PARTNERSHIP

PRESENTED BY:- RAHUL

BORAD

AFTERSCHO ☺OL
DEVELOPING CHANGE
MAKERS
CENTRE FOR SOCIAL
ENTREPRENEURSHIP
PGPSE PROGRAMME
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 1. IN THE ABSENCE OF A
PARTNERSHIP DEED,
INTEREST ON CAPITAL TO THE
PARTNERS IS PAID?
• A) NO INTEREST IS PAID.
• B) AS PER WILL
• C) 6% PER ANNUM
 2. WHICH ACCOUNTS ARE
OPENED WHEN FIXED CAPITAL
METHOD IS MAINTIONED?
• A) CURRENT ACCOUNT
• B) CAPITAL AND CURRENT
• C) CAPITAL ACCOUNT
 3. IF DRAWINGS ARE MADE BY
PARTNER ON FIRST DAY OF
EVERY MONTH ,HOW MANY
MONTH’S INTEREST ON TOTAL
AMOUNT WILL BE PAID?
• A) 6 ½ MONTH
• B) 6 MONTH
• C) 5 ½ MONTH

 4. A,B,C SHARE PROFITS IN
THE RATIO OF 3:2:1. THEY
AGREED TO SHARE PROFITS
EQUALLY IN FUTURE. IN THIS
CONDITION SACRIFICE WILL BE
MADE AS?
• A) EQUALLY
• B) ONLY BY B(1/6)
• C) ONLY BY A(1/6)

•
5. A & B ARE IN PARTNERSHIP
WITH CAPITALS RS. 32000
AND RS. 24000. THEY ADMIT
C WITH ¼ SHARE IN THE
FIRM. HE BRINGS RS. 30000
AS CAPITAL. AMOUNT OF
FIRMS GOODWILL WILL BE?
• A) RS. 86000
• B) RS. 120000
• C) RS. 34000
•
 6. ALL THE UNDISTRIBUTED
PROFITS ARE TRANSFERRED
TO PARTNERS CAPITAL
ACCOUNT IN?
• A) SACRIFICE RATIO
• B) OLD RATIO
• C) NEW PROFIT-SHARING RATIO
 AND LIABILITIES ARE NOT
ALTERED AT THE TIME OF
ADMISSION OF A NEW
PARTNER. NECESSARY
ACCOUNT IS PREPARED IN
• THIS REGARD
A) REVALUATION IS?
ACCOUNT
• B) REALISATION ACCOUNT
• C) MEMORANDUM REVALUATION
ACCOUNT
 8. ON DEATH OF A PARTNER,
THE AMOUNT OF JOINT LIFE
INSURANCE POLICY WILL BE
CREDITED TO CAPITAL
ACCOUNT OF?
• A) ALL PARTNERS(INCL. DECEASED
PARTNER)
• B) REMAINING PARTNERS
• C) DECEASED PARTNER
 9. WHICH AMOUNT IS
RECEIVED ON DEATH OF A
PARTNER ON A JOINT LIFE
POLICY BY A FIRM?
• A) SURRENDER VALUE
• B) PAID UP VALUE
• C) FULL VALUE
 10. LOSS ON REALISATION
WILL BE PAID FIRST OF ALL
FROM?
• A) PARTNERS CAPITAL ACCOUNT
• B) PROFITS
• C) LOAN ACCOUNT OF PARTNERS
•
 11. ON DISSOLUTION OF
PARTNERSHIP (IF CAPITAL
ACCOUNTS ARE FIXED)
GOOWILL RELATED ENTRIES
ARE DONE IN WHICH
ACCOUNT?
• A) REALISATION ACCOUNT
• B) CURRENT ACCOUNT
• C) CAPITAL ACCOUNT
 CAPITAL IS RS.20000
;LIABILITIES RS.15000 AND
CASH BALANCE RS. 1000. ON
DISSOLUTION OF FIRM
RS.9000 WERE REALISED
FROM SUNDRY ASSESTS. LOSS
ON REALISATION WOULD BE?
• A) RS. 15000
• B) RS. 9000
• C) RS. 25000
 13. WHEN GARNER V/S.
MURRAY RULE DOES NOT
APPLY THEN INSOLVENT
PARTNERS CAPITAL DEFICIENCY
IS BORNE BY SOLVENT
• A) PROFIT PARTNERS
& LOSS RATIOIN?
• B) EQUAL RATIO
• C) CAPITAL RATIO
14. IN CASE OF DISSOLUTION
OF FIRM, THE AMOUNT
REALISED FROM ASSETS
WOULD BE FIRST USED TO?
• A) PAY THIRD PARTY OUTSTANDING
AMOUNTS
• B) PAY LOANS FROM PARTNERS
• C) PAY LOANS FROM BANK
 15. ON PAYMENT OF
REALISATION EXPENSES BY A
PARTNER THE ENTRY TO BE
PASSED WILL BE?
A)PARTNERS CAPITAL A/C DR.
 TO REALISATION A/C
B) REALISATION A/C DR.

 TO PARTNERS CAPITAL A/C

C) PARTNERS CAPITAL A/C DR.

 TO CASH A/C

 16. PARTNERSHIP FIRMS ARE
GOVERENED BY WHICH ACT?

• A) INDIAN PARTNERSHIP ACT, 1972

• B) INDIAN PARTNERSHIP ACT, 1932
• C) INDIAN PARTNERSHIP ACT, 1872
 17. A PARTNER WHO DO NOT
INVEST OR PARTICIPATE IN THE
MANAGEMENT OF THE FIRM
BUT ONLY GIVE HIS NAME TO
THE BUSINESS OR FIRM IS
KNOWN AS?
• A) SLEEPING PARTNER
• B) OSTENSIBLE PARTNER
• C) NOMINAL PARTNER
18. IN WHICH SECTION EVERY
PARTNER HAS A RIGHT TO
TAKE PART IN THE CONDUCT
AND MANAGEMENT OF THE
BUSINESS?
• A) SECTION 12(A)
• B) SECTION 13(B)
• C) SECTION 13(E)
 19. WHEN GOODWILL IS
SOLD,EITHER TO A PARTNER
OR TO AN OUTSIDER, THE
VALUE IS DIVISIBLE AMONG
•
PARTNERS IN
A) CAPITAL RATIO
WHICH RATIO?
• B) PROFIT & LOSS RATIO
• C) OR ANY OTHER RATIO
 20. IN WHICH ORDER THE
MONEY ON A SALE OF ASSETS
ON DISSOLUTION OF FIRM IS
 A) SECURED LOAN UTILISED ?
 OUTSIDER’S LOAN
 PARTNERS CAPITAL
 PARTNERS LOAN
 SURPLUS


 B) UNSECURED LOAN
 SECURED LOAN
 SURPLUS
 PARTNERS CAPITAL
 PARTNERS LOAN


 C) SECURED LOAN
 UNSECURED LOAN
 OUTSIDERS LOAN
 ANSWERS
1) A 2) B 3) A 4) C
5) C
6) B 7) C 8) A 9) C
10) B
11) A 12) C 13) A 14) C
15) B
16) B 17) C 18) A 19) B
20) C

THANK YOU