HSC Commerce 12th Board ExamMaharashtra State Board
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Micheal Vaz solutions for 12th Board Exam Book Keeping and Accountancy chapter 1 - Introduction to Partnership

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Micheal Vaz Micheal Vaz Class 12 Accounts - Book Keeping and Accountancy

Micheal Vaz Class 12 Accounts - Book Keeping and Accountancy - Shaalaa.com

Chapter 1: Introduction to Partnership

Exercise

Chapter 1: Introduction to Partnership Exercise Exercise solutions [Page 13]

Exercise | Q 1 | Page 13

Answer in one sentence only. 
What is Partnership?

Exercise | Q 2 | Page 13

Answer in one sentence only.
Which act is applicable to partnership business? 

Exercise | Q 3 | Page 13

Answer in one sentence only.
What is partnership deed?

Exercise | Q 4 | Page 13

Answer in one sentence only.
How many persons are required to form partnership business?

Exercise | Q 5 | Page 13

Answer in one sentence only.
Who is called a nominal partner?

Exercise | Q 6 | Page 13

Answer in one sentence only.
Why is a partnership deed prepared?

Exercise | Q 7 | Page 13

Answer in one sentence only.
What do you mean by Fixed Capital Method?

Exercise | Q 8 | Page 13

Answer in one sentence only.
What is Fluctuating Capital Method?

Exercise | Q 9 | Page 13

Answer in one sentence only.
When is partner’s current account opened?

Exercise | Q 10 | Page 13

Answer in one sentence only.
Who is called a Minor Partner? 

Exercise | Q 11 | Page 13

Answer in one sentence only.
What are the methods of maintaining partners’ capital accounts?

Exercise | Q 12 | Page 13

Answer in one sentence only.
What is the relation between the partners?

Exercise | Q 13 | Page 13

Answer in one sentence only.
What is the liability of partners?

Chapter 1: Introduction to Partnership Exercise Exercise solutions [Page 13]

Exercise | Q 1 | Page 13

Give the word / term or phrase which can substitute the following statement.
Method of Capital account in which capital balances of partners changes every year?

Exercise | Q 2 | Page 13

Give the word / term or phrase which can substitute the following statement.
A partnership agreement between the partners in written form.

Exercise | Q 3 | Page 13

Give the word / term or phrase which can substitute the following statement.
A partner who provides only his name to the partnership firm.

Exercise | Q 4 | Page 13

Give the word / term or phrase which can substitute the following statement.
A partner who is engaged in day to day activities of the business.

Exercise | Q 5 | Page 13

Give the word / term or phrase which can substitute the following statement.
An amount contributed by the partners into the business.

Exercise | Q 6 | Page 13

Give the word / term or phrase which can substitute  the following statement. 

An association of two or more persons to carry on business.

Exercise | Q 7 | Page 13

Give the word / term or phrase which can substitute the following statement.

A partner who contributes only capital for the business but does not take any active part.

Exercise | Q 8 | Page 13

Give the word / term or phrase which can substitute the following statement.

A partner below the age of 18 years.

Exercise | Q 9 | Page 13

Give the word / term or phrase which can substitute  the following statement.

To close the business of partnership firm.

Exercise | Q 10 | Page 13

Give the word / term or phrase which can substitute the following statement.

Capital method in which partner’s current account is opened.

Exercise | Q 11 | Page 13

Give the word / term or phrase which can substitute  the following statement.

An amount withdrawn by partner from business for his personal use.

Exercise | Q 12 | Page 13

Give the word / term or phrase which can substitute  the following statement.

The partner who is entitled to share profits only.

Exercise | Q 13 | Page 13

Give the word / term or phrase which can substitute the following statement.

A partner who acts and behaves like a partner, but he is not a partner of the firm.

Exercise | Q 14 | Page 13

Give the word / term or phrase which can substitute  the following statement.
Under this method capital balances of partner remain constant.

Chapter 1: Introduction to Partnership Exercise Exercise solutions [Pages 13 - 14]

Exercise | Q 1 | Page 13

Select the most appropriate alternative from those given below and rewrite the statement.

A debit balance of partner’s current account will appear on the ___________ side of the Balance Sheet.

  • asset

  • liability

  • debit

  • Credit

Exercise | Q 2 | Page 13

Select the most appropriate alternative from those given below and rewrite the statement.

The Indian Partnership Act is in force since ____________

  • 1932

  • 1956

  • 1960

  • 1984

Exercise | Q 3 | Page 13

Select the most appropriate alternative from those given below and rewrite the statement.

A partner who provides only capital to the firm is called as__________________.

  • active

  • nominal

  • sleeping

  • minor

Exercise | Q 4 | Page 13

Select the most appropriate alternative from those given below and rewrite the statement.

Under fixed capital method, capital account and __________________ account is opened for each partner.

  • partner’s drawings

  • partner’s salary

  • partner’s current

  • partner’s commission

Exercise | Q 5 | Page 14

Select the most appropriate alternative from those given below and rewrite the statement.

The interest on capital of a partner is credited to __________________ account.

  • trading

  • Profit and loss

  • partner’s capital

  • cash

Exercise | Q 6 | Page 14

Select the most appropriate alternative from those given below and rewrite the statement.

Under fixed capital method, salary or commission to partner is credited to _______________ account.

  • partner’s capital

  • partner’s current

  • partner’s drawings

  • partner’s salary

Exercise | Q 7 | Page 14

Select the most appropriate alternative from those given below and rewrite the statement.

A partner below 18 years of age is called as __________________ partner.

  • active

  • sleeping

  • nominal

  • minor

Exercise | Q 8 | Page 14

Select the most appropriate alternative from those given below and rewrite the statement.

