12th Accountancy Chapter 3 Online Test | Accounts of Partnership Firms-Fundamentals

12th Accountancy Chapter 3 Online Test | Accounts of Partnership Firms-Fundamentals

12th Accountancy All Chapter Online Test Both Tamil medium and English Medium Available our samacheer guide online website .

Chapter 2 Accounts of Partnership Firms-Fundamentals Online Test

1➤ In the absence of a partnership deed, profits of the firm will be shared by the partners in …………….

(a) Equal ratio (b) Capital ratio (c) Both (a) and (b) (d) None of these

2➤ In the absence of an agreement among the partners, interest on capital is …………….

(a) Not allowed (b) Allowed at bank rate (c) Allowed @ 5% per annum (d) Allowed @ 6% per annum

3➤ As per the Indian Partnership Act, 1932, the rate of interest allowed on loans advanced by partners is …………….

(a) 8% per annum (b) 12% per annum (c) 5% per annum (d) 6% per annum

4➤ Which of the following is shown in Profit and loss appropriation account?

(a) Office expenses(b) Salary of staff(c) Partners’ salary(d) Interest on bank loan

5➤ When fixed capital method is adopted by a partnership firm, which of the following items will appear in capital account?

a) Additional capital introduced b) Interest on capital (c) Interest on drawings (d) Share of profit

6➤ When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is …………….

(a) 5.5 months (b) 6 months (c) 12 months (d) 6.5 months

7➤ Which of the following is the incorrect pair?

(a) Interest on drawings – Debited to capital account (b) Interest on capital – Credited to capital account (c) Interest on loan – Debited to capital account d) Share of profit – Credited to capital account

8➤ In the absence of an agreement, partners are entitled to …………….

(a) Salary (b) Commission (c) Interest on loan (d) Interest on capital

9➤ Pick the odd one out …………….

(a) Partners share profits and losses equally (b) Interest on partners’ capital is allowed at 7% per annum (c) No salary or remuneration is allowed (d) Interest on loan from partners is allowed at 6% per annum.

10➤ Profit after interest on drawings, interest on capital and remuneration is ₹ 10,500. Geetha, a partner, is entitled to receive commission @ 5% on profits after charging such commission. Find out commission. …………….

(a) ₹ 50 (b) ₹ 150 (c) ₹ 550 (d) ₹ 500

11➤ Which of the following is the incorrect pair?

(a) Interest on drawings – Debited to capital accountb) Interest on capital – Credited to capital account(c) Interest on loan – Debited to capital account(d) Share of profit – Credited to capital account

12➤ Which of the following is shown in Profit and loss appropriation account?

a) office exoensesb) salary of staffc) Partners’ salaryd) Interest on bank loan

13➤ As per the Indian Partnership Act, 1932, the rate of interest allowed on loans advanced by partners is …………….

a) 8 % per annumb) 12% per annumc) 5% per annumd) 6% per annum

Your score is