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CA Foundation Partnership Accounts — practice questions — page 2

Explore 39 free Partnership Accounts questions in CA Foundation Accountancy. Open each question or exercise to read its content, reference answers and available explanation.

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Partnership Accounts questions and exercises with answers

Showing questions 31–39 of 39.

The name under which the business of a partnership is carried on is called the:Read the answer and worked solution →Under Section 12(c), a change in the NATURE of the firm's business requires:Read the answer and worked solution →Under Section 12(d), every partner (whether active or sleeping) has the right to:Read the answer and worked solution →Under Section 13(b), in the absence of agreement, partners share profits and losses:Read the answer and worked solution →Under Section 13(c), where a partner is entitled to interest on the capital he subscribed, such interest is payable:Read the answer and worked solution →Under Section 13(d), a partner who makes a payment or advance beyond his agreed capital is entitled to interest at:Read the answer and worked solution →Under Section 13(f), a partner must indemnify the firm for loss caused by his:Read the answer and worked solution →Under Section 14, which of the following is regarded as property of the firm?Read the answer and worked solution →Under Section 18, with respect to the business of the firm, a partner is:Read the answer and worked solution →

Worked practice questions

The name under which the business of a partnership is carried on is called the:

  1. Brand name
  2. Firm name
  3. Trade mark
  4. Goodwill
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Correct answer: B. Firm name

Persons in partnership are collectively a 'firm' and the name under which they carry on business is the 'firm name' the firm is not a separate legal person.

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Under Section 12(c), a change in the NATURE of the firm's business requires:

  1. The consent of all the partners
  2. A majority decision
  3. Only the managing partner's approval
  4. No consent at all
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Correct answer: A. The consent of all the partners

Ordinary matters may be decided by a majority (after consulting all), but no change in the nature of the business may be made without the consent of all partners.

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Under Section 12(d), every partner (whether active or sleeping) has the right to:

  1. Have access to, inspect and copy any of the books of the firm
  2. Draw a fixed salary
  3. Bind the firm in all transactions
  4. Expel another partner
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Correct answer: A. Have access to, inspect and copy any of the books of the firm

Section 12(d) gives every partner the right to access, inspect and copy the firm's books, to be exercised bona fide.

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More Accountancy topics

Introduction to Accounting & Recording TransactionsAccounting for Partnership Firms: Retirement and Death of a PartnerCompany AccountsIndian Partnership Act 1932Analysis of Financial StatementsReconstitution AdmissionBills of ExchangeTrial Balance and Rectification of Errors