[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 In the absence of a partnership deed, interest on a partner’s loan is allowed at: 10 % p.a. 8 % p.a. 0% 6% p.a. 2 / 10 Interest on partner’s loan is: Debited to Profit and Loss Appropriation Account Credited to Capital Account Debited to Profit and Loss Account Credited to Revaluation Account 3 / 10 If a partner gives a loan and also contributes capital, interest is allowed: Only on loan On neither On both, as per deed Only on capital 4 / 10 Which account is credited when interest on a partner’s loan is provided? Partner’s Capital Account Interest Account Partner’s Loan Account Profit and Loss Account 5 / 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 6 / 10 Which of the following is true about partner’s loan? It is treated as income It is a liability for the firm It is not recorded in books It increases the firm’s capital 7 / 10 Partner’s loan is shown in the firm’s balance sheet under: Current liabilities Long-term liabilities Assets Capital 8 / 10 Interest on partner’s loan is allowed at: 6% p.a. 10% p.a. As per partnership deed 8% p.a. 9 / 10 If the firm incurs a loss, interest on partner’s loan: Is not paid only paid in case of loss Is paid only if profits are available Is paid regardless of profit or loss 10 / 10 Interest on partner’s loan is calculated: As per market rate On compound interest basis As per RBI guidelines On simple interest basis Your score isThe average score is 0% 0% Restart quiz You Might Also Like [CUET] Mock Test of Fundamentals of Partnership (Profit & Loss Appriopriation A/c) (Part – 2) October 17, 2025 CUET Mock Test of Fundamentals of Partnership (Rules in the Absence of Partnership Deed) – 1 October 16, 2025 [CUET] Practice Mock Test of Fundamentals of Parntership (Partner’s Loan to Firm) HOT October 29, 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 (Profit & Loss Appriopriation A/c) (Part – 2) October 17, 2025
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