A partner who lends only his name to the firm is called as__________________ partner.

  • partner in profits only

  • partner by estoppel

  • nominal

  • minor.

Exercise | Q 9 | Page 14

Select the most appropriate alternative from those given below and rewrite the statement.

The interest on drawings is transferred to__________________ side of partner’s current account.

  • debit

  • credit

  • asset

  • liability

Exercise | Q 10 | Page 14

Select the most appropriate alternative from those given below and rewrite the statement.

The liability of the partner in a firm is__________________.

  • zero

  • limited

  • unlimited

  • proportionate

Exercise | Q 11 | Page 14

Select the most appropriate alternative from those given below and rewrite the statement.

Partnership is an association of__________________ or more persons.

  • two

  • seven

  • ten

  • twenty

Exercise | Q 12 | Page 14

Select the most appropriate alternative from those given below and rewrite the statement.

The drawings of partners are transferred to __________________ account.

  • trading

  • profit and loss

  • partner’s capital

  • balance sheet

Exercise | Q 13 | Page 14

Select the most appropriate alternative from those given below and rewrite the statement.

If dates of drawings are not given, interest on drawings is charged for __________________ months.

  • three

  • six

  • nine

  • twelve

Exercise | Q 14 | Page 14

Select the most appropriate alternative from those given below and rewrite the statement.

Maximum __________________ persons are required to form a partnership having trading business.

  • twenty

  • fifty

  • seven

  • ten

Exercise | Q 15 | Page 14

Select the most appropriate alternative from those given below and rewrite the statement.

Maximum __________________ persons are required to form a partnership having Banking business.

  • two

  • seven

  • ten

  • twenty

Chapter 1: Introduction to Partnership Exercise Exercise solutions [Page 14]

Exercise | Q 1 | Page 14

State whether the following statement are True or False.

Partnership agreement must be in written form.

  • True

  • False

Exercise | Q 2 | Page 14

State whether the following statement are True or False.

Partnership firm is a trading concern.

  • True

  • False

Exercise | Q 3 | Page 14

State whether the following statement are True or False.

Partners must share profits and losses equally.

  • True

  • False

Exercise | Q 4 | Page 14

State whether the following statement are True or False.

The interest on drawings is an income of the partnership firm.

  • True

  • False

Exercise | Q 5 | Page 14

State whether the following statement are True or False.

Partner’s current account is opened when fluctuating capital method is adopted.

  • True

  • False

Exercise | Q 6 | Page 14

State whether the following statement are True or False.

A partner who provides only capital to the firm is called as nominal partner.

  • True

  • False

Exercise | Q 7 | Page 14

State whether the following statement are True or False.

An interest on capital is an expenditure of the partnership firm.

  • True

  • False

Exercise | Q 8 | Page 14

State whether the following statement are True or False.

There is no limit to maximum number of partners in a firm.

  • True

  • False

Exercise | Q 9 | Page 14

State whether the following statement are True or False.

The balance of capital account remains constant under fixed capital method.

  • True

  • False

Exercise | Q 10 | Page 14

State whether the following statement are True or False.

If the partnership deed is silent, partners share profits and losses equally.

  • True

  • False

Exercise | Q 11 | Page 14

State whether the following statement are True or False.

Partnership is an association of two or more persons.

  • True

  • False

Exercise | Q 12 | Page 14

State whether the following statement are True or False.

Partners’ current account always shows credit balance.

  • True

  • False

Exercise | Q 13 | Page 14

State whether the following statement are True or False.

The liability of minor partner is limited.

  • True

  • False

Exercise | Q 14 | Page 14

State whether the following statement are True or False.

Capital account always shows credit balance.

  • True

  • False

Exercise | Q 15 | Page 14

State whether the following statement are True or False.

Partners are entitled to get salary or commission.

  • True

  • False

Chapter 1: Introduction to Partnership

Exercise

Micheal Vaz Micheal Vaz Class 12 Accounts - Book Keeping and Accountancy

Micheal Vaz Class 12 Accounts - Book Keeping and Accountancy - Shaalaa.com

Micheal Vaz solutions for 12th Board Exam Book Keeping and Accountancy chapter 1 - Introduction to Partnership

Micheal Vaz solutions for 12th Board Exam Accounts chapter 1 (Introduction to Partnership) include all questions with solution and detail explanation. This will clear students doubts about any question and improve application skills while preparing for board exams. The detailed, step-by-step solutions will help you understand the concepts better and clear your confusions, if any. Shaalaa.com has the Maharashtra State Board Micheal Vaz Class 12 Accounts - Book Keeping and Accountancy solutions in a manner that help students grasp basic concepts better and faster.

Further, we at Shaalaa.com provide such solutions so that students can prepare for written exams. Micheal Vaz textbook solutions can be a core help for self-study and acts as a perfect self-help guidance for students.

Concepts covered in 12th Board Exam Book Keeping and Accountancy chapter 1 Introduction to Partnership are Meaning and Definitions of Partnership and Partnership Deed, The Indian Partnership Act 1932, Methods of Capital Accounts - Fixed and Fluctuating Capital Method.

Using Micheal Vaz 12th Board Exam solutions Introduction to Partnership exercise by students are an easy way to prepare for the exams, as they involve solutions arranged chapter-wise also page wise. The questions involved in Micheal Vaz Solutions are important questions that can be asked in the final exam. Maximum students of Maharashtra State Board 12th Board Exam prefer Micheal Vaz Textbook Solutions to score more in exam.

Get the free view of chapter 1 Introduction to Partnership 12th Board Exam extra questions for Accounts and can use Shaalaa.com to keep it handy for your exam preparation

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