1.Whatshoul
dbet
hemi
nimum numberofper
sonst
ofor
m aPar
tner
shi
p:
(
A)2
(
B)7
(
C)10
(
D)20
2.X, YandZar epartnersshari
ngpr ofi
tsandlossesequall
y.Theircapi
tal
balancesonMar ch,31,2012ar e₹80,000,₹60,000and₹40,000respect
ivel
y.
Theirpersonalassetsarewor t
hasf oll
ows: X—₹20, 000,
Y—₹15, 000and
Z—₹10, 000.Theex tentoftheirl
iabi
li
tyinthefir
m wouldbe: (
C.S.
Foundation;June2013)
(A)X—₹80, 000:Y—₹60, 000: andZ—₹40, 000
(B)X—₹20, 000:Y—₹15, 000: andZ—₹10, 000
(C)X—₹1, 00,
000: Y—₹75, 000:andZ—₹50, 000
(D)Equal
3.Intheabsenceofapar t
nershipdeed,
theal
l
owabl
erat
eofi
nter
eston
partner
’sloanaccountwi l
lbe:
(A)6%Si mpleInterest
(B)6%p. a.Si
mpleI nter
est
(C)12%Si mpleInterest
(D)12%CompoundedAnnual ly
4. 
Intheabsenceofagreement
,par
tner
sar
enotent
it
ledt
o:
(A)Salar
y
(B)Commi ssi
on
(C)Equalsharei
nprofi
t
(D)Both(a)and(b)
5.Bal
anceofpar t
ner’
scurrentaccount
sar
e:
(A)Debitbalance
(B)Creditbalances
(C)DebitorCr edi
tbalances
(D)NeitherDebitnorcreditbal
ances
6. 
IfthePar t
ner’
sCapitalAccountsarefl
uct
uat
ing,i
nthatcasefol
l
owi
ng
i
tem/ it
emswi l
lberecordedinthecredi
tsi
deofcapi
talaccount
s:
(A)Inter
estoncapi t
al
(B)Salaryofpar t
ners
(C)Commi ssi
onofpar t
ners
(D)Alloftheabov e
7. 
Int
erestonpar
tner
’sdrawi
ngswi
l
lbecr
edi
tedt
o
(A)Profi
tandLossAccount
(
B)Prof
itandLossAppropr
iat
ionAccount
(
C)Part
ner’
sCapit
alAccounts
(
D)NoneoftheAbove
 
8.On1stApr i
l2018,2fsCapit
alwas₹2,00,
000.On1stOct
ober2018,
he
i
ntroducesaddit
ionalcapi
tal
of₹1,00,
000.I
nter
estoncapi
tal
@ 6%p.a.on
31stMar ch,
2019wi l
lbe:
(A)₹9,000
(B)₹18,000
(C)₹10,500
(D)₹15,000
9. 
Inapar t
nershipfi
rm,apar
tnerwithdrew₹5,000permont hont hefi
rst
dayofev erymont hdur
ingt
hey earforpersonalexpenses.I
fint
ereston
drawingsischarged@ 6%p.a.theinterestchar
gedwi l
lbe:(C.S.
Foundation,Dec.2012)
(A)₹3,600
(B)₹1,950
(C)₹1,800
(D)₹1,650
 
11.Ifequal
amountiswi
thdr
awnbyapar t
neri
ntheendofeachmonth
duri
ngaper i
odof6months,
int
erestont
hetot
alamountwil
lbechar
ged
for…………………mont hs
(A)2.5
(B)3
(C)3.5
(D)6
12. AnuandTanuar eequal partnerswi t
hfixedcapit
alsof₹2,00,000and
₹1,00,000respecti
vely.Aft
ercl osi
ngt heaccount sf
orthey earending31st
–Mar ch,2019itwasdi scoveredt hatint
erestoncapital
s@ 8%p. a.was
omi tt
edtobepr ovided.Intheadj usti
ngent r
y:
(A)Anuwi l
lbecreditedby₹16, 000andTanuwi llbecredit
edby₹8, 000
(B)Anuwi l
lbedebitedby₹16, 000andTanuwi l
lbedebitedby₹8, 000
(C)Anuwi l
lbecreditedby₹4, 000andTanuwi llbedebit
edby₹4, 000
(D)Anuwi l
lbedebitedby₹4, 000andTanuwi l
lbecreditedby₹4,000
13. 
X,YandZar eequalpar tnerswithf i
xedcapital
sof₹2,00,
000,₹3,
00,
000
and?4,00,000respect
ively.Afterclosingtheaccountsfortheyearendi
ng
31stMar ch2019itwasdi scov eredthatinterestoncapi
tals@ 8%p.a.was
omitt
edt obepr ovi
ded.Int headjustingentry:
(A)Dr.XandCr .Yby₹8, 000
(B)Cr.XandDr .Zby₹8, 000
(
C)Dr
.XandCr
.Zby₹8.
