Partnership Accounts : Fundamentals of Partnership — Practice Quiz
ICSE · Class 12 · Accountancy
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Quick Quiz: Partnership Accounts : Fundamentals of Partnership
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A firm has no partnership deed. It earns a profit of ₹60,000 for the year. How should this profit be divided among three partners A, B, and C under the default rule?
A partnership has no deed. Partner P advanced a loan of ₹2,00,000 to the firm for 8 months. What interest is payable to P at the default rate?
A partnership firm has no deed. Partner A introduced a loan of ₹1,50,000 on 1st October for 6 months. What is the amount of interest on loan payable to A?
A firm has no deed. Two partners contributed ₹8,00,000 and ₹6,00,000 as capital. If the annual profit is ₹1,40,000, how much profit does each partner get under the default rule?
Sample Questions
A and B are partners without a deed. A wants interest on capital at 10% p.a. on ₹50,000. What is the correct treatment?
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Interest is not allowed because there is no agreement
In the absence of a partnership deed, no interest is allowed on partners' capital. The claim has no basis unless the agreement provides for it.
A partnership deed is silent about interest on capital, and the firm's profit before interest is ₹8,000. The agreed interest on capital for A and B is ₹6,000 and ₹4,000 respectively. How is the available profit distributed?
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In the ratio 6:4
When profit is less than total interest due on capital, divisible profit becomes nil and the available profit is distributed in the ratio of interest amounts. Here the ratio is 6,000:4,000 = 3:2, which is equivalent to 6:4.
A firm has no deed. Partner X withdrew ₹24,000 during the year as drawings. What interest is charged on drawings?
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₹0
In the absence of a partnership deed, no interest is charged on drawings. Therefore, the amount is zero.
A partner admits a new person into the firm when there is no agreement about admission. What is the correct rule?
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Admission requires consent of all existing partners
When no agreement exists, a new partner cannot be admitted without the consent of all existing partners.
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