Accountancy MCQ – Class 12 – Chapter 2 – Fundamental of Partnership – Part 1

1. The Company Act, 2013 (Section 464) empowers central government to prescribe number of partners in a firm subject to maximum of _____.

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)

3. At the end of the year, Rent Account is transferred or debited to ___________

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

5. Liability of partner is :

6. What among following is not true in relation to partnership?

7. According to Indian Contract Act, 1872, every person except the following are competent to contract:

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

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

10. Forming a Partnership Deed is :

11. Partnership is not a separate business entity from_________

12. Which of the following statement is true?

13. 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)

14. Which of the following statement is true?

15. Interest on loan by partner is debited to _______

16. What among following is not true in relation to rights of partners?

17. Partnership comes into existence by an __________________

18. Partnership Deed is also called

19. Forming a Partnership Deed is :

20. A partnership is a business relationship among two or more persons to share profit and losses on the business, carried on___________

21. Oustensible partners are those who

22. If interest is charged on loan by the firm to a partner, interest is transferred to ________

23. Sleeping partners are those who

24. Under which section of Indian Partnership Act, 1932 if all the partners agree, a minor may be admitted for the benefit of partnership.

25. The relation of partner with the firm is that of:

26. When is the Partnership Act enforced?

27. When is the Partnership Act enforced?

28.

1. Interest on loan by partner is credited to _______

29. In case of partnership the act of any partner is : (C.S. Foundation Dec. 2012)

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

31. Partnership Deed is also called

32. As per Rule 10 of the companies (miscellaneous) Rules, 2014 prescribed by central government maximum number of partners in a firm can be ____

33. Under which circumstance partner is not given interest on capital but paid interest on loan advanced by him to firm

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

35. Number of partners in a partnership firm may be :

36. Following are essential elements of a partnership firm except:

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