ISC ACCOUNTS 12 Fundamental of Partnership MCQs With solved Answers

Question 1.

1.Mita, Rita and Sandra were partners in a firm, sharing profits and losses in the ratio of 2:2:1. Mita had personally guaranteed that in any year Sandra’s share of profit, after allowing interest on capital to all the partners @ 5% per annum and charging interest on drawings @ 4% per annum, would not be less than ₹ 10,000.

The capitals of the partners on 1st April, 2015 were: Mita ₹ 80,000, Rita ₹ 50,000 and Sandra ₹ 30,000. The net profit for the year ended 31st March, 2016, before allowing or charging any interest amounted to ₹ 40,000. Mita had withdrawn ₹ 4,000 on 1st April, 2015, while Sandra withdrew ₹ 5,000 during the year. 

(i) The Net Profit of the firm will be:
(a) ₹ 32,000
(b) ₹ 32,360
(c) ₹ 32,260
(d) None of these

(ii) Sandra share of profit will be:
(a) ₹ 6,452
(b) ₹ 10,000
(c) ₹ 12,000
(d) ₹ 9,356

(iii) Mita share of profit will be:
(a) ₹ 6,452
(b) ₹ 10,000
(c) ₹ 12,904
(d) ₹ 9,356

(iv) Interest charged on Sandra drawing will be:
(a) ₹ 200
(b) ₹ 100
(c) ₹ 160
(d) ₹ 400

(v) Rita share of profit will be:
(a) ₹ 6,452
(b) ₹ 10,000
(c) ₹ 12,904
(d) ₹ 9,356

Answer-

(i) (c) ₹ 32,260

(ii) (b) ₹ 10,000

(iii) (d) ₹ 9,356

(iv) (b) ₹ 100

(v) (c) ₹ 12,904

Fundamentals of partnership MCQs and Answer 

ISC ACCOUNTS 12 Fundamental of Partnership MCQs

Question 2.

1.Roshan, Mahesh, Gopi and Jai are partners sharing profits and losses in the ratio of 3:3:2:2. The balances of capital accounts on 1st April, 2015 were: Roshan ₹ 8,00,000, Mahesh ₹ 5,00,000, Gopi ₹ 6,00,000 and Jai ₹ 6,00,000.

After the accounts for the year ended 31st March, 2016 were prepared, it was discovered that interest on capital @ 10% per annum as provided in the partnership deed had not been credited to the partners’ capital accounts before the distribution of profits.

(i) Mahesh capital account will debited………..
(a) ₹ 25,000
(b) ₹15,000
(c) ₹ 10,000
(d) ₹ 10,000

(ii)Roshan capital account will credited………..
(a) ₹ 25,000
(b) ₹ 5,000
(c) ₹ 10,000
(d) ₹ 12,000

(iii) Gopi capital account will credited………..
(a) ₹ 25,000
(b) ₹ 5,000
(c) ₹ 10,000
(d) ₹ 14,000

(iv) Jai capital account will credited………..
(a) ₹ 25,000
(b) ₹ 5,000
(c) ₹ 8,000
(d) ₹ 10,000

Answer-

(i) (a) ₹ 25,000

(ii) (b) ₹ 10,000

(iii)(c) ₹ 10,000

(iv) (d) ₹ 10,000

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Question 3.

Asif and Ravi are partners in a firm, sharing profits and losses in the ratio of 3:2. Their fixed capitals as on 1st April, 2016, were ₹ 6,00,000 and ₹ 4,00,000 respectively. Their partnership deed provides for the following:

(a) Partners are to be allowed interest on their capital @ 10% per annum.

(b) They are to be charged interest on drawings @ 4% per annum.

(c) Asif is entitled to a salary of ₹ 2,000 per month.

(d) Ravi is entitled to a commission of 5% of the correct net profit of the firm before charging such commission.

(e) Asif is entitled to a rent of ₹ 3,000 per month for the use of his premises by the firm. The net profit of the firm for the year ended 31st March, 2017, before providing for any of the above clauses was ₹ 4,00,000. Both partners withdrew ₹ 5,000 at the beginning of every month for the entire year.

(i) The Net Profit of the firm will be:
(a) ₹ 2,24,400
(b) ₹ 2,32,360
(c) ₹ 1,32,260
(d) None of these

(ii) Commission allowrd to Ravi will be:
(a) ₹ 20,000
(b) ₹ 18,200
(c) ₹ 22,000
(d) ₹ 19,000

(iii)Asif share of profit will be:
(a) ₹ 89,760
(b) ₹ 1,34,640
(c) ₹ 1,24,000
(d) None of these

(iv) Interest charged on Ravi drawing will be:
(a) ₹ 2,400
(b) ₹ 2,600
(c) ₹ 1,300
(d) ₹ 3,200

(v) Ravi share of profit will be:
(a) ₹ 89,760
(b) ₹ 1,34,640
(c) ₹ 1,24,000
(d) None of these

(vi) Asif is entitled to a rent of ₹ 3,000 per month for the use of his premises by the firm will be debited to………..

