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

NCERTCOURSE.COM- Find here the NCERT/CBSE chapter-wise Multiple Choice Questions from Class 12 Accountancy book Chapter 2 Accounting for Partnership: Basic Concepts with Answers Pdf free download. This may assist you to understand and check your knowledge about the chapters. Students also can take a free test of the Multiple Choice Questions of Accounting for Partnership: Basic Concepts. Each question has four options followed by the right answer. These MCQ Questions are selected supported by the newest exam pattern as announced by CBSE.

MCQ Questions for Class 12 Accountancy with Answers

Q1. In the absence of partnership deed how much interest will be given on capital?

(i) 5% p.a.
(ii) 6% p.a.
(iii) 7% p.a.
(iv) No interest

(iv) No interest

Q2. Interest on Partner’s drawings will be debited to :

(i) Profit and Loss Account
(ii) Profit and Loss Appropriation Account
(iii) Partner’s Current Account
(iv) Interest Account

(iii) Partner’s Current Account

Q3. The interest on partner’s drawings is debited to:

(i) Partner’s Capital A/c
(ii) Profit and Loss A/c
(iii) Drawings A/c
(iv) P. & L. App. A/c

(i) Partner’s Capital A/c

Q4. Partners Current Account have

(i) debit balance
(ii) credit balance
(iii) debit or credit
(iv) debit and credit

(iii) debit or credit

Q5. Intangible Assets ( Goodwill ) has been defined in :

(i) AS 16
(ii) AS 20
(iii) AS 26
(iv) AS 21

(iii) AS 26

Q6. Liability of Partners is :

(i) Limited
(ii) Unlimited
(iii) Determined by partnerships Account
(iv) None of these

(ii) Unlimited

Q7. When question is silent about the date of withdrawal of drawing then Interest will becalculated for

(i) 6 months
(ii) 1 month
(iii) 6½ months
(iv) 1 year

(i) 6 months

Q8. Partners’ Current Accounts are opened when their Capital Accounts are :

(i) Fixed
(ii) Fixed and Fluctuating
(iii) Fluctuating
(iv) None of these

(i) Fixed.

Q9. Interest on drawings of the Partners is a :

(i) Loss to business
(ii) Profit to business
(iii) Profit to partners
(iv) Loss to Bank

(ii) Profit to business

Q10. Drawings of partners will be shown in

(i) Capital account
(ii) Profit and loss adjustment account
(iii) Profit and loss account
(iv) Trading account

(i) Capital account

Q11. When is the Partnership Act enforced

(i) when there is no partnership deed
(ii) where there is a partnership deed but there are differences of opinion between the partners
(iii) when capital contribution by the partners varies
(iv) when the partner’s salary and interest on capital are not incorporated in the partnership deed

(i) when there is no partnership deed

Q12. Interest on Partner’s capital is :

(i) An expenditure
(ii) An appropriation
(iii) A gain
(iv) None of these

(ii) An appropriation

Q13. Salary to partners will be shown in

(i) Profit and loss account
(ii) Profit and loss adjustment account
(iii) Trading account
(iv) Manufacturing account

(ii) Profit and loss adjustment account

Q14. The persons who have entered into partnership are individually known as :

(i) Partners
(ii) Firm
(iii) Associations
(iv) None of these

(i) Partners.

Q15. In the absence of an agreement, partners are entitled to:

(i) Salary
(ii) Profit share in capital ratio
(iii) Interest on loan and advances
(iv) Commission

(iii) Interest on loan and advances

Q16. Current accounts are opened if capital is

(i) fixed
(ii) fluctuating
(iii) not contributed
(iv) fixed or fluctuating

(i) fixed

Q17. What time would be taken into consideration if equal monthly amount is drawn as drawings at the beginning of each month ?

(i) 7 months
(ii) 6 months
(iii) 5 months
(iv) 6.5 months

(iv) 6.5 months

Q18. Maximum number of partners in a normal partnership are

(i) 5
(ii) 7
(iii) 2
(iv) 20

(iv) 20

Q19. Where will you record interest on drawings :

(i) Debit Side of Profit & Loss Appropriation Account
(ii) Credit Side of Profit & Loss Appropriation Account
(iii) Credit Side of Profit & Loss Account
(iv) Debit Side of Capital/Current Account only

(ii) Credit Side of Profit & Loss Appropriation Account

Q20. The Current Account of the partners will always have:

(i) Debit balance
(ii) Credit balance
(iii) Either of the two
(iv) None of these

(iii) Either of the two

Q21. Liability of a partner in LLP is

(i) limited
(ii) unlimited
(iii) not defined in the law
(iv) limited to the capital only

(i) limited

I Think the given NCERT MCQ Questions for class 12 Accountancy book Chapter 2 Accounting for Partnership: Basic Concepts with Answers Pdf free download will assist you. If you’ve got any queries regarding CBSE Class 12 Accountancy Accounting for Partnership: Basic Concepts MCQs Multiple Choice Questions with Answers, drop a comment below and that we will come back to you soon.

MCQ Class 12 Accountancy with answers Part A & Part B

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