000
(
D)Cr
.XandDr
.Yby₹8,
000
14.X,Y,andZar epar
tnersi
ntherati
oof6:4: 1.I
nthefi
rm,Ahas
guarant
eedZf orhi
smi ni
mum profi
tof₹15,
000.Fi
rm’spr
ofi
twas₹99,
000.
I
nt hefi
rm pr
ofitAssharewi
llbe:
(A)₹30,
000
(B)₹15,
000
(C)₹48,
000
(D)₹45,
000
15. 
PandQar epart
nerssharingprofi
tsintherati
oof1: 2.Rwasmanager
whor eceivedthesalaryof₹10,000p.m.inadditi
ontocommi ssi
onof10%
onnetpr ofit
safterchargi
ngsuchcommi ssion.Tot
alr
emuner at
iont
oR
amount edt o₹1,
80,000.Prof
itfortheyearbeforechar
gingsalar
yand
commi ssionwas:
(A)₹7,20,
000
(B)₹6,00,
000
(C)₹7,80,
000
(D)₹6,60,
000
16.A,BandCdeci dedthati
nter
estoncapit
alswil
lbeprov
idedtoeachpar
tner@ 5%per
annum, butaft
eroneyearCwant sthatnoi
nter
estoncapi
tali
stobeprovi
dedtoany
partner
.Statehow‘C’candothis?
17.
Whatshareofprof
itwoulda‘sl
eepi
ngpart
ner’
,whohascont
ri
but
ed75%oft
he
tot
al 
capi
tal
,geti
ntheabsenceofadeed?(Del
hi2011;
hots)
18.Thepartnershi
pdeedi
ssi
lentonpay mentofsal
aryt
opar
tners.Anit
a,apar
tner,
clai
med
that,
sinceshemanagedthebusiness,sheshoul
dgetamonthl
ysalaryofRs10,000.Isshe
enti
tl
edf orthesal
ary
?Giv
ereason.  
19. 
RandSwer epar tnersi naf i
rm sharingpr of i
tsintherati
oof3: 2.Theirrespectiv
ef ixed
capitalswer eRRs.  10,00, 000andSRs.15, 00,000.Thepar tnershipdeedpr ovi
dedt he
foll
owi ng
(i
)Interestoncapi t
al@ 10%perannum.
(i
i)Interestondr awi ngs@ 12%perannum.
Duringt hey earended31stMar ch,2007, R’sdr awingswer eRs. 1,000permont hdr awnat
theendofev er
ymont handS’ sdr awingswer eRs.  
2,000permont hdrawni nthebegi nning
oftheev er
ymont h.Af tert hepr eparati
onoff i
nal accountsforthey earended31stMar ch,
2007, itwasdi scov eredt hati nterestonR’ sdrawi ngswer enott akenintoconsiderati
on.
CalculateinterestonR’ sdr awingsandgi venecessar yadj
ustmentent ryforthe
Thepr of i
tforthey earended31stMar ch,2007wasRs.  2,
78,000.Whi chwasdi str
ibuted
equallywi t
houtt reatingt heabov eadjust ment s.
20. 
Anand,BhaskarandDi nkararepartner
sinaf i
rm.On1stApr i
l,2011,t
hebalancein
thei
rcapit
alaccount
sst oodatRs.10, 00,
000,Rs.8,00,
000andRs.6, 00,
000respect
ivel
y.
Theysharedprofi
tsinthepr opor
tionof5: 4:3respecti
vel
y.Part
ner sar
eentit
ledto
i
nterestoncapit
al@10%perannum andsal ar
ytoBhaskar@ Rs. 4,000permonthanda
commi ssi
onofRs.16,000perquar t
ertoDinkaraspertheprovi
sionsofthepartner
ship
deed.
Anand’sshar eofprof
it(excludinginter
estoncapi t
al)isguaranteedatnotlessthan
Rs. 
1,90,
000perannum.Bhaskar ’sshareofpr ofit(
includingi
nterestoncapit
albut
excl
udingsal ar
y)isguaranteedatnotl esst hanRs.  
2,45,000perannum.Anydef ici
ency
ari
singont hataccountshall bemetbyDi nkar.Thepr ofit
softhef i
rmfortheyearended
31stMar ch,2012amount edt o Rs8,32,000.Pr epar
e‘ profi
tandlossappropri
ati
onaccount
’
fort
hey earended31stMar ch, 2012. (
AllIndia2013)