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 Partnership MCQ
Q) Definition of Partnership is given under which section of Partnership
Act 1932?

a) Section 5
b) Section 8
c) Section 7
d) Section 4

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Q) What is the maximum limit of partners that a partnership firm can
have?

a) 40
b) 50
c) 30
d) Unlimited

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Q) What is the formula of sacrificing ratio?

a) Old Ratio – New Ratio

b) New Ratio – Old Ratio
c) Both
d) Cannot be determined

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Q) Which type of asset goodwill is?

a) Fictitious Asset
b) Intangible Asset
c) Current Asset
d) None of the above

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Q) A, B and C are partners in a firm sharing profits and losses equally. B
retires from business and his share is purchased by A and C in the ratio
2:3. New profit sharing ratio between A and C would be:

a) 1:1
b) 2:2
c) 7:8
d) 3:5

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Q) A new partner can be admitted only with the consent of all the existing
partners, is given under which section of Partnership Act 1932?

a) Section 32
b) Section 31 (1)
c) Section 20
d) Section 20 (2)

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Q) A and B are partners sharing profits and losses in the ratio 3:2. C is
admitted for 1/4th share. A and B to share profits equally in future.
Calculate new profit sharing ratio.

a) 2:2:1
b) 3:3:2
c) 1:1:1
d) None

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Q) A retiring partner continues to be liable for obligations incurred after
his retirement:

a) If unpaid amount is transferred to his loan account

b) If he does not give public notice
c) If he starts a similar business elsewhere
d) In all the situations till he survive

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Q) A and B are partners sharing profits in the ratio of 3:2. Their books
showed goodwill at Rs.3,000. C is admitted with 1/4th share of profits
and brings Rs.10,000 as his capital. But he is not able to bring in cash
for his share of goodwill Rs.3,000. How will you treat this?

a) Goodwill is raised by Rs.12,000

b) C will remain as debtor for Rs.3,000
c) C’s A/c is debited for Rs.3,000
d) Goodwill is raised by Rs.9,000

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Q) If a fixed amount is withdrawn on the first day of every month, for
what period the interest on total drawings will be calculated?

a) 6 months
b) 5 months
c) 6.5 months
d) 7.5 months

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Q) Calculate interest on drawings of Mr. A @10% p.a. for the year ended
31th March 2017 if he withdrew Rs. 5,000 p.m. at the end of every
month.

a) Rs. 2,750
b) Rs. 3,250
c) Rs. 3,000
d) Rs. 2,500

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Copyright @ Study Commerce, all rights reserved