Partnership (11-20)

11. In the absence of an agreement, profit and loss are divided by partners in the ratio of?

(a) Time devoted by each partner

(b) On the basis of capital ratio

(c) Equally

(d) Owner’s equity

Correct! Wrong!

12. Which of the following business publishes the Financial Statements?

(a) Sole-Proprietorship

(b) Partnership

(c) Trust

(d) Public limited company

Correct! Wrong!

13. The amount of loan advanced by a partner to partnership is transferred to?

(a) Partners’ loan account

(b) Partners’ capital account

(c) Partners’ drawings account

(d) Partners’ dividend account

Correct! Wrong!

14. Which of the following is not one of the three forms of business organization?

(a) Corporations

(b) Investors

(c) Proprietorship

(d) Partnerships

Correct! Wrong!

15. When capital accounts are fixed, than all adjustments are made in?

(a) Partners’ current account

(b) Partners’ capital account

(c) Partners’ nominal account

(d) Partners, fixed account

Correct! Wrong!

16. In the absence of an agreement, interest on drawings is to be charged by firm at the rate of?

(a) 5% p.a.

(b) 6% p.a.

(c) 7% p.a.

(d) None of these

Correct! Wrong!

17. When capital is introduced by a partner, we should be credited to?

(a) Fixed account

(b) Capital account

(c) Cash account

(d) Current Account

Correct! Wrong!

18. Partnership agreement contains?

(a) Nature of business

(b) Name of business

(c) Profit sharing ratios

(d) All of the above

Correct! Wrong!

19. Current accounts of the partners should be opened when the capital is?

(a) Fixed

(b) Variable

(c) Fluctuating

(d) None of these

Correct! Wrong!

20. Which of the following is an artificial person recognized by law?

(a) Foundation

(b) Partnership

(c) Limited company

(d) Mosque

Correct! Wrong!

11. In the absence of an agreement, profit and loss are divided by partners in the ratio of?

12. Which of the following business publishes the Financial Statements?

13. The amount of loan advanced by a partner to partnership is transferred to?

14. Which of the following is not one of the three forms of business organization?

15. When capital accounts are fixed, than all adjustments are made in?

16. In the absence of an agreement, interest on drawings is to be charged by firm at the rate of?

17. When capital is introduced by a partner, we should be credited to?

18. Partnership agreement contains?

19. Current accounts of the partners should be opened when the capital is?

20. Which of the following is an artificial person recognized by law?

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