12th commerce BK Introduction to Partnership and Partnership Final Accounts-Objective questions solutions

   

Maharashtra board 12th commerce book keeping & accountancy Chapter-1 Partnership and Partnership Final Accounts-Objective questions solutions that will help in board exam.

Introduction to Partnership and Partnership
Final Accounts

EXERCISE - 1 [PAGES 50 - 51]

Q.1 (A) Select the most appropriate alternative from the following & rewrite the sentence:

 

1) When there is no partnership agreement between partners, the division of Profits takes
place in__________ ratio.

1.   Equal

2.   capital ratio

3.   initial contribution

4.   experience and tenure of partner

Solution: When there is no partnership agreement between partners, the division of profits takes place in an equal ratio.

 

2)To find out Net Profit or Net Loss of the business_______________ account is prepared.

1. Trading
2. Capital
3. Current
4.  Profit & Loss

Solution: To find out whether Net profit or Net loss of the business Profit and Loss Account is prepared.

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Q.3)A______________ is an Intangible Asset.

1.    Goodwill

2.     Stock

3.     Cash

4.     Furniture

Solution: A Goodwill is an Intangible Asset.

 

Q.4)In the absence of an agreement, interest on loan advanced by the partner to the firm is
allowed at the rate of________________ .

1.  5%

2.  6%

3.  10%

4.   9%

Solution: In the absence of an agreement, interest on a loan advanced by the partner to the firm is allowed at the rate of 6%.

 

Q.5)Liability of partners in a partnership

 business  is_____________ .

1.    Limited

2.    Unlimited

3.    Limited and Unlimited

4.    None of the above

Solution: The liability of partners in a partnership business is unlimited.

 

Q.6)The Indian Partnership Act is in force since___________ .

1.1932
2. 1881
3. 956

4. 1984

Solution: The Indian Partnership Act is in force since 1932.

 

Q.7)Maximum number of Partners in a firm are_______ according to Companies Act 2013

1.  10

2.  25

3.  20

4.  50

Solution: Maximum number of partners in a firm is 50 according to the Companies Act,2013.

12th commerce BK Introduction to Partnership and Partnership Final Accounts-Practical Problem solutions                

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