Question : A partner, Gaurav, withdrew Rs.12,000 in the beginning of the each quarter during the year. Interest on drawings @ 8% chargeable to him will be:
Option 1: Rs.1,440
Option 2: Rs.2,400
Option 3: Rs.2,080
Option 4: Rs.1,760
Correct Answer: Rs.2,400
Solution : Time period for beginning of each quarter = (Time left after 1st drawing + Time left after last drawing)/2 = (12 + 3)/2 = 7.5 Months Interest on drawings = Total drawings X Interest on drawings X Time period = Rs.(12,000 X 4) X 8% X 7.5/12 = Rs.2,400 Hence, the correct option is 2.
Question : Current Account of the partners should be opened when capital are:
Option 1: fluctuating
Option 2: fixed
Option 3: circulating
Option 4: none of these
Question : When drawings are made at the end of every month of certain amount, then interest will be calculated on total drawings for:
Option 1: 6.5 months
Option 2: 6 months
Option 3: 5.5 months
Option 4: 1 month
Question : A partner introduced additional capital of Rs.1,00,000 in the firm on 1 July, 2020. The interest on this additional capital received by him on 31st March, 2021 will be:
Option 1: Rs.3,000
Option 2: Rs.6,000
Option 3: Rs.10,000
Option 4: Nil
Question : The relationship of partners with the firm is:
Option 1: as a manager
Option 2: as a servant
Option 3: as an agent
Option 4: as a monopolist
Question : The relation of a partner with the firm is that of:
Option 1: a principal
Option 2: an agent
Option 3: both a principal and agent
Option 4: a manager
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