Here are some of the most important questions on "Partnership in Accountancy". All questions are most likely to be asked in.
SSC, SSC CGL, SSC CHSL, UPSC, IBPS,
UPPSC, RRB, RRB NTPC, RRB Group D, JKSSB, JKPSC.
And other
exams like JKSSB finance accounts
assistant, VLW, forester, JKPSI, junior assistant, Patwari, election assistant
and all other exams.
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A company can issue
redeemable preference shares
- At par
- At
discount
- All of the above
- At premium
Debenture is also named
as
Share
Bond
Equity
Reserve
If the company had decided
call the entire amount of the face value of the share. Then
- Called up capital =
subscribed capital
- Called up
capital = issued capital
- Called up
capital = registered capital
- Called up
capital = nominal capital
Part of Authorized capital
which is actually put in public for subscription is known as.
- Called up
capital
- Issued capital
- Nominal
capital
- Subscribed
capital
Call in arrears equals
to what
- Called up
capital- uncalled capital
- Called up capital-
paid up capital
- Issued
capital - paid up capital
- Issued
capital- subscribed capital
The Amount of the
authorised capital that can be called - up only when liquidation of the company
is called
(A) Issued
Capital
(B) Called -
up Capital
(C) Uncalled
Capital
(D) Reserve Capital
The correct order from
below in which capital of a company is shown?
- Nominal, issued,
subscribed, called - up
- Issued,
subscribed, called up, nominal
- Issued,
nominal, subscribed, called up
- Issued,
nominal, called up, subscribed
In case of a public
company, the minimum paid up share capital is ________
- 7 Lakhs
- 3 Lakhs
- 1 Lakh
- 5 Lakhs
The preference shares
which are redeemable can be redeemed out of:
- Both A and B
- Sale
proceeds of new issue of Shares
- Profit
available for dividend
- Sale
proceeds of new issue of debentures
Authorized share
capital is also called as
- Registered capital
- Issued
capital
- Called up
capital
- Paid up
capital
What is the max. amt.
beyond which a company not allowed to the raise funds by issue of shares?
- Reserve
capital.
- Nominal capital.
- Subscribed
capital.
- Issued
capital.
The shares which are not
real owners of the company
- Equity
shares
- Sweat
equity
- Preference shares
- None
In there is no
partnership deed, the following rule will apply:
- No interest on
capital
- 9%
p.a. interest on drawings
- Profit
sharing in capital ratio
- Profit
based salary to working partner
If there is no partnership
deed, partners share profits or losses:
- Equally
- In
the ratio of their Capitals
- In the
ratio of time devoted
- In
the ratio of their Capitals
When there is no
partnership deed, the rate of interest on the partner’s loan account will be:
- 6% p.a. Simple
Interest
- 6% Simple
Interest
- 12% Simple
Interest
- 12%
Compounded Annually
Umer and Irfan are
partners in a partnership firm without any agreement. Umer has withdrawn 50,000
out of his Capital as drawings. Interest on The drawings may be charged from
Umer by the firm:
- @ 6% Per Month
- @ 6% Per
Annum
- @ 5%
Per Annum
- No
interest can be charged
Which among the below
items cannot be recorded in the profit & loss appropriation account?
- Partner’s
salary
- Interest
on capital
- Rent paid to partners
- Interest
on drawings
Realization account is
a:
a.Real
account
b.Nominal account
c.Personal
account
d.Capital
account
A & B are sharing
profits & losses in the ratio of 2:1. C is admitted with 1/3rd share
of profit. What can be the new profit sharing ratio between A and B?
a) 3:1
b) 1:1
c) 2:1
d) 4:1
When at the time of
admission, no unrecorded liability is found, it will be:
(A) Debited to
Revaluation Account
(B) Credited
to Revaluation Account
(C) Debited
to Goodwill Account
(D) Credited
to partners’ Capital Accounts
Profit or loss on
revaluation is carried by:
(a) Old Partners
(b) New
Partners
(c) All
Partners
(d) None of
the above.
When there is no
agreement partners are not entitled to receive what?
- Salary
- Commission
- Interest
on capital
- All the above
A new partner to
partnership firm may be admitted by?
- Without
the consent of old partners
- by the
consent of any one partner
- by the consent of all
old partners
- by the
consent of 2/3 of old partners
If the new partner is
bringing his share of goodwill in cash, then amount is debited to??
- Goodwill
Account of old partners
- Cash Account
- Capital
Account of partners
- Capital
account of new partners
Goodwill brought by new
partner in cash it will be shared by old partners in
- Sacrificing Ratio
- Capital
ratio
- New Profit
sharing Ratio
- Old profit
sharing Ratio
Decrease in liability
is a
- Loss
- Gain
- Sacrifice
- Goodwill
Partnership deed is
also called
- Article’s of
partnership
- Articles
of documents
- Both
A&B
The additional of
actual profit over the normal Profit is called?
- Goodwill
- Advanced
profit
- Average
profit
- Super profit
As per the Accounting
standard 10, Only ............. Goodwill can be recorded in accounting books??
- Earned
- Debit
- Purchased
-
Revaluation
An unrecorded asset is
recorded on the ........ Side of Revaluation Account.
- Debit
- Credit
- Both
credit and debit
- None of
the above
In case of retirement
of partner. The goodwill is credited to the Account of
- All
partners
- Only retiring partner
- Only
remaining partners
- None of
these as it is goodwill
A, B & C are
partners in a business sharing profit in the ratio of 5:4:1. A retires from the
firm. What can be the new profit sharing Ratio.
- 2:1
- 3:1
- 4:1
- Equally
In case of partnership,
active partner is also known as
- Sleeping
partner
- Partner by
estoppel
- Ostensible partner
- Nominal
partner
When a loan is given by the business it is treated as
what?
- Asset.
- Drawings.
- Liability.
- Expense.
When a loan is taken by
the business, it is treated as what?
- Asset.
- Capital.
- Liability.
- Expense.