Accountancy worksheet 1

1. HERMANN GMEINER SCHOOL, FARIDABAD
SUBJECT – ACCOUNTANCY (055)
CLASS- XII
CHAPTER- FUNDAMENTALS OF PARTNERSHIP
WORKSHEETNO. – 1
M.C.Q.
1. Maximum number of persons in case of a partnership firm as specified by the
companies act,2013 is:
(a). 20 (b). 30
(c). 100 (d). 50
2. In absence of partnership deed, the profits of a firm are divided among the partners:
(a). in ratio of capital (b). equally
(c). in ratio to time devoted for firm’s business
(d). according to the managerial abilities of the partner
3. I n the absence of partnership deed , interest on loan of a partner is allowed :
(a). at 8% p.a. (b). at 12% p.a.
(c). at 6% p.a. (d). no interest is allowed
FILL IN THE BLANKS:
4. Current accounts of the partnership should be opened when the capitals are
_________________.
5. The extension of profit and loss account is____________.

2. 6. Having written partnership deed is_____________.
STATE WHETHER THE FOLLOWING STATEMENTS ARE TRUE OR FALSE.
7. Partnership is a business entity which is not separate from its partner in any
circumstances.
8. If all partners agree, a minor may be admitted for the benefit of partnership
ANSWER THE FOLLOWING QUESTIONS :
9. What is partnership deed?
10. Why is it considered better to make a partnership agreement in writing?
11. What is meant by ‘fixed capital’ of a partner?
12. Distinguish between ‘fixed capital account’ and ‘fluctuating capital account’ on the
basis of credit balance.
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