[CUET] Mock Test of Fundamentals of Partnership (Partnership Deed) (Part – 2) Post author:Anurag Pathak Post published:October 15, 2025 Post category:Uncategorized Post comments:0 Comments Mock Test of Fundamentals of Partnership (Partnership Deed) for CUET UG 0% 123456789101112 You have 10 minutes to complete the Test. After completion, you would get your final result immediately. Your time is up. Mock Test of Fundamentals of Partnership (Partnership Deed) for CUET (Part - 2) 1 / 12 What is stated in the Partnership Deed regarding the death of a partner? How goodwill of the deceased partner will be distributed Whether the firm will continue or dissolve The immediate reconstitution of the firm How to reduce the deceased partner’s capital contribution 2 / 12 How is the capital contribution of partners specified in the Partnership Deed? It is calculated after settling the firm’s liabilities It is divided equally regardless of the agreement It is kept confidential among the partners It specifies whether Capital Accounts are fixed or fluctuating 3 / 12 What is mentioned about the valuation of goodwill in the Partnership Deed? Goodwill valuation depends solely on profits Goodwill is not valued during the partnership period Method of valuing goodwill during admission, retirement, or death of a partner Goodwill is divided equally among the partners every year 4 / 12 Assertion (A): The accounting period is generally fixed in the Partnership Deed to end on 31st March every year. Reason (R): This date is chosen because it simplifies asset valuation for the firm. Assertion (A) is true, but Reason (R) is false Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A) Assertion (A) is false, but Reason (R) is true. Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A) 5 / 12 Assertion (A): The Partnership Deed contains details about the partners' capital contributions. Reason (R): Capital contributions are calculated after profits are distributed among partners. Assertion (A) is true, but Reason (R) is false Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A) Assertion (A) is false, but Reason (R) is true 6 / 12 Assertion (A): The Partnership Deed defines the remuneration payable to the partners. Reason (R): Remuneration to partners is mandatory regardless of any prior agreement. Assertion (A) is true, but Reason (R) is false Assertion (A) is false, but Reason (R) is true Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A) Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A) 7 / 12 How does the Partnership Deed address the settlement of disputes among partners? It defines the procedure for settling disputes Disputes are resolved by a majority vote Disputes are avoided by having no verbal agreements The government intervenes in all disputes 8 / 12 Assertion (A): The method of valuing goodwill is an essential part of the Partnership Deed. Reason (R): Goodwill is always divided equally among the partners at the time of dissolution of the firm. Assertion (A) is true, but Reason (R) is false Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A) Assertion (A) is false, but Reason (R) is true Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A) 9 / 12 How is the profit-sharing ratio defined in the Partnership Deed? Based on the firm's turnover Fixed by the government As agreed upon by the partners Equally divided among all partners 10 / 12 Assertion (A): The Partnership Deed specifies how disputes among partners shall be settled. Reason (R): Partnership disputes are always resolved by dissolving the firm. Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A) Assertion (A) is true, but Reason (R) is false Assertion (A) is false, but Reason (R) is true 11 / 12 What does the Partnership Deed state about interest on capital? The rate of interest, if allowed, on capital is mentioned Interest rates are set annually by the Income Tax Department. Capital cannot earn interest Interest on capital is only charged during profits 12 / 12 What is specified in the Partnership Deed regarding the principal place of business? The address of the principal place of business The type of goods to be traded The business hours of operation The partners' residence addresses Your score isThe average score is 0% 0% Restart quiz You Might Also Like [CUET] Mock Test of Fundamentals of Partnership (Profit & Loss Appropriation A/c (Part – 1) October 17, 2025 [CUET] Mock Test of Fundamentals of Partnership (Appropriation of Profit with Result (Free) October 27, 2025 [CUET] Mock Test of Fundamentals of Partnership (Appropriation of Profit) with Result (Free) October 26, 2025 Leave a Reply Cancel replyCommentEnter your name or username to comment Enter your email address to comment Enter your website URL (optional) Save my name, email, and website in this browser for the next time I comment.
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