Question 1 :
Interest on capital will be paid to the partners if provided for in the agreement but only from following _______________.

Question 2 :
Under _______ there have been made rules regarding the dissolution of him.

Question 3 :
If there is no partnership deed then interest on capital will be changed at p.a.______.

Question 4 :
Partners can share profits or losses in their Capital ratio, when there is no agreement.

Question 7 :
Partners are supposed to pay interest on drawing only when provided by the ______________.

Question 10 :
Which of the following is correct in respect of partnership accounts?<br/>1. In the absence of any provision in the partnership agreement to the contrary partners can charge interest at 6% p.a. on loans given by them to the partnership firm.<br/>2.&#160;An ordinary partnership firm can have not more than 50 partners<br/>3.&#160;A banking partnership firm can have not more than 50 partners<br/>4.&#160;In the absence of an agreed ratio in the agreement, partners will share profits and losses in the ratio their capitals.<br/>Select the correct answer using the codes given below.

Question 13 :
The relationship between persons who have agreed to share the profit of a business carried on by all or any of them acting for all is know as.

Question 14 :
Persons who have entered&#160; into partnership with one another are called individually &#34;______________&#34; and collectively &#34;_____________&#34;,and the name under which their business is carried on is called the &#34;_____________&#34;.

Question 15 :
The balance in the investments Fluctuation Fund, after meeting the loss on revaluation of investment at the time of admission of a partner will be transferred to _____________ .

Question 16 :
Assertion: The auditor of a partnership firm is appointed under a contract with firm but not under any statute. Reason: The firm can also appoint him to act as an accountant for preparation of accounts.

Question 18 :
A change in the nature of the business can only be brought about by the consent of ____________.

Question 19 :
If current accounts are not being managed for a partnership firm then partners are maintaining _______________ accounts.

Question 23 :
Choose the correct answer from the alternatives given.<br>Which one is correct

Question 25 :
The estate of a deceased partner is liable for any act of the firm done after his death.

Question 27 :
Partnership created for a particular adventure or a particular undertaking is called __________.

Question 28 :
_______________ a/c is debited for loss on adjustment under past adjustments through profit and loss adjustment account.

Question 29 :
What time would be taken into consideration if equal monthly amount is drawn as drawing at the beginning of each month?&#160;

Question 30 :
One of the partner contributed Rs.30,000 in the firm-How much interest he will get on the capital contributed ________.

Question 31 :
X, Y and Z are sharing profits &amp; losses in the ratio of 5:3:2. They decide to share future profits &amp; losses in the ratio of 2:3:5 with effect from 1st April. They also decide to record the effect of following revaluations without affecting the book values of the assets &amp; liabilities, by passing a single adjusting entry:<br><table class="wysiwyg-table"><tbody><tr><td></td><td>Book Figure</td><td>Revalued Figure</td></tr><tr><td>Land &amp; Building</td><td>Rs 60,000</td><td>Rs 90,000</td></tr><tr><td>Plant &amp; Machinery</td><td>Rs 90,000</td><td>Rs 84,000</td></tr><tr><td>Trade Creditors</td><td>Rs 30,000</td><td>Rs 27,000</td></tr><tr><td>Outstanding Expenses</td><td>Rs 27,000</td><td>Rs 36,000</td></tr></tbody></table>The necessary single adjusting entry will involve:

Question 32 :
To understand partnership accounts properly, how many methods can be used for transactions and events?<br/>

Question 33 :
If a fixed amount is withdrawn on the middle day of every quarter of a calendar year, the interest on total amount of drawings will be calculated for ________.&#160;

Question 35 :
In case of insolvency of a partner, any balance in reserve fund or profit and loss accounts is distributed to all the partners ______________.<br/>

Question 36 :
Calculate the interest on drawings of Ram @ 10% p.a. for the year ended 31st March 2017, If he withdrew Rs 3,000 at the end of every month. Assuming that drawings were made evenly throughout the year.

