Tamil Nadu (English Medium) Plus 2 Commerce Study Materials, Online Learning, Question Papers, Classnotes, Practice Test, MCQ | Smartindia Educational Program : www.smartindia.net.in


Accountancy
Commerce
Economics
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Question-1 A,B and C enter into a partnership in the ratio After 4 months, A increases his share 50% . If the total profit at the end of one year be Rs 21,600, then B's share in profit is

(A) Rs 2100	(B)Rs 2400
(C)Rs 3600	(D)Rs 4000

Question-2 The profits and losses of the business will be shared among the partners in the

(A) Equal ratio	(B)Agreed ratio
(C)Profit ratio	(D)None of these

Question-3
Goodwill is an

(A) Tangible asset	(B) Fixed asset
(C) Intangible asset	(D) Floating asset

Question-4
Current accounts for partners will be opened under

(A) Fixed capital method	(B) Fluctuating capital method
(C) Either fixed capital method or fluctuating capital method	(D) None of these

Question-5 In a partnership, partners share their profits and losses in

(A) Their capital ratio	(B)Equal ratio
(C)Agreed ratio	(D)None of these

Question-6 A and B started a partnership business investing some amount in the ratio of 3 : 5. C joined then after six months with an amount equal to that of B. In what proportion should the profit at the end of one year be distributed among A,B and C?

(A) 3 : 5 : 2	(B)3 : 5 : 5
(C)6 : 10 : 5	(D)3 : 6 : 8

Question-7
Interest on capital is calculated on the

(A) Opening capital	(B) Closing capital
(C) Average capital	(D) Net capital

Question-8 If a firm is maintaining both 'Capital Accounts' and 'Current Accounts' of the partners A and B. Additional capital introduced by B will be recorded in

(A) B's Current Account	(B)B's Capital Account
(C)A's Current Account	(D)Either B's Capital Account or Current Account.

Question-9 In a partnership business, agreement is

(A) Compulsory	(B)Optional
(C)Not necessary	(D)None of these

Question-10
The Capital accounts of partners may be ___ or fluctuating.

(A) Fixed	(B) variable
(C) Floating	(D) None of these

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Plus 2 Commerce

Tamil Nadu (English Medium)

Practice in Related Chapters
Financial Accounts- Adjustments
Partnership Accounts-Retirement
Accounts From Incomplete Records(Single Entry)
Cash Budget
Depreciation Accounting
Financial Statement Analysis - Ratio Analysis
Partnership Accounts - Basic Concepts
Partnership Addmission
Company Accounts

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