Question 1
In the absence of a written partnership deed, what is the statutory rate of interest allowed on a loan advanced by a partner to the firm according to the Indian Partnership Act, 1932?
Correct Answer:
6% per annum simple interest
Question 2
What is the accounting nature of the Profit and Loss Appropriation Account prepared by a partnership firm?
Correct Answer:
Nominal Account
Question 3
When partners maintain Fixed Capital Accounts, where is the interest on capital credited?
Correct Answer:
Partner's Current Account
Question 4
What is the minimum number of persons required to form a partnership under the Indian Partnership Act, 1932?
Correct Answer:
2 persons
Question 5
What is the maximum limit on the number of partners in a firm as prescribed under Rule 10 of the Companies (Miscellaneous) Rules, 2014?
Correct Answer:
50 partners
Question 1
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Prepare with the UPMSP Intermediate Accountancy Practice Questions - Uttar Pradesh UPMSP Intermediate (Class 12) Accountancy - Code 156 Exam practice quiz. This question bank includes 100 questions covering partner, profit, capital, share, and firm. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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UPMSP Intermediate Accountancy Practice Questions - Uttar Pradesh UPMSP Intermediate (Class 12) Accountancy - Code 156 Exam

This practice set contains 100 questions from the matching question bank and focuses on partner, profit, capital, share, and firm. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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