[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 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. 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 2 / 12 How is the capital contribution of partners specified in the Partnership Deed? It specifies whether Capital Accounts are fixed or fluctuating It is calculated after settling the firm’s liabilities It is divided equally regardless of the agreement It is kept confidential among the partners 3 / 12 What is mentioned about the valuation of goodwill in the Partnership Deed? Goodwill is not valued during the partnership period Goodwill is divided equally among the partners every year Goodwill valuation depends solely on profits Method of valuing goodwill during admission, retirement, or death of a partner 4 / 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 false, but Reason (R) is true 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) Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A) 5 / 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 6 / 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 The government intervenes in all disputes Disputes are avoided by having no verbal agreements 7 / 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 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) 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 8 / 12 How is the profit-sharing ratio defined in the Partnership Deed? Equally divided among all partners As agreed upon by the partners Fixed by the government Based on the firm's turnover 9 / 12 What is specified in the Partnership Deed regarding the principal place of business? The partners' residence addresses The business hours of operation The address of the principal place of business The type of goods to be traded 10 / 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) 11 / 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) 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) 12 / 12 What is stated in the Partnership Deed regarding the death of a partner? The immediate reconstitution of the firm How to reduce the deceased partner’s capital contribution Whether the firm will continue or dissolve How goodwill of the deceased partner will be distributed 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 (Appropriation of Profit) with Result (Free) October 26, 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.
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