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Accountancy Test - 11

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Accountancy Test - 11
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Weekly Quiz Competition
  • Question 1
    5 / -1

    In absence of partnership deed, ______ partner gets more share of profit.

    Solution

    Profits are shared equally.

     

  • Question 2
    5 / -1

    Which of these is not a feature of partnership?

    Solution

    Correct answer is C. Written agreement between all partners

     

  • Question 3
    5 / -1

    If a fixed amount is withdrawn on the last day of every quarter of a calendar year, the interest on the total amount of drawings will be calculated for __________.

    Solution

    Suppose if the first drawing is made on 31st march( 1st quarter Jan-march) then 9 months will be left and in the last quarter October to December last drawing will be made on 31st December and 0 months will be left.

     

  • Question 4
    5 / -1

    B and M are partners in a firm. They withdrew ₹ 48,000 and ₹ 36,000 respectively during the year evenly in the middle of every month. According to the partnership agreement, interest on drawings is to be charged @ 10% p.a.Calculate interest on drawings of the partners using the appropriate formula.Calculate B interest

    Solution

    Since, the drawings are made evenly at the middle of every month, therefore interest on drawings is calculated for a period of six months.

     

  • Question 5
    5 / -1

    Which of these is charge against profit?

    Solution

    Rent is provided even in case of loss or insufficient profits and is charged to profit and loss account.

     

  • Question 6
    5 / -1

    Which of these is not a duty of partners?

    Solution

    Duty is to act within authority.

     

  • Question 7
    5 / -1

    Current account of a partner has

    Solution

    Current account can have credit balance in case of profits and other items of appropriation of profits. However, it can also have debit balance in case of over withdrawn amount or too many debit items being charged to it.

     

  • Question 8
    5 / -1

    Ram, Raghav and Raghu are partners in a firm sharing profits in the ratio of 5 : 3 : 2. As per partnership deed, Raghu is to get a minimum amount of ₹ 10,000 as profit. Net profit for the year is ₹ 40,000. Calculate deficiency (if any) to Raghu.

    Solution

    Guaranteed Share of Raghu is = ₹ 10,000

    Share in given Profit  40,000 x 2/10 = ₹ 8,000

    ∴ Deficiency in Rasrhu’s Share of Profit = 10,000 - 8,000 = ₹ 2,000

     

  • Question 9
    5 / -1

    If a partner withdraws equal am ount at end of each quarter, then _____ are to be considered for interest on total drawings.

    Solution

    Time Period = Time left after first drawings + Time left after last drawings / 2

    = 9 + 0 / 2

    = 4.5 months

     

  • Question 10
    5 / -1

    Moin and Azam are partners in a firm with capital ₹ 20,000 and ₹ 40,000 respectively. Profit for FY 21 are ₹ 60,000 . Who will get how much share?

    Solution

    Profits will be divided equally i.e. ₹ 30,000 each.

     

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