Accountancy MCQ – Class 12 – Chapter 2 – Fundamental of Partnership – Part 3

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

2. According to Profit and Loss Account, the net profit for the year is ₹1,50,000. The total interest on partner’s capital is ₹18,000 and interest on partner’s drawings is ₹2,000. The net profit as per Profit and Loss Appropriation Account will be :

3. Ram and Shyam are partners in the ratio of 3 : 2. Before profit distribution, ‘ Ram is entitled to 5% commission of the net profit (after charging such commission). Before charging commission, firm’s profit was ₹42,000. Shyam’s share in profit will be :

4. Which of the following items are recorded in the Profit & Loss Appropriation Account of a partnership firm?

5. A and B are partners. According to Profit and Loss Account, the net profit for the year is ₹2,00,000. The total interest on partner’s drawings is ₹1,000. As salary is ₹40,000 per year and B’s salary is ₹3,000 per month. The net profit as per Profit and Loss Appropriation Account will be :

6. A, B and C are partners. A’s capital is ₹3,00,000 and B’s capital is ₹1,00,000. C has not invested any amount as capital but he alone manages the whole business. C wants ?30,000 p.a. as salary. Firm earned a profit of ₹1,50,000. How much will be each partner’s share of profit:

7. If the Partners’ Capital Accounts are fixed ‘salary payable to partner’ will be recorded :

8. Which accounts are opened when the capitals are fluctuating?

9. If the Partners’ Capital Accounts are fixed ‘salary payable to partner’ will be recorded :

10. Which item is recorded on the credit side of partner’s current accounts :

11. Balance of partner’s current accounts are :

12. Is rent paid to a partner appropriation of profits?

13. In a partnership lirm, partner A is entitled a monthly salary of ₹7,500. At the end of the year, firm earned a profit of ₹75,000 after charging T’s salary. If the manager is entitled a commission of 10% on the net profit after charging his commission, Manager’s commission will be :

14. A, B and C are partners in the ratio of 5 : 3 : 2. Before B’s salary of ₹17,000 firm’s profit is ₹97,000. How much in total B will receive from the firm?

15. A, B and C are partners in a firm without any agreement. They have contributed 750,000, 730,000 and 720,000 by way of capital in the firm. A was unable to work for six months in a year due to illness. At the end of year, firm earned a pro lit of 7 15,000. A’s share in the profit will be :

16. Net profit of a firm is ₹79,800. Manager is entitled to a commission of 5% of profits after charging his commission. Manager’s Commission will be :

17. Balance of partner’s current accounts are :

18. Which accounts are opened when the capitals are fixed?

19. Net profit of a firm is ₹49,500. Manager is entitled to a commission of 10% on profits before charging his commission. Manager’s Commission will be :

20. Net profit of a firm is ₹79,800. Manager is entitled to a commission of 5% of profits after charging his commission. Manager’s Commission will be :

21. Sangeeta and Ankita are partners in a firm. Sangeeta’s capital is ₹70,000 and Ankita’s Capital is ₹50.000. Firm’s profit is ₹60,000. Ankita share in profit will be :

22. A, B and C are partners in a firm without any agreement. They have contributed 750,000, 730,000 and 720,000 by way of capital in the firm. A was unable to work for six months in a year due to illness. At the end of year, firm earned a pro lit of 7 15,000. A’s share in the profit will be :

23. Which of the following statement is true?

24. Which item is recorded on the credit side of partner’s current accounts :

25. According to Profit and Loss Account, the net profit for the year is ₹1,50,000. The total interest on partner’s capital is ₹18,000 and interest on partner’s drawings is ₹2,000. The net profit as per Profit and Loss Appropriation Account will be :

26. Which of the following statement is true?