in the firms name is signed by

A
All the partners or their agents

B
Active partner

C
Legal advisor

D
Manager of the firm
Question 10
1 / -0

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

A
Joint venture with X

B
Joint venture with Y

C
Joint venture A/c

D
None

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Accounting for Partnership: Basic Concepts Test 35

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Accounting for Partnership: Basic Concepts Test 35

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Question 1

Rs. 25,000

Rs. 30,000

Rs. 27,500

Rs. 22,500

Question 2

Trade

Occupation

Profession

Vocation

Question 3

Rs. 30,000

Rs. 15,000

Rs. 18,000

Rs. 25,000

Question 4

Rs. 150

Rs. 80

Rs. 86

Rs. 90

Question 5

as per courts direction

application made by all the partners or their agents

suo motu by the Registrar of firms

all the three

Question 6

3:2

1:2

2:1

1:3

Question 7

Recession of contract

Substitution of new parties

Termination of contract

Remission of contract

Question 8

Rs. 1000

Rs. 100

Rs. 5000

Rs. 50

Question 9

All the partners or their agents

Active partner

Legal advisor

Manager of the firm

Question 10

Joint venture with X

Joint venture with Y

Joint venture A/c

None

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