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Category [CBSE] Fundamentals of Partnership Firm

[CBSE] Fundamentals of Partnership Firm 241 Questions

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A group of 40 People wants to form a Partnership Firm. They want your advice regarding the maximum number of persons that can be there in a partnership firm and the name of the act under whose provisions it is given.

1.84K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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What is the maximum number of Partners that a partnership firm can have? Name the Act that provides for the maximum number of partners in a partnership firm.

1.78K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Does Partnership firm has a separate legal entity? Given reason in support of your answer.

1.28K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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State any two essential features or characteristics of the Partnership other than a minimum number of partners and profit sharing.

1.52K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Written agreement among the Partners is called

1.45K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Partner’s Current Accounts are opened when their Capital Accounts are

1.44K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th MCQs

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Commission of 20% on net Profit after charging such commission is calculated as

2.70K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th MCQs

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Old and Young are equal partners in a firm. Their draft accounts for the year ended 31st March, 2023 show profit of ₹ 1,50,000 before taking into account interest @ 10% p.a. on loan for ₹ 50,000 from Young. Partners are to get salary as follows:

4.92K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th MCQs

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Which one of the following items is not transferred in the Profit and Loss Appropriation Account?

2.26K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th MCQs

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When Guarantee is given to a partner by the other partners, loss on such guarantee will be borne by

1.33K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th MCQs

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Under Fixed Capital Method:

1.49K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th MCQs

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Arif, Ravi and Ben are partners in a firm sharing profits and losses in the ratio of 6:4:1. Arif guaranteed minimum profit of ₹ 16,000 to Ben. The trading profit of the firm for the year ending 31st March, 2021, was ₹ 1,32,000.

4.25K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th MCQs

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Pick the odd one out from the following

2.48K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th MCQs

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Gautam, Yashica and Asma entered into a partnership on 1st April, 2022 sharing profits and losses in the ratio of 3:2:1. Gautam and guaranteed that Asma’s share of profit after allowing interest on capital @ 5% p.a. would not be less than ₹ 30,000 p.a. The capitals contributed were Gautam ₹ 3,00,000, Yashica ₹ 2,00,000 and Asma ₹ 1,00,000.

1.60K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th MCQs

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Simi, Manu and Beena are partners in a firm sharing profits and losses in the ratio of 2:2:1. The balances of their fixed capital accounts on 1st April, 2020, were: Simi ₹ 1,00,000, Manu ₹ 1,00,000 and Beena ₹ 80,000.

4.59K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th MCQs

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X, Y and Z are partners. Their fixed capitals as on 31st March, 2023 were X ₹ 50,000, Y ₹ 1,00,000 and Z ₹ 1,50,000. Profit for the year 2022-23 of ₹ 60,000 was distributed.

3.90K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th MCQs

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On 1st April, 2020, Pixie, Nixie and Gypsy entered into a partnership with fixed capitals of ₹ 60,000, ₹ 50,000 and ₹ 30,000 respectively. On 1st October, 2020, Pixie gave a loan of ₹ 12,000 to the firm.

3.75K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th MCQs

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Akul, Bakul and Chadan are partners in a firm sharing profits and losses in the ratio of 4:3:3. Their fixed capitals are 1,00,000, ₹ 2,00,000 and ₹ 3,00,000 respectively. For the year 2022-23, interest on capital is credited to them @ 10%. p.a. instead of 5% p.a. Which of the following entries is necessary to correct the error?

2.36K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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What is meant by ‘Past Adjustments’ in reference to Partnership Accounts?

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Bikram, Iqrar and Jiten entered into a partnership on 1st October, 2022 to share profits and losses in the ratio of 3:2:1. Bikram guaranteed that Jiten’s share of profit would not be less than ₹ 2,00,000 p.a.

1.17K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Vikas, Vijay and Awdesh entered into a partnership on 1st October, 2022 to share profits and losses in the ratio of 3:2:1. Vikas guaranteed that Awadesh’s share of profit would not be less than ₹ 3,00,000 p.a. Profit for the period ended 31st March, 2023 was ₹ 12,00,000. Calculate deficiency to be charged to Vikas.

1.69K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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What accounting steps are taken by a partnership firm when a new partner is unable to bring the business guaranteed by him?

1.40K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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State the meaning of Guarantee of minimum profit.

1.31K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Give the adjusting entry and the closing entry for recording commission allowed to a partner, when the firm follows the fixed capital method.

2.21K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Match List I (Provisions of Partnership Act) with List II (Matters with which the provisions are related) and select the correct answer using the codes given below the lists:

1.47K viewsAnurag Pathak Changed status to publish April 9, 2023Accountancy Class 12th Matching Type MCQs

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