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Mcqs Each Questions Has Four Possible Answers Choose The Correct ANSWER: (T) Means TRUE Answer
Mcqs Each Questions Has Four Possible Answers Choose The Correct ANSWER: (T) Means TRUE Answer
(a) Not more than 50 partners.(b) Not more than 20 partners. (T)
(c) Any number of partners.
(d) Any number than 2 partners.
(2)
A banking partnership business can have:
(a) Not more than 10 partners. (T) (b) Not more than 20 partners.
(c) Not more than 50 partners.
(d) Any number of partners.
(3)
In the absence of an agreement profit and loss are divided by partners in the ratio of:
(a) Capital Account (b) Drawings(c) Current A/c (T) (d) Profit &
Loss
(11)
Partnership business in Pakistan is government by partnership Act of:
(a) Earn profit (T) (b) Not to earn profit(c) Welfare of members (d) None
of these
(14)
Liability of partners in a partnership business is:
(a) Debited to profit & loss A/c(b) Credited to profit & loss A/c
(c) Credited to capital A/c
(d) Debited to capital A/c (T)
(17)
A partners has to pay interest on drawings what is the entry in the personal A/c of the partner?
(a) Credit partners capital A/c(b) Credit partners current A/c
(c) Debit the partners current A/c
(d) Debit partners current A/c (T)
(18)
Salary paid to partner should be:
(a) Debited to profit & loss A/c(b) Credit to profit & loss A/c
(c) Debit to profit & loss and credited to partners capital A/c. (T)
(d) Only credited to partners capital A/c.
ADMISSION OF PARTNER
(20)
At the time of admission of a new partner the firm is:
(a) Rs. 30000 (T) (b) Rs. 7500(c) Rs. 120000 (d) Rs. 7000
(25)
An incoming partner pays his share of good will in cash, and profit sharing ration of old partner
is changed, Good – will be distributed among old partners:
(a) Debited to capital of old partners(b) Credited to capital of old partners. (T)
(c) Allowed to remain is balance sheet
(d) Debited to current account
(27)
A new partner may be admitted to a partnership:
(a) With the consent of all partners (T) (b) With the consent of two third of old
partners
(c) With the consent of any one of the partners
(d) Without consent of old partners
(28)
At the time of a new partner Good will:
(a) Belongs to all partners, new and old(b) Belongs only to the new partners
who is going to be admitted.
(c) Belongs only to the old partner who have credited it (T)
(d) None of the above.
(29)
In the revaluation account a decrease in the value of plant and machinery:
(a) Appears on the debit side. (T) (b) Appears on the credit side.
(c) Appears on the debit side of good will account
(d) Does not appear at all
(30)
In the revaluation account an increase in the value of land and building:
(a) Appears on the debit side(b) Appears on the credit side (T)
(c) Appears on the credit side of good will account
(d) Does not appear at all
RETIREMENT OF PARTNERS
(31)
The partnership may come to an end due to the:
(a) Revaluation of assets and liabilities(b) Ascertaining his share of good will
(c) Finding the amount due to him
(d) All of above (T)
(36)
If the remaining partner want to continue the business, after the retirement of a partner, a new
partnership agreement:
(a) All the assets are transferred to realization A/c(b) Only current assets are
transferred to realization A/c
(c) Non cash assets are transferred to realization A/c (T)
(d) Only liquid and current asset are transferred to realization A/c
(45)
At the time of dissolution non – cash assets are credited with:
(a) Will be debited with the amount as agreed (T) (b) Will be credited with the
market value of the asset
(c) Will be debited with book value of the asset
(d) None of above
(47)
Loss on realization is distributed among partners:
(a) According to profit and loss ratio (T) (b) According to capital ratio
(c) As decided among them
(d) None of above
(48)
Loss on realization is:
(a) Debited to partners capital A/c (T) (b) Credited to partners capital A/c
(c) Debited to realization A/c
(d) Credited to realization A/c
(49)
When all partners are insolvent creditors will be:
(a) Sacrificing ratio (T) (b) Ratio of gain(c) Capital ratio (d) None
(61)
A is drawing Rs. 500 regularly on the 16th of every month, he will have to pay interest in a year
on Rs. 6000 for the total period of @ given rate of interest):
(a) 1/2 amount of policy (b) 1/4 amount of policy(c) 3/4 amount of
policy (d) Full amount of policy (T)
(67)
At the time of dissolution all the assets of firm are transferred to the realization A/c: