This document contains a worksheet for an Accountancy class on fundamentals of partnership. It includes multiple choice questions, fill in the blank questions, true/false statements, and short answer questions about key concepts in partnerships such as the maximum number of partners, distribution of profits in absence of an agreement, interest allowed on partner loans, current accounts, profit and loss extensions, benefits of a written partnership deed, definitions of a minor partner and partnership deed, and distinguishing fixed and fluctuating capital accounts.

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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