CBSE Class 12 Accountancy – MCQ and Online Tests – Unit 2 – Accounting for Partnership: Basic Concepts
Every year CBSE conducts board exams for 12th standard. These exams are very competitive to all the students. So our website provides online tests for all the 12th subjects. These tests are also very effective and useful for those who preparing for competitive exams like NEET, JEE, CA etc. It can boost their preparation level and confidence level by attempting these chapter wise online tests.
These online tests are based on latest CBSE Class 12 syllabus. While attempting these our students can identify the weak lessons and continuously practice those lessons for attaining high marks. It also helps to revise the NCERT textbooks thoroughly.
CBSE Class 12 Accountancy – MCQ and Online Tests – Unit 2 – Accounting for Partnership: Basic Concepts
Question 1.
Calculate interest on drawings @ 12% p.a. for Gambhir if he withdrew 7 2,000 once at the beginning of each month:
(a) 7 1,560
(b) 7 1,500
(c) 7 1,200
(d) 7 1,000
Answer
Answer: (a) 7 1,560
Question 2.
Interest on advance given to the firm is :
(a) Ah appropriation
(b) A gain
(c) A charge
(d) None of these
Answer
Answer: (c) A charge
Question 3.
Interest on drawings of the Partners is a :
(a) Loss to business
(b) Profit to business
(c) Profit to partners
(d) Loss to Bank
Answer
Answer: (b) Profit to business
Question 4.
In an Ordinary Partnership, maximum number of partners can be:
(a) 50
(b) 10
(c) 15
(d) 20
Answer
Answer: (a) 50
Question 5.
The relation of partners with the firm is that of:
(a) An owner
(b) An Agent
(c) An owner and an agent
(d) Manager
Answer
Answer: (c) An owner and an agent
Question 6.
The interest on partner’s drawings is debited to:
(a) Partner’s Capital A/c
(b) Profit and Loss A/c
(c) Drawings A/c
(d) P. & L. App. A/c
Answer
Answer: (a) Partner’s Capital A/c
Question 7.
In which year did the Partnership Act passed ?
(a) Year 1932
(b) Year 1956
(c) Year 1947
(d) Year 1952
Answer
Answer: (a) Year 1932
Question 8.
Interest on loan is :
(a) Operating Expense
(b) Direct Expense
(c) Indirect Expense
(d) All of these
Answer
Answer: (c) Indirect Expense
Question 9.
Partner’s salary is debited to :
(a) Trading Account
(b) Profit and Loss Account
(c) Profit & Loss Appropriation Account
(d) None of these
Answer
Answer: (c) Profit & Loss Appropriation Account
Question 10.
In the absence of partnership deed, interest on capital will be given to the partners at:
(b) 6% p.a.
(d) None of these
(b) Real Account
(d) None of these
Answer
Answer: (d) None of these
Question 11.
Partnership may be :
(a) Limited
(b) Unlimited
(c) At will
(d) All of these
Answer
Answer: (d) All of these
Question 12.
Partnership Deed is also called :
(a) Prospectus
(b) Articles of Association
(c) Principles of Partnership
(d) Articles of Partnership
Answer
Answer: (d) Articles of Partnership
Question 13.
Calculate interest on drawing @12% p.a. for Abhishek if he withdraw ₹ 2,000 once in month :
(a) ₹ 1,440
(b) ₹ 1,200
(c) ₹ 1,320
(d) ₹ 1,500
Answer
Answer: (a) ₹ 1,440
Question 14.
The interest on partners’ Capital Accounts under fluctuating method is to be credited to:
(a) Profit & Loss A/c
(b) Interest A/c
(c) Partner’s Capital A/c
(d) None of these
Answer
Answer: (a) Profit & Loss A/c
Question 15.
Interest on Partner’s capital is :
(a) An expenditure
(b) An appropriation
(c) A gain
(d) None of these
Answer
Answer: (b) An appropriation
Question 16.
The interest on capital accounts of partners under fixed capital method is to be credited to:
(a) Partner’s Capital A/c
(b) Profit & Loss A/c
(c) Interest A/c
(d) Partner’s Current A/c
Answer
Answer: (d) Partner’s Current A/c
Question 17.
