Partnership quiz

Under which act partnership is covered

• 1946

• 1942

• 1932

• 2001

Himani and Kajal are partners in a firm, sharing profits and losses in the ratio of 5:3. The balance in their fixed capital accounts, on April 1, 2016 were: Himani, Rs. 6,00,000 and Kajal, Rs. 8,00,000. The profit of the firm for the year ended March 31, 2017 was Rs, 1,26,000. Calculate their shares of profits, when there is no agreement in respect of interest on capital

• Profit : Priya, Rs. 76,500; Kajal, Rs. 67,250

• Profit : Priya, Rs. 78,750; Kajal, Rs. 47,250

• Profit : Priya, Rs. 75,780; Kajal, Rs. 74,250

Mohan and Shyam are partners in a firm. State whether the claim is valid if the partnership agreement is silent in the following matters:

Mohan is an active partner. He wants a salary of Rs. 10,000 per year;

• valid

• invalid

Is rent paid to a partner appropriation of profits?

• It is appropriation of profit

• It is not appropriation of profit

• If partner’s contribution as capital is maximum

• If partner is a working partner.

Partners’ Current Accounts are opened when their capital accounts are

• Fixed

• Fixed and Fluctuating both

• Fluctuating

• None of these

Provisions of Partnership Act, 1932 in the absence of Partnership Deed

• profits and losses of the firm are to be shared equally by partners

• No interest on capital is payable

• Interest is to be charged on drawings @ 6% p.a

• No partner is entitled to get salary or other remuneration

  for taking part in the conduct of the business of the firm

• No interest on loan payable to partners

Mohan and Shyam are partners in a firm. State whether the claim is valid if the partnership agreement is silent in the following matters:

Shyam had advanced a loan to the firm. He claims interest @ 10% per

annum;

• Valid

• Invalid

The current account of a partner

• Will always have a credit balance

• Will always have a debit balance

• May have a debit or credit balance

• Can never have a debit balance

Partners’ Current Accounts are opened when their capital accounts are

• Fixed

• Fixed and Fluctuating both

• Fluctuating

• None of these

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

• There must be an agreement

• There must be a business

• The business must be carried on for profits

• The business must be carried on by all the partners