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    68588e0f-f729-4e81-840c-aa4ab1fe0356

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    ATHARVA GHORPADE
    This document contains a revision worksheet for Accountancy 12th grade students studying Chapter 1 on Accounting for Partnership Basic Concepts. It includes 10 multiple choice questions covering topics like essential features of a partnership, partners' capital balances and liability extent, partnership duties, when a partnership deed is required or enforced, interest rates on partner's capital and loans in the absence of a partnership deed agreement.

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    68588e0f-f729-4e81-840c-aa4ab1fe0356

    Uploaded by

    ATHARVA GHORPADE
    10 views3 pages
    This document contains a revision worksheet for Accountancy 12th grade students studying Chapter 1 on Accounting for Partnership Basic Concepts. It includes 10 multiple choice questions covering topics like essential features of a partnership, partners' capital balances and liability extent, partnership duties, when a partnership deed is required or enforced, interest rates on partner's capital and loans in the absence of a partnership deed agreement.

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    This document contains a revision worksheet for Accountancy 12th grade students studying Chapter 1 on Accounting for Partnership Basic Concepts. It includes 10 multiple choice questions covering topics like essential features of a partnership, partners' capital balances and liability extent, partnership duties, when a partnership deed is required or enforced, interest rates on partner's capital and loans in the absence of a partnership deed agreement.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    10 views3 pages

    68588e0f-f729-4e81-840c-aa4ab1fe0356

    Uploaded by

    ATHARVA GHORPADE
    This document contains a revision worksheet for Accountancy 12th grade students studying Chapter 1 on Accounting for Partnership Basic Concepts. It includes 10 multiple choice questions covering topics like essential features of a partnership, partners' capital balances and liability extent, partnership duties, when a partnership deed is required or enforced, interest rates on partner's capital and loans in the absence of a partnership deed agreement.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    SNBP INTERNATIONAL SCHOOL&KIDZONE SENIOR SECONDARY SCHOOL

    MORWADI, PIMPRI
    CBSE AFFILIATION: 1130522
    ACADEMIC SESSION: 2022- 23
    REVISION WORKSHEET -3
    ACCONTANCY 12 TH
    CHAPTER NO 1. ACCOUNTING FOR PARTNERSHIP BASIC CONCEPT

    1. Which one of the following is NOT an essential feature of a partnership?


    (A) There must be an agreement
    (B) There must be a business
    (C) The business must be carried on for profits
    (D) The business must be carried on by all the partners

    2. X, Y and Z are partners sharing profits and losses equally. Their capital
    balances on March, 31, 2012 are ₹80,000, ₹60,000 and ₹40,000 respectively.
    Their personal assets are worth as follows : X — ₹20,000, Y — ₹15,000 and
    Z — ₹10,000. The extent of their liability in the firm would be : (C.S.
    Foundation; June 2013)
    (A) X — ₹80,000 : Y — ₹60,000 : and Z — ₹40,000
    (B) X — ₹20,000 : Y — ₹15,000 : and Z — ₹10,000
    (C) X — ₹1,00,000 : Y — ₹75,000 : and Z — ₹50,000
    (D) Equal

    3. Every partner is bound to attend diligently to his in the conduct of


    the business.
    (A) Rights
    (B) Meetings
    (C) Capital
    (D) Duties
    4. Forming a Partnership Deed is :
    (A) Mandatory
    (B) Mandatory in Writing
    (C) Not Mandatory
    (D) None of the Above

    5. Partnership Deed is also called


    (A) Prospectus
    (B) Articles of Association
    (C) Principles of Partnership
    (D) Articles of Partnership

    6. Which of the following is not incorporated in the Partnership Act?


    (A) profit and loss are to be shared equally
    (B) no interest is to be charged on capital
    (C) all loans are to be charged interest @6% p.a.
    (D) all drawings are to be charged interest

    7. When is the Partnership Act enforced?


    (A) when there is no partnership deed
    (B) where there is a partnership deed but there are differences of opinion
    between the partners
    (C) when capital contribution by the partners varies
    (D) when the partner’s salary and interest on capital are not incorporated in
    the partnership deed
    8. In the absence of Partnership Deed, the interest is allowed on partner’s
    capital: (CPT; June 2011)
    (A) @ 5% p.a.
    (B) @ 6% p.a.
    (C) @ 12% p.a.
    (D) No interest is allowed

    9. In the absence of a partnership deed, the allowable rate of interest on


    partner’s loan account will be :
    (A) 6% Simple Interest
    (B) 6% p.a. Simple Interest
    (C) 12% Simple Interest
    (D) 12% Compounded Annually

    10. A and B are partners in partnership firm without any agreement. A has
    given a loan of ₹50,000 to the firm. At the end of year loss was incurred in
    the business. Following interest may be paid to A by the firm :
    (A) @5% Per Annum
    (B) @ 6% Per Annum
    (C) @ 6% Per Month
    (D) As there is a loss in the business, interest can’t be paid

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