[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 Account Debited to Profit and Loss Appropriation Account Credited to Revaluation Account Credited to Capital Account 2 / 10 In the absence of a partnership deed, interest on a partner’s loan is allowed at: 8 % p.a. 6% p.a. 10 % p.a. 0% 3 / 10 Which account is credited when interest on a partner’s loan is provided? Partner’s Loan Account Partner’s Capital Account Interest Account Profit and Loss Account 4 / 10 If the firm incurs a loss, interest on partner’s loan: Is paid regardless of profit or loss Is not paid Is paid only if profits are available only paid in case of loss 5 / 10 Partner’s loan is shown in the firm’s balance sheet under: Capital Long-term liabilities Assets Current liabilities 6 / 10 When a partner gives a loan to the firm, it is treated as: Capital contribution Reserve of the firm Asset of the firm Liability of the firm 7 / 10 Which of the following is true about partner’s loan? It is treated as income It is a liability for the firm It increases the firm’s capital It is not recorded in books 8 / 10 If a partner gives a loan and also contributes capital, interest is allowed: Only on capital On both, as per deed Only on loan On neither 9 / 10 Interest on partner’s loan is calculated: As per RBI guidelines On compound interest basis On simple interest basis As per market rate 10 / 10 Interest on partner’s loan is allowed at: 6% p.a. 10% p.a. 8% p.a. As per partnership deed 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 (Rules in the Absence of Partnership Deed) – 2 October 16, 2025 [CUET] Mock Test of Fundamentals of Partnership (Partnership Deed) (Part – 1) October 15, 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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