Question 37 :
When a partner is given guarantee by the other partner, loss on such guarantee will be borne by -

Question 38 :
On the admission of a new partner, the balance of the profit and loss adjustment account should be transferred to the capital account of_________.&#160;

Question 39 :
The amount received from the insurance company on joint life policy of partners in excess of its surrender value should be credited to partners ________________.<br/>

Question 41 :
A, B, and C are partners sharing profits in the ratio of $$ 5:3:2.$$ They decide to share the future profits in the ratio of 2:3:5 with effect from $$1st$$ April, 2018. What will be accounting treatment of Workmen Compensation Reserve appearing in the Balance Sheet on that date when no information is available for the same?<br/><br/>

Question 44 :
A and B are Partners sharing profits in the ratio of 3:2 with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. B is to be allowed an annual salary of Rs. 2,500. During 2016, the profits of the year prior to calculation of interest on capital but after charging B's salary amounted to Rs. 12,500. Calculate the amount of profits to be distributed to A and B after the above effect.

Question 45 :
X, a partner of X and Y Associates draw Rs, 4000 every month at the mid of the month for six months. Calculate interest on drawing at 5%.

Question 46 :
In the Realisation Account prepared on the dissolution of a firm, debit side is more than the credit side. It indicates ____________.<br/>

Question 47 :
If partners maintain both fixed capital and current accounts, which of the following would normally be credited to a partner's capital account?<br><br>

Question 48 :
M and N are partners in a firm. M has given a loan of Rs. 8,000 to the firm on 1st July, 2017. The partnership deed is silent upon the question of provision of interest on partner's loan. Compute the amount of interest payable on the loan advanced by M to the firm, assuming the books are closed on 31st March each year.

Question 49 :
In the case of loss caused by fraud or misrepresentation made by a partner the same shall be borne by ______________.

Question 50 :
A Drawn Rs.1000 per month on the last day of every month. If the rate of interest is 5% p.a. then the total interest or drawings will be:

Question 51 :
Kiran, a partner in a firm, withdrew money from his capital account during the year ended 31, March 2017. If the amounts withdrawn were: Rs. $$12,000$$ on June 01, 2015, Rs. $$8,000$$; on August 31, 2015, Rs. $$3,000$$; on September 30, 2015, Rs. $$7,000$$, on November 30, 2015, and Rs. $$6,000$$ on January 31, 2016. Calculate interest in drawings, if rate of interest is $$9$$ per cent per annum.<br>

Question 52 :
A, B, C and D are partners sharing profits in the ratio of 5 : 4 : 3 : 2.&#160;A retires and B, C and D decide to share profits and losses equally in future. What is the gaining ratio ?<br/>

Question 53 :
When the Interest on drawings is charged to partners, Interest on Drawing Account is credited, and Partner's Capital Account is debited. It is called __________.&#160;

Question 54 :
&#160;Amount realization&#160;from the sale of private estate of partners is used first to pay off ___________________.<br/>

Question 55 :
Interest on capital is given from profit and loss appropriation account to a partner __________________.

Question 56 :
Profit on revaluation of assets and liabilities at the time of retirement of a partner will be credited to __________________.<br/>

Question 58 :
Interest on capital will be paid to the partners if provided for in the agreement but only from __________.&#160;

Question 59 :
If a fixed amount is withdrawn on the first day of every month of a calendar year, the interest on the total amount of drawings will be calculated for ______.&#160;

Question 60 :
A, a partner in a firm, is driving Rs.500 regularly on the 16th of every month. He will have to pay interest at the given rate in a year on Rs.6000 for the total period of __________.

Question 61 :
X, Y and Z are partners sharing profits in the ratio of $$ 5:3:2.$$ They decide to share future profits in the ratio of $$2:3:5$$ with effect from $$1^{st}$$ April, $$2018$$ . They also decide to record the effect of following revaluation without affecting the book values of assets and liabilities, by passing single adjusting entry :<br/><table class="wysiwyg-table"><tbody><tr><td></td><td>Book Value (Rs.)</td><td>Revised Value (Rs.)</td></tr><tr><td>Land and Building&#160;</td><td>3,00,000</td><td>4,50,000</td></tr><tr><td>Plant and Machinery</td><td>4,50,000</td><td>4,20,000</td></tr><tr><td>Trade Creditors</td><td>1,50,000</td><td>1,35,000</td></tr><tr><td>Outstanding Rent&#160;</td><td>1,35,000</td><td>1,80,000</td></tr></tbody></table>The necessary single adjustment entry will be:<br/>

Question 63 :
In partnership under fixed capital account method, which of the following account is opened?

