[CUET] Mock Test of Fundamentals of Partnership (Partner’s Loan to the firm) Class 12 CBSE, ISC Post author:Anurag Pathak Post published:October 29, 2025 Post category:Uncategorized Post comments:0 Comments [CUET] Mock Test of Fundamentals of Partnership (Partner’s Loan to the firm) Class 12 CBSE, ISC 0% 12345678910 You have 10 minutes to complete the Test. After completion, you would get your final result immediately. Your time is up. [CUET] Mock Test of Fundamentals of Parntership (Partner's Loan to the firm) 1 / 10 Interest on partner’s loan is: Debited to Profit and Loss Appropriation Account Credited to Revaluation Account Credited to Capital Account Debited to Profit and Loss Account 2 / 10 Interest on partner’s loan is calculated: As per RBI guidelines On compound interest basis On simple interest basis As per market rate 3 / 10 In the absence of a partnership deed, interest on a partner’s loan is allowed at: 8 % p.a. 6% p.a. 0% 10 % p.a. 4 / 10 If the firm incurs a loss, interest on partner’s loan: Is paid regardless of profit or loss only paid in case of loss Is paid only if profits are available Is not paid 5 / 10 Which of the following is true about partner’s loan? It is not recorded in books It is treated as income It increases the firm’s capital It is a liability for the firm 6 / 10 Partner’s loan is shown in the firm’s balance sheet under: Assets Long-term liabilities Capital Current liabilities 7 / 10 When a partner gives a loan to the firm, it is treated as: Liability of the firm Capital contribution Reserve of the firm Asset of the firm 8 / 10 Interest on partner’s loan is allowed at: 10% p.a. As per partnership deed 8% p.a. 6% p.a. 9 / 10 If a partner gives a loan and also contributes capital, interest is allowed: On neither On both, as per deed Only on loan Only on capital 10 / 10 Which account is credited when interest on a partner’s loan is provided? Profit and Loss Account Partner’s Loan Account Interest Account Partner’s Capital Account Your score isThe average score is 0% 0% Restart quiz You Might Also Like Live MCQs Mock Test Fundamentals of Partnership (Need of Partnership) with Result (Free) September 13, 2025 [CUET] Mock Test of Fundamentals of Partnership (Profit & Loss Appropriation A/c (Part – 1) October 17, 2025 Live MCQs of Fundamentals of Partnership (Features) with Result (Quiz – 2) September 22, 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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