In the absence of partnership deed, the partner will be allowed interest on the amount advanced to the firm:
(a) @5%
(b) @6%
(c) @ 9%
(d) @8%
Answer
Answer: (b) @6%
Question 18.
Partners’ current accounts are opened when their capital is:
(a) Fixed
(b) Fluctuating
(c) Both (a) and (b)
(d) None of these
Answer
Answer: (a) Fixed
Question 19.
Features of a partnership firm are:
(a) Two or more persons
(b) Sharing profit and losses in the agreed ratio
(c) Business carried on by all or any of them acting for all
(d) All of the above
Answer
Answer: (d) All of the above
Question 20.
Which one is not the feature of partnership?
(a) Agreement
(b) Sharing of Profit
(c) Limited Liability
(d) Two or more than two persons
Answer
Answer: (c) Limited Liability
Question 21.
The Interest on partners’ Capital Accounts under fluctuating method is to be credited to:
(a) Profit & Loss A/c
(b) Interest A/c
(c) Partner’s Capital A/c
(d) None of these
Answer
Answer: (c) Partner’s Capital A/c
Question 22.
Interest on partner’s capital is calculated on:
(a) Opening Capital
(b) Closing Capital
(c) Average Capital
(d) None of these
Answer
Answer: (a) Opening Capital
Question 23.
What time would be taken into consideration if equal monthly amount is drawn as drawings at the beginning of each month ?
(a) 7 months
(b) 6 months
(c) 5 months
(d) 6.5 months
Answer
Answer: (d) 6.5 months
Question 24.
Preparation of partnership agreement in writing is :
(a) Compulsory
(b) Voluntary
(c) Partly Compulsory
(d) None of these
Answer
Answer: (b) Voluntary
Question 25.
The Current Account of the partners will always have:
(a) Debit balance
(b) Credit balance
(c) Either of the two
(d) None of these
Answer
Answer: (c) Either of the two
Question 26.
Interest payable on the capital of the partners is recorded in:
(a) Profit & Loss A/c
(b) Realisation A/c
(c) Profit & Loss Appropriation A/c
(d) None of these
Answer
Answer: (c) Profit & Loss Appropriation A/c
Question 27.
For the firm, interest on partner’s drawings is a/an :
(a) Expense
(b) Income
(c) Loss
(d) Gain
Answer
Answer: (b) Income
Question 28.
In the absence ofany agreement, the profits or losses of the firm are shared:
(a) Equally
(b) In Capital Ratio
(c) In Different Proportions
(d) None o these
Answer
Answer: (a) Equally
Question 29.
Liability of Partners is :
(a) Limited
(b) Unlimited
(c) Determined by partnerships Account
(d) None of these
Answer
Answer: (b) Unlimited
Question 30.
Fluctuating capital account is credited with :
(a) Interest on capital
(b) Profit of the year
(c) Remuneration of partners
(d) All of these
Answer
Answer: (d) All of these
Question 31.
In partnership firm profits and losses are shared :
(a) Equally
(b) In the Ratio of Capitals
(c) As per Agreement
(d) None of these
Answer
Answer: (c) As per Agreement
Question 32.
In the absence of an agreement, partners are entitled to:
(a) Salary
(b) Profit share in capital ratio
(c) Interest on loan and advances
(d) Commission
Answer
Answer: (c) Interest on loan and advances
Question 33.
Profit & Loss Appropriation Account is prepared to:
(a) Create Reserve Fund
(b) Find out Net Profit
(c) Find out Divisible Profit
(d) None of these
Answer
Answer: (c) Find out Divisible Profit
Question 34.
A draws ₹ 1,000 per month on the last day of every month. If the rate of interest is 5% p.a., then the total interest on drawings will be :
(a) ₹ 325
(b) ₹ 275
(c) ₹ 300
(d) ₹ 350
Answer
Answer: (b) ₹ 275
Question 35.
Which of the following is an appropriation of profit?
(a) Interest on Loan
(b) Interest on Capital
(c) Salary
(d) Rent
Answer
Answer: (b) Interest on Capital
0 comments:
Post a Comment