MCQ Questions for Class 12 Accountancy Chapter 2 Accounting for Partnership: Basic Concepts with Answers

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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