Online MCQs on Partnership Problems by Expert · July 1, 2022 Welcome to your Online MCQs on Partnership Problems 1. A and B invest in a business in the ratio 3 : 2. If 5% of the total profit goes to charity and A's share is Rs. 855, the total profit is: Rs. 1576 Rs. 1537.50 Rs. 1425 Rs. 1500 2. Is a partnership firm considered as a separate legal entity? yes Partially Yes Partially No No 3. What happens when interest on drawings is charged to partner? Credited to partner’s current a/c None of the above Not shown in current account Debited to partner’s capital a/c 4. What is the partnership written agreement known as?: Partnership contract Agreement Partnership Act Partnership deed 5. In which kind of partnership one partner has unlimited liability and other partner have limited liability? Partnership-at-will Limited liability partnership Particular partnership General partnership 6. What should be the minimum number of partners in order to start a partnership business? 2 10 4 50 7. In which kind of partnership one partner has unlimited liability and other partner have limited liability? Particular partnership Partnership-at-will Limited liability partnership General partnership 8. What are partners liabilities in partnership? Limited to the capital of the business Limited Both A and C Unlimited 9. A, B, C subscribe Rs. 50,000 for a business. A subscribes Rs. 4000 more than B and B Rs. 5000 more than C. Out of a total profit of Rs. 35,000, A receives: Rs. 11,900 Rs. 8400 Rs. 14,700 10. What should be the minimum number of partners in order to start a partnership business? 4 2 50 10 11. Three partners shared the profit in a business in the ratio 5 : 7 : 8. They had partnered for 14 months, 8 months and 7 months respectively. What was the ratio of their investments? 20 : 49 : 64 None of these 5 : 7 : 8 38 : 28 : 21 12. Is a partnership firm considered as a separate legal entity? Partially Yes No yes Partially No 13. In absence of a partnership agreement, what will be the percentage of profit sharing ratio between the partners? It will depend on the experience of a partner Unequal Equal It will depend on a partner’s capital 14. A, B and C jointly thought of engaging themselves in a business venture. It was agreed that A would invest Rs. 6500 for 6 months, B, Rs. 8400 for 5 months and C, Rs. 10,000 for 3 months. A wants to be the working member for which, he was to receive 5% of the profits. The profit earned was Rs. 7400. Calculate the share of B in the profit. Rs. 2840 Rs. 1900 Rs. 2800 Rs. 2660 15. What type of agreement is used to form a partnership business? Written agreement Oral agreement None of them Written or oral agreement 16. Which types of partnership have no agreement in terms of the duration of partnership? General partnership Particular partnership Partnership-at-will Limited partnership 17. What type of agreement is used to form a partnership business? Written agreement Written or oral agreement None of them Oral agreement 1 out of 2 Time is Up! Time's up
Recent Comments