Ch 6: Partnership and LLP Accounts — Chapter Test
CSEET
📚 Fundamentals of Accounting
📖 Ch.6 — PARTNERSHIP AND LLP ACCOUNTS
⭐ V1: Previous Year Question (PYQ)
⚡ Free Mode (Answers Locked)
⏱ Duration: 25 Mins
🎯 Total Marks: 20
Passed at: 10 Marks
Max Attempts: 10
Standard ICSI CSEET objective examination for Partnership and LLP Accounts. 20 MCQs with instant scoring and detailed explanations.
📑 Exam Questions
20 Questions • Total 20 MarksQuestion 1:
1 Marks
What is the legal status of a Partnership Deed?
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Question 2:
1 Marks
Which of the following items is debited to the Profit and Loss Appropriation Account?
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Question 3:
1 Marks
If partners maintain fixed capital accounts, where will the interest on capital be recorded?
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Question 4:
1 Marks
A partner withdrew ₹1,000 at the beginning of each month. If the interest on drawings is charged at 10% per annum, what is the total interest on drawings for the year?
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Question 5:
1 Marks
A firm earned average profits of ₹60,000 over the last five years. The normal rate of return in a similar business is 10%. The total assets of the firm are ₹7,00,000 and external liabilities are ₹2,00,000. Calculate goodwill using the capitalization of average profits method.
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Question 6:
1 Marks
Which of the following statements is true regarding a Limited Liability Partnership (LLP)?
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Question 7:
1 Marks
In the absence of a Partnership Deed, profits and losses are shared by partners:
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Question 8:
1 Marks
Interest on Partner's Loan is treated as:
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Question 9:
1 Marks
Under the fluctuating capital method, the Partners' Capital Account shows:
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Question 10:
1 Marks
Interest on capital is allowed to partners only if:
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Question 11:
1 Marks
A firm's average profit is ₹80,000. Normal profit for a similar business is ₹50,000. If goodwill is valued at 3 years' purchase of super profit, what is the value of goodwill?
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Question 12:
1 Marks
What is the minimum number of designated partners required in a Limited Liability Partnership (LLP)?
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Question 13:
1 Marks
Which of the following is NOT a characteristic of a partnership firm?
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Question 14:
1 Marks
The balance of Profit and Loss Appropriation Account, after all appropriations, is transferred to:
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Question 15:
1 Marks
If a partner withdraws a fixed amount at the end of each quarter, for how many months is interest on drawings calculated?
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Question 16:
1 Marks
A firm has capital employed of ₹5,00,000 and earns an average profit of ₹70,000. The normal rate of return is 10%. Calculate goodwill by capitalizing the super profit.
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Question 17:
1 Marks
Which Act governs the formation and regulation of Limited Liability Partnerships in India?
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Question 18:
1 Marks
If the Partnership Deed is silent on interest on partners' loans, what rate of interest is allowed?
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Question 19:
1 Marks
Profits for the last three years were ₹40,000, ₹50,000, and ₹60,000. Weights assigned are 1, 2, and 3 respectively. Calculate the weighted average profit.
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Question 20:
1 Marks
The relationship of partners with the firm is that of:
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