Question 1 :
Under _______ there have been made rules regarding the dissolution of him.

Question 3 :
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 7 :
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 9 :
The estate of a deceased partner is liable for any act of the firm done after his death.

Question 10 :
Choose the correct answer from the alternatives given.<br>Which one is correct

Question 11 :
Partners can share profits or losses in their Capital ratio, when there is no agreement.

Question 13 :
Interest on capital will be paid to the partners if provided for in the agreement but only from following _______________.

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

Question 17 :
If current accounts are not being managed for a partnership firm then partners are maintaining _______________ accounts.

Question 19 :
If there is no partnership deed then interest on capital will be changed at p.a.______.

Question 22 :
A change in the nature of the business can only be brought about by the consent of ____________.

Question 25 :
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 26 :
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 27 :
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 28 :
At the time of dissolution which payment will be made in priority ?<br/><br/>

Question 29 :
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 30 :
In the case of loss caused by fraud or misrepresentation made by a partner the same shall be borne by ______________.

Question 31 :
The transferee of a share of a partner's interest in a firm is called ____________.

Question 32 :
Interest on capital is given from profit and loss appropriation account to a partner __________________.

Question 33 :
_______________ a/c is debited for loss on adjustment under past adjustments through profit and loss adjustment account.

Question 34 :
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 35 :
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 36 :
Which of the following would not be found in a partnership appropriation account?<br><br>

Question 37 :
In partnership under fluctuating capital account method, recording the transactions relating to drawings, interest on capital, commission, salary, share of profit or loss are made in.

Question 38 :
X, Y and Z are partners sharing profits &amp; losses in the ratio of 5:3:2. From 1st April they decide to share profits and losses in the ratio of 2:5:3. The Partnership deed provides that in the event of any change in profit sharing ratio, the goodwill should be valued at two years' purchase of the average profits of the preceding 5 years. The profits and losses of the preceding years are:<br>i. Profit Rs 39,000,<br>ii. Profit Rs 57,000,<br>iii. Profit Rs 24,000,<br>iv. Profit Rs 27,000,<br>v. Loss Rs 12,000.<br>The necessary single adjusting entry will involve:

Question 39 :
John, a partner in Modern Tours and Travels withdrew money during the year ending March 31, 2016 from his capital account, for his personal use. Calculate interest on drawings, if rate of interest is 9 per cent per annum. &#160;If an amount of Rs. $$3,000$$ per month was withdrawn by him at the end of each month.<br/>

Question 40 :
Partners are supposed to pay interest on drawings only when ______ by the _________.&#160;

Question 42 :
When the partners capital accounts are fixed, then as per the decision in the Garner vs. Murray case, any loss arising due to the capital deficiency in the insolvent partner's capital accounts is to be borne by solvent partners in the ratio of _______.

Question 43 :
The difference between the guaranteed profit and actual share of profit is borne by ________.

Question 44 :
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 45 :
Ram and Mohan, are partners. They Draw for private use Rs. 6,000 and Rs. 4000 respectively. Interest is chargeable @ 6% per annum on drawings. What is the interest?

Question 47 :
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 48 :
Which of the following appear in the Profit &amp; Loss Appropriation Account?&#160;

Question 49 :
A, B, C and D are partners sharing profits and losses in the ratio of 3 : 3 : 2 : 1. The partnership is dissolved and D becomes insolvent. C brings only the share of loss and shows his inability toI contribute anything towards D's deficiency. According to Garner vs. Murray ruling, D's deficiency in total will be shared by _____________________.<br/>

Question 50 :
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 52 :
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 53 :
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 54 :
When a partner is given guarantee by the other partner, loss on such guarantee will be borne by -

Question 55 :
In the absence of an agreement to the contrary, the partners are :

Question 56 :
The loss of a firm when all the partners are insolvent is to be borne by ______________.<br/>

Question 58 :
A debit balance on a partner's current account must indicate that _________.<br/><br/>

Question 61 :
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 62 :
Interest on capital will be paid to the partners if provided for in the agreement but only from __________.&#160;

Question 63 :
In case of winding up of firm if the asset of the firm are not sufficient to pay the partner capital, the deficiency in capital _______________________.<br/>

Question 64 :
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 65 :
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 66 :
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 67 :
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 68 :
X and Y are partners sharing profit and loss at the ratio of 1/3 and 2/3 respectively. The net income for this accounting period is Rs 10,000 while salary of X = Rs 2,000, interest on Y's drawings = Rs 3,000 and interest on X's capital = Rs 2,000. What is the X's share of profit or loss after the adjustment for partner's salary, interest on capital and interest on drawings?<br>

Question 69 :
A partner was supposed to contribute Rs.50,000 in a partnership firm. He gave Rs.80,000 to the firm. How much interest he will get on the extra money we contributed to the firm above his agreed share in the firm __________.

Question 70 :
What time would be taken into consideration if equal monthly amount is drawn as drawing at the beginning of each month?&#160;

Question 71 :
If a fixed amount is withdrawn on the middle day of every month of a calendar year, the interest on the total amount of drawings will be calculated for ________.&#160;

Question 72 :
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 73 :
Partnership created for a particular adventure or a particular undertaking is called __________.

Question 74 :
One of the partner contributed Rs.30,000 in the firm-How much interest he will get on the capital contributed ________.

Question 75 :
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 76 :
John, a partner in Modern Tours and Travels withdrew money during the year ending March 31, 2016 from his capital account, for his personal use. Calculate interest in drawings if rate of interest is $$9$$ per cent per annum and If he withdrew Rs. $$3,000$$ per month at the beginning of the month.<br>

Question 77 :
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 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 :
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 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 82 :
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 ___________.