Online MCQs on Partnership Problems by Expert · July 1, 2022 Welcome to your Online MCQs on Partnership Problems 1. 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. 14,700 Rs. 8400 2. What is the partnership written agreement known as?: Partnership deed Partnership contract Partnership Act Agreement 3. What type of agreement is used to form a partnership business? Written agreement Oral agreement None of them Written or oral agreement 4. What happens when interest on drawings is charged to partner? Debited to partner’s capital a/c None of the above Credited to partner’s current a/c Not shown in current account 5. What should be the minimum number of partners in order to start a partnership business? 50 4 2 10 6. Is a partnership firm considered as a separate legal entity? Partially Yes No yes Partially No 7. 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. 2800 Rs. 2660 Rs. 1900 Rs. 2840 8. What are partners liabilities in partnership? Unlimited Both A and C Limited to the capital of the business Limited 9. 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. 1500 Rs. 1425 Rs. 1537.50 Rs. 1576 10. Which types of partnership have no agreement in terms of the duration of partnership? Partnership-at-will Limited partnership General partnership Particular partnership 11. What should be the minimum number of partners in order to start a partnership business? 10 50 4 2 12. Is a partnership firm considered as a separate legal entity? yes No Partially 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 It will depend on a partner’s capital Equal Unequal 14. In which kind of partnership one partner has unlimited liability and other partner have limited liability? General partnership Limited liability partnership Partnership-at-will Particular partnership 15. 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? 38 : 28 : 21 5 : 7 : 8 20 : 49 : 64 None of these 16. What type of agreement is used to form a partnership business? None of them Written agreement Oral agreement Written or oral agreement 17. 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 1 out of 2 Time is Up! Time's up
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