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 Mutual and ____ agency is the essence of a partnership.

(A) Implied	(B)Unimplied
(C)Agreed	(D)None of these

Question-2
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-3 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-4 Under fixed capital method salary payable to a partner is recorded

(A) In current account	(B)In capital account
(C)Either in current account or capital account	(D)In salary account

Question-5 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-6 In the absence of partnership deed, partners shall

(A) Be paid salaries	(B)Not to be paid salaries
(C)Paid salaries to those who work for the firm	(D)Paid salaries to the next month

Question-7 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-8 The minimum number of persons in a partnership firm is

(A) One	(B)Two
(C)Three	(D)Four

Question-9 Under fixed capital system, the profits and losses of partners will be transferred to their

(A) Current Account	(B)Drawing Account
(C)Capital Account	(D)Bank Account

Question-10 In a partnership, partners share their profits and losses in

(A) Their capital ratio	(B)Equal ratio
(C)Agreed ratio	(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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