(a) Profit and Loss Account
(b) Profit and Loss Appropriation  Account
(c) Partner’s Capital Account
(d) None of these

Answer-

(i) (a) ₹ 2,24,400

(ii) (b) ₹ 18,200

(iii) (b) ₹ 1,34,640

(iv) (c) ₹ 1,300

(v) (a) ₹ 89,760

(vi) (a) Profit and Loss Account

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Fundamental of Partnership MCQs

Question 4. 

 

On 1st April, 2020, Pixie, Nixie and Gypsy entered into a partnership with fixed capitals of ₹ 60,000,
₹ 50,000 and ₹ 30,000 respectively. On 1st October, 2020, Pixie gave a loan of ₹ 12,000 to the firm.
The partnership deed contained the following clauses:

 

 

(a) Interest on drawings to be charged @ 4% per annum.
(b) Pixie to be entitled to a rent of ₹ 2,000 per annum for allowing the firm to carry on the business in his premises.

Nixie withdrew ₹ 1,000 at the end of the month for the first six months.
Net Profit of the firm for the year ending 31st March 2021 (before any interest but after rent on Pixie’s
premises) was ₹ 1,21,000. (Isc Specimen paper 2021)
(i) The Net Profit of the firm will be:
(a) ₹ 1,21,000
(b) ₹ 1,20,640
(c) ₹ 1,18,640
(d) ₹ 96,640

(ii) Interest on Drawings charged from Nixie will be:
(a ₹ 340
(b ₹ 220
(c) ₹ 170
(d) None of these

(iii) Interest on loan allowed on Pixie loan will be:
(a ₹ 360
(b ₹ 720
(c) ₹ 600
(d) None of these

Answer-

(i) (b) ₹ 1,20,640

(ii) (d) None of these

(iii) (a ) ₹ 360

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Question 5. 

Dev, Gautam and Kamal were three partners sharing profits and losses in the ratio of 2:1:2. On 1 st April, 2020, their capital account balances stood at ₹ 90,000, ₹ 80,000 and ₹ 20,000 (Dr)respectively. On this date they admitted Naveen into the partnership with a capital of ₹ 50,000.

Naveen is to have 14⁄ share of the profits with a guaranteed minimum share of distributableprofit of ₹ 40,000. The new profit-sharing ratio among the partners being Dev: Gautam: Kamal: Naveen = 6:2:7:5. The profit of the firm for the year 2020-21 was ₹ 1,60,000 before the following adjustments were made:

▪ Interest on Capital @ 10% per annum to be allowed to the partners.
▪ Interest on Drawings: Dev: ₹ 3,000; Kamal: ₹ 6,000.
▪ Salary to Partners: Gautam ₹ 7,000; Naveen: ₹ 10,000. (Isc Specimen paper 2021)
(i) The sacrificing ratio of Dev, Gautam and Kamal will be:
(a) 2:1:2
(b) 2:2:1
(c) 2: -2: 1
(d) 2: -1:2
(ii) The total interest on capital allowed by the firm to the partners will be:
(a) ₹ 22,000
(b) ₹ 23,000
(c) ₹ 21,400
(d) ₹ 23,100
(ii) Deficiency in Naveen’s profits will be:
(a) ₹ 8,000
(b) ₹ 7,500
(c) ₹ 12,500
(d) ₹ 12,000

Answer-

(i) (c) 2: -2: 1

(ii) (a) ₹ 22,000

(iii) (b) ₹ 7,500

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Fundamental of Partnership MCQs With solved Answers

Question 6. 

Anita and Tony, each doing business as sole proprietors, started a partnership on 1stApril, 2018. Anita brought in Plant and Machinery valued at ₹5,00,000 whereas Tony brought in furniture costing ₹50,000 and ₹7,00,000 in cash. Since the business needed more funds, Tony gave a loan of ₹2,00,000 to the firm on 30th June, 2018. Their partnership deed provided for:

(a) Interest on capital to be allowed @10% per annum.

(b) Interest on drawings to be charged @ 6% per annum.

(c) Anita to be given a commission of 4% on the corrected net profits before charging commission.

(d) Tony to be given a salary of ₹12,000 per annum. Tony withdrew ₹5,000 at the end of every month and Anita withdrew ₹30,000 on 1st August,2018.

The net profit of the firm, for the year 2018-19, after debiting Tony’s salary of ₹12,000 per annum but before considering any interest due to and due from the partners, was ₹4,00,000.

(i) Amount of commission allowed to anita will be:
(a ₹ 16,120
(b ₹ 16,000
(c) ₹ 15,000
(d) None of these

(ii) The Net Profit of the firm will be:
(a) ₹ 4,00,000
(b) ₹ 4,03,000
(c) ₹ 4,08,500
(d) None of these

Answer-

(i) (b) ₹ 1,20,640

(i) (b) ₹ 4,03,000