Partnership

Accounting

Easy

Match List I with List II

List I List II
A. Mutual Agency I. It can be oral or written
B. Agreement II. Written agreement
C. Liability of partners III. Partnership concern carried by all or any of them acting for all.
D. Partnership deed IV. Joint and unlimited

Choose the correct answer from the options given below:

List I	List II
A. Mutual Agency	I. It can be oral or written
B. Agreement	II. Written agreement
C. Liability of partners	III. Partnership concern carried by all or any of them acting for all.
D. Partnership deed	IV. Joint and unlimited

A-III, B-I, C-IV, D-II

A-IV, B-III, C-II, D-I

A-II, B-IV, C-I, D-III

A-I, B-II, C-III, D-IV

✅ Correct Option: 1

Mutual Agency = Business carried by all or any of them acting for all (III). Agreement = can be oral or written (I). Liability of partners = Joint and Unlimited (IV). Partnership Deed = Written agreement (II). Hence: A-III, B-I, C-IV, D-II.

2025: 31 May Shift 1

Match List-I with List-II

List-I	List-II
Interest on Drawings	Time (Month)
(A) When the amount is withdrawn at the beginning of each month.	(I) 6 months
(B) When the amount is withdrawn at the end of each month.	(II) 6.5 months.
(C) When the amount is withdrawn at the middle of each month.	(III) 5.5 months.
(D) When the amount is withdrawn at the end of each quarter.	(IV) 4.5 months.

Choose the correct answer from the options given below:

2026: 29 May Shift 1

The following are the modes of reconstitution of a partnership firm

(A) Death of a partner

(B) Dissolution of the firm by notice

(D) Admission of a new partner

Choose the correct answer from the options given below:

2025: 15 May Shift 1

What is the amount of profit to be credited to V's Capital account?

2022: 23 Aug Shift 2

M and R are partners sharing profits and losses in the ratio of 3 : 2. Their capital A/c's showed the balance of Rs. 4,00,000 and Rs. 3,00,000 respectively on 1 April, 2021. M introduced additional capital on 1 August, 2021. Interest on capital is allowed @ 6% p.a. Total interest on capital of both the partners is Rs. 50,000.

Calculate additional capital introduced by M on 1 August, 2021 and interest on capital earned on additional capital. Books are closed on 31 March.

2025: 30 May Shift 1

Himanshu withdrew Rs 2,500 at the end of each month. The partnership deed provides for charging of interest on drawings @ 12% p.a. Calculate interest on Himanshu's drawings for the year ended March 31, 2017

2025: 13 May Shift 1

Which statements are true about partnership:

(A) Each partner carrying on the business is the principal as well as the agent for all the other partners.

(B) Valid partnership can be formulated even without a written agreement between the partners.

(D) The maximum number of partners can be 50.

Choose the correct answer from the options given below:

Solution

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