Partnership Basic Concepts

Which one of the following is not the essential feature of Partnership?

• There must be an agreement

• There must be a business

• The business must be carried on for profit

• The business must be carried on by all the partners

Goodwill is a _____ Asset

• tangible

• Intangible

• current

• none of these

The Agreement of Partnership may be :

• Oral

• Written

• both oral or written

• None of these

Interest on capital will be paid to the partners if provided for in the partnership deed but only out of ___

• profits

• can be provided even in losses

• capital

• all of above

X, Y and Z are partners in a firm. At the time of division of profit for the year, there was dispute between the partners. Profit before interest on capital was Rs.6,000 and Y determined interest on loan @24% p.a. on his loan of Rs.80,000. there was no agreement on this point. calculate the amount payable to X, Y and Z

• Rs.2,000 to each partner

• loss of Rs.4,000 to X and Z and Y will take Rs.14,800

• Rs.400 to X and Z and Y will take Rs.5,200

• None of the above

on 1st January 2020 a partner advanced a loan of Rs.1,00,000 to the firm. in the absence of agreement, interest on loan till 31st MArch 2020 will be :

• nil

• 1500

• 3000

• 6000

A, B and C are partners in a firm. A contributed Rs3,00,000; B's capital is Rs.1,00,000. C has not invested any amount as capital but alone manages the whole business. C wants Rs.30,000 p.a. as salary. Firm has earned a profit of Rs.1,50,000. How much will be each partners share of profit?

• A -60,000; B -60,000 C- nil

• A-90,000 B-30,000 C -nil

• A-40,000 B-40,0000 C-40,000

• A-50,000 B-50,0000 C-50,000

Seeta and Geeta are partners sharing profits in the ratio of 4:1. Meeta was manager who received a salary of Rs.4000 p.m. in addition of commission of 5% on net profit after charging such commission. Profit for the year is Rs.6,78,000 before charging salary. Find total remuneration of Meeta:

• 78000

• 88000

• 87000

• 76000

If the partners capital accounts are fixed, salary payable to partners will be recorded

• on the debit side of partners current account

• on the debit side of partners capital account

• on the credit side of partners current account

• none of these

Interest on Partners Drawings will be debited to :

• Profit and Loss Account

• Profit and Loss Appropriation Account

• Partners Current Account

• Interest Account