Check the below NCERT MCQ Questions for Class 12 Accountancy Chapter 2 Accounting for Partnership: Basic Concepts with Answers Pdf free download. MCQ Questions for Class 12 Accountancy with Answers were prepared based on the latest exam pattern. We have provided Accounting for Partnership: Basic Concepts Class 12 Accountancy MCQs Questions with Answers to help students understand the concept very well.
Accounting for Partnership: Basic Concepts Class 12 MCQs Questions with Answers
MCQ Questions For Class 12 Accountancy Chapter 2 Question 1.
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
MCQ Of Accountancy Class 12 Chapter 2 Question 2.
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
Accounting For Partnership Firms Fundamentals MCQ Question 3.
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
MCQ Questions For Class 12 Accountancy Chapter 2 Pdf Question 4.
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
Chapter 2 Accounts Class 12 MCQ Question 5.
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
Class 12 Account Chapter 2 MCQ Question 6.
Interest on Partner’s capital is :
(a) An expenditure
(b) An appropriation
(c) A gain
(d) None of these
Answer
Answer: (b) An appropriation
Partnership MCQ Class 12 Question 7.
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
Ch 2 Accounts Class 12 MCQ Question 8.
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
MCQ Of Chapter 2 Accounts Class 12 Question 9.
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
Accountancy Class 12 Chapter 2 MCQ Questions Question 10.
Liability of Partners is :
(a) Limited
(b) Unlimited
(c) Determined by partnerships Account
(d) None of these
Answer
Answer: (b) Unlimited
Class 12 Accountancy Chapter 2 MCQ Question 11.
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 12.
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 13.
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 14.
Interest on loan is :
(a) Operating Expense
(b) Direct Expense
(c) Indirect Expense
(d) All of these
Answer
Answer: (c) Indirect Expense
Question 15.
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 16.
Partnership may be :
(a) Limited
(b) Unlimited
(c) At will
(d) All of these
Answer
Answer: (d) All of these
Question 17.
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 18.
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 19.
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 20.
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 21.
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 22.
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 23.
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 24.
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 25.
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 26.
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 27.
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 28.
Preparation of partnership agreement in writing is :
(a) Compulsory
(b) Voluntary
(c) Partly Compulsory
(d) None of these
Answer
Answer: (b) Voluntary
Question 29.
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 30.
For the firm, interest on partner’s drawings is a/an :
(a) Expense
(b) Income
(c) Loss
(d) Gain
Answer
Answer: (b) Income
Question 31.
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 32.
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 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.
In an Ordinary Partnership, maximum number of partners can be:
(a) 50
(b) 10
(c) 15
(d) 20
Answer
Answer: (a) 50
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
Question 36.
When time of withdrawals are not mentioned, interest on drawings is charged :
(a) for 616 months
(b) for 8 months
(c) for 516 months
(d) for 12 months
Answer
Answer: (b) for 8 months
Question 37.
When drawings are made at the end of every month of certain amount, then interest will be calculated on total drawings:
(a) for 616 months
(b) for 6 months
(c) for 516 months
(d) for i month
Answer
Answer: (c) for 516 months
Question 38.
In the absence of partnership deed, partners are not entitled to receive:
(a) Salaries
(b) Commission
(c) Interest on Capital
(d) All of these
Answer
Answer: (d) All of these
Question 39.
If a fixed amount is withdrawn on the first day of every quarter, the interest on total drawing will be calculated :
(a) for 6 months
(b) for 6.5 months
(c) for 5.5 months
(d) for 7.5 months
Answer
Answer: (d) for 7.5 months
Question 40.
Which accounts are opened when the capitals are fixed?
(a) Only Capital Accounts
(b) Only Current Accounts
(c) Liability Accounts
(d) Capital and Current Accounts
Answer
Answer: (d) Capital and Current Accounts
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