ACC-CH1-MCQ

Features of a partnership firm are :

• Two or more persons are carrying common business under an agreement.

• They are sharing profits and losses in the fixed ratio.

• Business is carried by all or any of them acting tor all as an agent.

• All of the above.

Following are essential elements of a partnership firm except:

• At least two persons

• There is an agreement between all partners

• Equal share of profits and losses

• Partnership agreement is for some business.

Which of the following statement is true?

• a minor cannot be admitted as a partner

• a minor can be admitted as a partner, only into the benefits of the partnership

• a minor can be admitted as a partner but his rights and liabilities are same of adult partner

• None of the above

The relation of partner with the firm is that of:

• The owner

• The agent

• Owner and the agent

• None of the above

What should be the minimum number of persons to form a Partnership :

• 2

• 7

• 10

• 20

Number of maximum partners in a partnership firm may be :

• 20

• 1000

• 100

• 50

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 :

• X — ₹80,000 : Y — ₹60,000 : and Z — ₹40,000

• X — ₹20,000 : Y — ₹15,000 : and Z — ₹10,000

• X — ₹1,00,000 : Y — ₹75,000 : and Z — ₹50,000

• Equal

Which of the following is not incorporated in the Partnership Act

• profit and loss are to be shared equally

• no interest is to be charged on capital

• all loans are to be charged interest @6% p.a.

• all drawings are to be charged interest

In the absence of Partnership Deed, the interest is allowed on partner’s capital:

• 5%

• 6%

• 10%

• No Interest is allowed

In the absence of a partnership deed, the allowable rate of interest on partner’s loan account will be :

• 6% p.a. simple interest

• 6% simple interest

• 12% simple interest

• 12% compound interest