Partnership

PARTNERSHIP PRESENTED BY:- RAHUL BORAD

AFTERSCHO

☺OL

DEVELOPING CHANGE MAKERS CENTRE FOR SOCIAL ENTREPRENEURSHIP PGPSE PROGRAMME World’ Most Comprehensive programme in social entrepreneurship & spiritual entrepreneurship OPEN FOR ALL FREE FOR ALL

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 IS? A) REVALUATION 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 WHICH RATIO? A) CAPITAL RATIO

• • B) PROFIT & LOSS RATIO • C) OR ANY OTHER RATIO

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20. IN WHICH ORDER THE MONEY ON A SALE OF ASSETS ON DISSOLUTION OF FIRM IS UTILISED ? A) SECURED LOAN

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OUTSIDER’S LOAN PARTNERS CAPITAL PARTNERS LOAN SURPLUS

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

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C) SECURED LOAN  UNSECURED LOAN  OUTSIDERS LOAN 

ANSWERS 1) A 2) B 5) C 6) B 7) C 10) B 11) A 12) C 15) B 16) B 17) C 20) C 

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3) A

4) C

8) A

9) C

13) A

14) C

18) A

19) B

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