Question 64 :
The owner of B &amp; Co. paid in additional capital amounting to Rs. $$50,000$$ in cash. As a result of this.

Question 65 :
The loss of a firm when all the partners are insolvent is to be borne by ______________.<br/>

Question 66 :
Advance received in connection with the contract to supply goods which was later on forfeited for breach of contract, it is an example of&#160; ______________.

Question 68 :
In the absence of an agreement to the contrary, the partners are :

Question 69 :
If a fixed amount is withdrawn on the first day of every quarter of a calendar year, the interest on total amount of drawings will be calculated for _______.&#160;

Question 70 :
Ajay and Vijay are partners in a firm. They share profits in the ratio of 3:2. As per their partnership agreement, interest on drawings is to be charged @ 10% p.a. Their drawings during 2017 were Rs 24,000 and Rs 16,000, respectively. Calculate interest on drawings based on the assumption that the amounts were withdrawn evenly, throughout the year.

Question 71 :
The balance of joint life policy account of partners represents ____________________.<br/>

Question 73 :
Profit and losses of the firm are to be shared equally ____________________.

Question 74 :
If a firm prefers Partners Capital A/c be shown at the amount introduced by the partners capital in firm then entries for salary, interest, drawings, interest on capital and drawings and profits are made in ____________.

Question 75 :
Which of the following would not be found in a partnership appropriation account?<br><br>

Question 76 :
A debit balance on a partner's current account must indicate that _________.<br/><br/>

Question 77 :
Ajay and Vijay are partners in a firm. Their capital accounts as on April 1, 2015 showed a balance of Rs $$2,00,000$$ and Rs $$3,00,000$$ respectively. On 1st july,2015, Ajay introduced additional capital of Rs $$50,000$$ and Vijay, Rs. $$60,000$$. On 1st Oct,&#160; Ajay withdrew Rs $$30,000$$, and on 1st Jan, 2016 Vijay withdraw, Rs $$15,000$$ from their capitals. Interest is allowed @ $$8%$$ p.a.<br/><br/> Calculate interest payable on capital to both the partners during the financial year 2015-2016.<br/>

Question 78 :
If any partner has advanced some money to the firm beyond the amount of his capital for the purpose of business, he shall be entitled to get an interest on the amount at the rate of _____ percent per annum.

Question 79 :
The capital in a business on Jan. 1 and Jan 31 is Rs. 17,000 and Rs. 17,200 respectively. Investment by owner and withdrawal by owner during Jan. Amount to Rs. 1000 and Rs. 700 respectively. What is the net income for January?

Question 80 :
N &amp; Z are two partners. During the year N withdraws Rs. $$37,000$$ on $$1-5-2012$$ &amp; Z withdraws Rs. $$45,000$$ on $$15-8-2012$$. Accounts are closed on $$31-12-2012$$. Rate of interest on drawings is $$10\%$$ p.a. Interest on drawing for two partner respectively will be.

Question 81 :
X,Y &amp; Z are partners sharing profits and losses in the ratio of 4:3:2. During 2015, their capital drawings &amp; salaries were as follows:<table class="wysiwyg-table"><tbody><tr><td>partners</td><td>capital (Rs.)</td><td>Salaries(Rs.)</td><td>Drawings (Rs.)</td></tr><tr><td><blockquote>X</blockquote></td><td><blockquote>2,40,000</blockquote></td><td><blockquote>12,000</blockquote></td><td><blockquote>12,000</blockquote></td></tr><tr><td><blockquote>Y</blockquote></td><td><blockquote>1,60,000</blockquote></td><td><blockquote>12,000</blockquote></td><td><blockquote>6,000</blockquote></td></tr><tr><td><blockquote>Z</blockquote></td><td><blockquote>1,00,000</blockquote></td><td><blockquote>12,000</blockquote></td><td><blockquote>3,000</blockquote></td></tr></tbody></table>Partners are entitled to interest on capital @ 5% p.a. Interest on drawings to be charged @ 8% p.a. The net profit for the year ended 31-12-2015 was Rs. 1,45,000. On 1-7-2015 X made advance of Rs. 1,00,000 to the firm at 6% P.a. Y's share of profit after above appropriation will be ___________.