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

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Your Class 12 Accountancy Study Path

Question 1

Salary to partners will be shown in _________

A Manufacturing account

B Trading account

C Profit and loss adjustment account

D Profit and loss account

Question 2

Partners Current Account have _________

A debit and credit

B debit or credit

C credit balance

D debit balance

Question 3

Partnership deed may be _______

A either written or oral

B duplicate

C written

D oral

Question 4

Minimum number of partners in a partnership are ________

A 10

B 2

C 7

D 5

Question 5

Maximum number of partners in a banking partnership are _________

A 10

B 2

C 7

D 5

Question 6

Current accounts are opened if capital is __________

A fixed or fluctuating

B not contributed

C fluctuating

D fixed

Question 7

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

A 1 year

B 6Â½ months

C 1 month

D 6 months

Question 8

If partnership deed mention that interest will be given 6% p.a. interest will be given _________

A with the permission of all partners

B out of losses

C definitely

D out of profits only

Question 9

Interest on capital will be shown in ________

A Both of capital account and profit and loss adjustment account

B Trading account

C Profit and loss adjustment account

D Capital account

Question 10

Maximum number of partners in a partnership firm can be ________

A no limit

B 100

C 20

D 50

Question 11

In a partnership, liability of all partners is _________

A decided by company act

B according to capital

C limited

D unlimited

Question 12

If no agreement is made by partners then interest on loan will be given @ _________

A 7% p.a

B no interest

C 6% p.a.

D 5% p.a.

Question 13

Maximum number of partners in a normal partnership are ________

A 20

B 2

C 7

D 5

Question 14

In the absence of any provision interest on capital will be calculated for _________

A no interest

B 1 month

C 1 year

D 6 months

Question 15

Profit will be divided in ________ in the absence of partnership deed.

A equal ratio

B 1 : 2

C 2 : 1

D 1 : 1

Question 16

Liability of a partner in LLP is ________

A limited to the capital only

B not defined in the law

C unlimited

D limited

Question 17

Provisions of Table _______ are applicable in the absence of partnership deed.

A D

B C

C B

D A

Question 18

Question 65.

A Profit for the year ended 31st March 2019 â‚¹ 2,78,000 was distributed without providing for interest on capital and partnerâ€™s salary. Showing your work clearly, pass the necessary adjustment entry for the above omissions.

B (ii) Aâ€™s salary â‚¹ 50,000 per year and Bâ€™s salary â‚¹ 3,000 per month.

C (i) Interest on capital @ 10% p.a.

D A and B are partners in firm sharing profits and losses in the ratio of 7 : 3. Their fixed capitals were: A â‚¹ 9,00,000 and B â‚¹ 4,00,000. The partnership deed provided the following:

Question 19

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

A No interest

B 7% p.a.

C 6% p.a.

D 5% p.a.

Question 20

Drawings of partners will be shown in ________

A Trading account

B Profit and loss account

C Profit and loss adjustment account

D Capital account

Question 21

In the absence of partnership deed partners are entitled to receive __________

A Commission

B Salary

C Interest on Loan

D Interest on Capital

Question 22

Balance of capital (fix) accounts may be _________

A Cr. and Dr.

B Dr. or Cr.

C Cr.

D Dr.

Question 23

When there is no partnership deed then provisions of partnership act ________ willbe applicable.

A 1949

B 1932

C 1912

D 1956

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

Your Class 12 Accountancy Study Path

Salary to partners will be shown in _________

Partners Current Account have _________

Partnership deed may be _______

Minimum number of partners in a partnership are ________

Maximum number of partners in a banking partnership are _________

Current accounts are opened if capital is __________

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

If partnership deed mention that interest will be given 6% p.a. interest will be given _________

Interest on capital will be shown in ________

Maximum number of partners in a partnership firm can be ________

In a partnership, liability of all partners is _________

If no agreement is made by partners then interest on loan will be given @ _________

Maximum number of partners in a normal partnership are ________

In the absence of any provision interest on capital will be calculated for _________

Profit will be divided in ________ in the absence of partnership deed.

Liability of a partner in LLP is ________

Provisions of Table _______ are applicable in the absence of partnership deed.

Question 65.

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

Drawings of partners will be shown in ________

In the absence of partnership deed partners are entitled to receive __________

Balance of capital (fix) accounts may be _________

When there is no partnership deed then provisions of partnership act ________ willbe applicable.

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