Scribd
Upload
7 views2 pages

Xii Accountancy WS.1

The document is an accountancy exam paper for Class 12 at St. John's Sr. Sec. Secondary School, focusing on partnership fundamentals. It includes multiple-choice questions and assertion-reasoning sections related to partnership concepts. The answers to the questions are provided, indicating the correct choices for each question.

Uploaded by

vijayamala369
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
7 views2 pages

Xii Accountancy WS.1

The document is an accountancy exam paper for Class 12 at St. John's Sr. Sec. Secondary School, focusing on partnership fundamentals. It includes multiple-choice questions and assertion-reasoning sections related to partnership concepts. The answers to the questions are provided, indicating the correct choices for each question.

Uploaded by

vijayamala369
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 2

ST. JOHN’S SR. SEC. SECONDARY SCHOOL & JR.

COLLEGE

MANDAVELI, CHENNAI-28

CLASS.12 SUBJECT: ACCOUNTANCY

NAME:
1 - Fundamentals of Partnership

Section A: Multiple Choice Questions (MCQs) [4 Marks]

1. The relationship of partners among themselves is that of:


A) Employer-Employee B) Principal-Agent C) Debtor-Creditor
D) Manager-Owner

Ans: B) Principal-Agent

2. Interest on capital is allowed to partners if:


A) There is no agreement B) Partnership deed allows it C) It is more than net profit D) It is
required by law

Ans: B) Partnership deed allows it

3. A partnership firm is compulsorily dissolved when:


A) A partner resigns B) New partner joins C) All partners agree D) All partners
become insolvent

Ans: D) All partners become insolvent

4. The maximum number of partners allowed in a banking business is:


A) 10 B) 20 C) 50 D) Unlimited
Ans: A) 10

Section B: Assertion and Reason [4 Marks]


Assertion: A partner can be a creditor of the firm.
Reason: A partner lends money to the firm in a personal capacity.
A) Both A and R are true, and R is the correct explanation of A.
B) Both A and R are true, but R is not the correct explanation of A.
C) A is true, but R is false.
D) A is false, but R is true.
Ans: A) Both A and R are true, and R is the correct explanation of A.

Assertion: Partnership can be formed only by a written agreement. Reason: The Partnership
Act mandates written agreement.
A) Both A and R are true, and R is the correct explanation of A.
B) Both A and R are true, but R is not the correct explanation of A.
C) A is false, but R is true.
D) Both A and R are false.

Ans: C) A is false, but R is true.

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy