Partnership

Accounting

Easy

When the total amount withdrawn is given but the date of withdrawal is not given then interest on drawings is charged for a period of:

3 months

6 months

9 months

12 months

✅ Correct Option: 2

When the total amount of drawings is given but the date or frequency of withdrawal is not specified, it is assumed the drawings were made evenly throughout the year. Hence, interest is charged for an average period of 6 months.

2025: 27 May Shift 2

Match List-I with List-II

List-I	List-II
(A) Bank (fresh capital introduced)	(I) Debit side of Partner's Current Account
(B) Interest on drawings	(II) Debit side of Partner's Capital Account
(C) Bank (permanent withdrawal of capital)	(III) Credit side of Partner's Current Account
(D) Commission	(IV) Credit side of Partner's Capital Account

Choose the correct answer from the options given below:

2025: 26 May Shift 2

Which among the following is NOT true?

2025: 31 May Shift 1

Match List-I with List-II

List-I	List-II
(A) Gaining Ratio	(I) New Share - old Share.
(B) Sacrificing Ratio	(II) Old Share - New Share.
(C) Admission of Partner	(III) Partner may be paid amount more that what has actually due to him for hidden goodwill share.
(D) Retirement of Partner	(IV) Partner may or may not bring his share of goodwill in cash.

Choose the correct answer from the options given below:

2026: 20 May Shift 1

If the capital of partners is fixed, then the salary provided to the partner is posted in which of the following account?

2025: 3 June Shift 2

The clauses of a partnership deed can be altered with the consent of ________.

2026: 13 May Shift 1

At the time of change in profit sharing ratio, what will be the impact of reduction in the value of investment by 20% assuming existing book value of investments in balance sheet as Rs. 2,40,000 and there is an investment fluctuation reserve existing in balance sheet at Rs. 30,000?

When the total amount withdrawn is given but the date of withdrawal is not given then interest on drawings is charged for a period of:

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