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Accountant exam practice set

11. Partnership firm engaged in banking business can have maximum—
(A) 5 partners
(B) 10 partners
(C) 20 partners
(D) Any number of partners

12. Suppose, the partnership deed provides for a salary of Rs. 5000 p.m. to partner ‘X’. If ‘X’ withdraws only Rs. 3000 in a month, the remaining Rs. 2000 will be—
(A) Debited to his capital a/c
(B) Credited to his drawing a/c
(C) Credited to his current a/c
(D) Credited to P & L adjustment a/c

13. In absence of any provisions in the partnership agreement, partners can charge on the loans given by them to the firm—
(A) Interest at 6% p.a.
(B) Interest at 12% p.a.
(C) Interest at 15% p.a.
(D) No interest

14. A, B and C are partners sharing profits and losses in the ratio 4 : 3 : 2 D is admitted for 1/10th share, the new ratio will be—
(A) 4 : 4 : 3 : 2
(B) 4: 3 : 2: 1
(C) 5 : 4 : 3 : 2
(D) None of the above

15. A and B shared profit in the ratio of 3 : 2 C was admitted as a partner for 1/5th share. He acquires 3/20th from A and 1/20th from B. The new profit sharing ratio would be—
(A) 10:6:4
(B) 6:10:4
(C) 8:8:4
(D) 9:7:4