Tamil Nadu HSC (Class 12) Accounts of Partnership Firms - Fundamentals — practice questions
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Practice Tamil Nadu HSC (Class 12) Accounts of Partnership Firms - Fundamentals in the app →Partnership firms in India are governed by which statute?In the absence of a partnership deed, profits and losses are shared by the partners:In the absence of an agreement, interest on a loan advanced by a partner to the firm is allowed at:According to the textbook, the maximum number of partners in a partnership firm is:A partnership deed is:Under the fixed capital method, how many accounts are maintained for each partner?Which item is shown in the profit and loss appropriation account rather than the profit and loss account?The profit and loss appropriation account is which type of account?In the absence of a partnership deed, a partner who works full time in the firm is entitled to:Under the fixed capital method, which item appears in the partner's CAPITAL account?Under the fixed capital method, the partner's capital account:A partner's current account is credited with:Interest on a loan advanced by a partner is closed by transferring it to the:Interest on capital is allowed to partners:A partner withdraws a fixed sum in the MIDDLE of every month. The average period for interest on drawings is:A partner withdraws a fixed sum at the END of each quarter. The average period is:Which method of computing interest on drawings suits different amounts withdrawn at different intervals?When the date of a drawing is not given, the textbook computes interest for an average period of:In the profit and loss appropriation account, interest on partners' drawings appears on the:Under the fluctuating capital method, the share of profit credited to a partner is recorded in the:When computing interest on capital, the balance in a partner's current account is:A partner withdraws Rs 1,000 at the beginning of every month. Interest on drawings is 5 per cent per annum. ThA partner withdraws Rs 4,000 at the end of each quarter. Interest on drawings is 6 per cent per annum. The intCapitals are Rs 4,00,000 and Rs 2,00,000 and profits are shared 3:2. Profit before interest on capital is Rs 2Opening capital is Rs 60,000 and a further Rs 10,000 is introduced on 1 April in a year ending 31 December. InNet profit before any commission is Rs 1,10,000. One partner gets 10 per cent of profit before charging any coProfit after interest on capital and salary is Rs 2,20,000. A partner is entitled to 10 per cent commission onNet profit is Rs 18,000 before interest on capital and drawings. Interest on capital totals Rs 1,500 and interWhich statement about a partner's loan to the firm is correct?A firm follows the fixed capital method. Which combination correctly describes the closing balances?