Thursday, 28 January 2021

CBSE Class 12 Accountancy - MCQ and Online Tests - Unit 2 - Accounting for Partnership: Basic Concepts

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


 

 

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