12th Standard CBSE - Accountancy - Accounting for Partnership Firms - Fundamentals

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Question - 1

Loss is distributed among the partners:

  • A Equally
  • B As per the partnership deed
  • C Ratio of capitals
  • D None of these.

Question - 2

A partnership deed is silent for the payment of interest on partners’s loan but there was a loss instead of profits during the year 2013-14. At what rate will the interest on partner’s loan be allowed?

  • A  6 % p.a even if the firm incurs loss
  • B As per the partnership deed
  • C No interest will be provided
  • D None of these.

Question - 3

Capital employed by a partnership firm is Rs10,00,000.Its average profit is Rs 1,20,000. The normal rate of return in similar type of business is 10%. What is the amount of super profits?

  • A Rs 20,000
  • B Rs 12,000
  • C Rs 1,00,000
  • D Rs 1,12,000

Question - 4

Interest on partner’s capital is :

  • A a gain
  • B a loss
  • C an appropriation
  • D None of these

Question - 5

Profit or loss on revaluation is shared among the partners in:

  • A new profit sharing ratio
  • B capital ratio
  • C equal ratio
  • D old profit sharing ratio

Question - 6

Revaluation A/c is prepared to find out the profit or loss on:

  • A sale of fixed assets
  • B revaluation of assets and liabilities
  • C sale of goods
  • D sale of services

Question - 7

According to AS 26, which goodwill is recorded in the books:

  • A purchased goodwill
  • B self generated goodwill
  • C both (i) and (ii)
  • D None of the above

Question - 8

Goodwill is a/an :

  • A Current asset
  • B Tangible asset  
  • C Intangible asset
  • D Fictitious asset

Question - 9

Who should compensate to whom in case of change in profit sharing ratio of existing partners?

  • A gaining partner to sacrificing partner
  • B sacrificing partner to gaining partner
  • C both (i) and (ii)
  • D None of the above

Question - 10

Which is not a method to calculate the goodwill?

  • A Average Profit Method
  • B super profit method
  • C Regular profit method
  • D Capitalization method
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