ACCOUNTS
Various Choice Questions (MCQs)
1. The composed understanding among the accomplices is called
(a) Partnership Deed.
(b) Partnership bye-laws.
(c) Partnership Constitution.
(d) an agreement.
Ans. (a) Partnership Deed.
2. The risk of the accomplices in an association firm under Indian Partnership Act, 1932 is
(a) Limited.
(b) Unlimited.
(c) No Liability
(d) Depending on the circumstance.
Ans. (b) Unlimited.
3. Interest on Capital is permitted on
(a) the initial capital.
(b) the capital at the year end.
(c) normal capital of the year.
(d) the capital in the year.
Ans. (a) the initial capital.
4. Without even a trace of the Partnership Deed, Interest on Capital
(a) is permitted @ 6% per annum.
(b) is permitted @ 10% per annum.
(c) is permitted at the acquiring rate.
(d) isn't permitted.
Ans. (d) isn't permitted.
5. If there should arise an occurrence of fixed capitals, accomplices will have
(a) credit adjusts in their Capital Accounts.
(b) charge adjusts in their Capital Accounts.
(c) may have credit or charge adjusts in their Capital Accounts.
(d) credit equilibrium or nil balance in their Capital Accounts.
Ans. (d) credit equilibrium or nil balance in their Capital Accounts.
6. In the event of fixed capitals, interest on capital
(a) is credited to Partner's Capital Account
(b) is credited to Partner's Current⁸ Account.
(c) might be credited to Partner's Capital or Current Account.
(d) is charged to Partner's Capital Account.
Ans. (b) is credited to Partner's Current⁸ Account.
7. Select the odd from the accompanying:
(a) Rent to Partner.
(c) Interest on Partner's Loan.
(b) Manager's Commission.
(d) Interest on Partner's Capital.
Ans. (d) Interest on Partner's Capital.
8. Current Accounts of accomplices are kept up with if
(a) capitals are fixed.
(b) capitals are fluctuating.
(c) capitals are fixed or fluctuating.
(d) it is chosen by the Partners.
Ans. (a) capitals are fixed.
9. Without even a trace of Partnership Deed, benefit of a firm is split between the accomplices
(a) in the proportion of capital.
(b) Equally.
(c) in the proportion of time dedicated for the association's business.
(d) as per the administrative capacities of the accomplices.
Ans. (b) Equally.
10. Mohit and Rohit were accomplices in a firm with capitals of 80,000 and ₹40,000 individually. The firm procured a benefit of 30,000 during the year. Mohit's offer in the benefit will be
(a) ₹20,000
(b) ₹10,000.
(c) ₹15,000.
(d) ₹18,000.
Ans. (c) ₹15,000.
11. At the point when assurance is given to accomplice by certain accomplices, lack on such assurance will be borne by
(a) All of different accomplices.
(b) Partnership firm.
(c) Partner who gave the assurance.
(d) None of the accomplices.
Ans. (c) Partner who gave the assurance.
12. Without even a trace of a consent in actuality, the accomplices are
(a) qualified for 6% premium on their capitals, just when there are benefits.
(b) qualified for 9% premium on their capitals, just when there are benefits.
(c) qualified for revenue on their capitals at the bank rate, just when there are benefits.
(d) not qualified for interest on their capitals.
Ans. (d) not qualified for interest on their capitals.
13. Which of the accompanying things isn't managed through Profit and Loss Appropriation Account?
(a) Interest on Partner's Loan
(b) Partner's Salary
(c) Interest on Partner's Capital
(d) Partner's Commission
Ans. (a) Interest on Partner's Loan
14. Which of the accompanying things won't be displayed in the charge of Profit and Loss Appropriation Account?
(a) Interest on Capital
(b) Commission to an accomplice
(c) Interest on Drawings
(d) Salary to accomplices
Ans. (c) Interest on Drawings
15. Which of coming up next is certifiably not a fundamental component of association?
(a) An arrangement, oral or composed, should exist among the accomplices.
(b) Agreement ought to be to carry on legitimate business.
(c) All the accomplices ought to contribute capital in the firm.
(d) There ought to be somewhere around two accomplices.
Ans. (c) All the accomplices ought to contribute capital in the firm.
16. A supervisor gets 5% commission on net benefit in the wake of charging such commission, net benefit 5,80,000 and costs of circuitous nature other than chief's bonus are ? 1,60,000. Commission sum will be
(a) ₹21,000.
(b) ₹20,000.
(c) ₹15,000.
(d) ₹22,000
Ans. (b) ₹20,000.
17. Ajay and Seema were accomplices in a firm sharing benefits and misfortunes in the proportion of 3:2. Their capitals were ₹1,20,000 and 2,40,000 individually. They were qualified for revenue on capital @ 10%. The firm procured benefit of ₹18,000 during the year. The interest on Ajay capital will be
(a) ₹12,000.
(b) ₹10,800.
(c) ₹7,200.
(d) ₹6,000.
Ans. (d) ₹6,000.
18. According to Indian Partnership Act, 1932 if Partnership Deed doesn't exist accomplices are qualified for
(a) Salary
(b) Interest on Capital
(c) Equal Profit Share.
(d) Commission
Ans. (c) Equal Profit Share.
19. Connection between the accomplices is of
(a) Close family members.
(b) Agent and head.
(c) Junior-senior relationship.
(d) Senior-subordinate Relationship.
Ans. (b) Agent and head.
20. X, Y and Z are accomplices in a firm sharing benefits and misfortunes in the proportion of 6 :4:1. X ensured a benefit of ₹15,000 to Z. The net benefit for the year finishing 31st March, 2019 was ₹ 99,000. X's offer in the benefit of the firm will be
(a) ₹30,000.
(b) ₹15,000
(c) ₹48,000
(d) ₹45,000
Ans. (c) ₹48,000
21. Without Partnership Agreement, interest on drawings of an accomplice is charged
(a) @ 8% per annum
(b) @ 9% per annum
(c) @ 12% per annum
(d) No interest is charged
Ans. (d) No interest is charged
22. Without Partnership; interest borrowed of an accomplice is permitted
(a) @ 8% per annum
(b) @ 6% per annum
(c) No interest is permitted
(d) @ 12% per annum
Ans. (b) @ 6% per annum
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