[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 Assertion (A): The Partnership Deed defines the remuneration payable to the partners. Reason (R): Remuneration to partners is mandatory regardless of any prior agreement. Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A) 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) 2 / 12 How is the profit-sharing ratio defined in the Partnership Deed? Fixed by the government Based on the firm's turnover As agreed upon by the partners Equally divided among all partners 3 / 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. Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A) 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) 4 / 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. 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) 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) 5 / 12 What is stated in the Partnership Deed regarding the death of a partner? How goodwill of the deceased partner will be distributed How to reduce the deceased partner’s capital contribution Whether the firm will continue or dissolve The immediate reconstitution of the firm 6 / 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. 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) Assertion (A) is true, but Reason (R) is false 7 / 12 What does the Partnership Deed state about interest on capital? Interest on capital is only charged during profits Interest rates are set annually by the Income Tax Department. Capital cannot earn interest The rate of interest, if allowed, on capital is mentioned 8 / 12 What is mentioned about the valuation of goodwill in the Partnership Deed? Goodwill is not valued during the partnership period Goodwill valuation depends solely on profits Method of valuing goodwill during admission, retirement, or death of a partner Goodwill is divided equally among the partners every year 9 / 12 How does the Partnership Deed address the settlement of disputes among partners? The government intervenes in all disputes Disputes are avoided by having no verbal agreements It defines the procedure for settling disputes Disputes are resolved by a majority vote 10 / 12 What is specified in the Partnership Deed regarding the principal place of business? The address of the principal place of business The business hours of operation The type of goods to be traded The partners' residence addresses 11 / 12 How is the capital contribution of partners specified in the Partnership Deed? It is kept confidential among the partners It is calculated after settling the firm’s liabilities It specifies whether Capital Accounts are fixed or fluctuating It is divided equally regardless of the agreement 12 / 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 false, but Reason (R) is true. 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 Your score isThe average score is 0% 0% Restart quiz You Might Also Like [CUET] Mock Test of Fundamentals of Partnership (Partner’s Loan to the firm) Class 12 CBSE, ISC October 29, 2025 Live MCQs Mock Test Fundamentals of Partnership (Definition & Nature) with Result (Free) September 16, 2025 Live MCQs of Fundamentals of Partnership (Rights and Liabilities of a Partners October 13, 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.
[CUET] Mock Test of Fundamentals of Partnership (Partner’s Loan to the firm) Class 12 CBSE, ISC October 29, 2025
Live MCQs Mock Test Fundamentals of Partnership (Definition & Nature) with Result (Free) September 16, 2025