In the absence of an agreement among the partners, interest on capital is

(a)

Not allowed

(b)

Allowed at bank rate

(c)

Allowed @ 5% per annum

(d)

Allowed @ 6% per annum

When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is 

(a)

5.5 months

(b)

6 months

(c)

12 months

(d)

6.5 months

In the absence of an agreement, partners are entitled to 

(a)

Salary

(b)

Commission

(c)

Interest on loan

(d)

Interest on capital

Profit after interest on drawings, interest on capital and remuneration is Rs. 10,500. Geetha, a partner, is entitled to receive commission @ 5% on profits after charging such commission. Find out commission.

(a)

Rs. 50

(b)

Rs. 150

(c)

Rs. 550

(d)

Rs. 500

The profit or loss arising from the partnership business is shared by the partners in the ___________

(a)

old ratio

(b)

new ratio

(c)

agreed ratio

(d)

sacrifice ratio

The maximum number of partners in a partnership firm is ________

(a)

25

(b)

10

(c)

30

(d)

50

The balance in the appropriation account is transferred to the partner's capital account in the ________

(a)

agree ratio

(b)

sacrifice ratio

(c)

profit sharing ratio

(d)

old ratio

Period of interest refers to the period from the date of drawings to the closing date of the __________

(a)

opening year

(b)

closing year

(c)

previous year

(d)

accounting year

Under fixed capital method salary payable to a partner is recorded ____________

(a)

in current account

(b)

in capital account

(c)

either in current account or capital account

(d)

none of these

Amount is drawn regularly at the middle of every month during the year. Interest calculated for ___________

(a)

\(\frac{13}{24}\)

(b)

\(\frac{11}{24}\)

(c)

\(\frac{12}{24}\)

(d)

\(\frac{10}{24}\)