Accounting for Partnership Basic Concepts MCQs | Class 12 Accountancy Chapter 1 MCQ Question and Answers

by | Dec 27, 2025 | General | 1 comment

 

Accounting for Partnership Basic Concepts MCQ Question Answers suitable for CUET 2026 from Class 12 Accountancy Chapter 2

To score full marks in the CUET 2026 Accountancy exam, Practice Class 12 Accountancy Chapter 2 Accounting for Partnership Basic Concepts MCQ Test any number of times free on our website. These questions have been created by our experts from the latest Class 12 Accountancy Syllabus and as per latest exam pattern. Multiple Choice Questions (MCQs) are a type of objective assessment in which a person is asked to choose one or more correct answers from a list of available options. An MCQ presents a question along with several possible answers. Most of the exams in India including the CUET exam conduct an online test to check your knowledge.

Class 12 Accountancy Chapter 2 MCQs

1. The net profit for the year is Rs. 600000. Salary of a partner is Rs. 5000 per month and the commission of another partner is Rs. 10000. The interest on drawings of partners is Rs. 4000. Net Balance of Profit and Loss Appropriation Account will be:
a.
b.
c.
d.

2. Which Of the following is Correct about Partnership?
a.
b.
c.
d.

3. The persons who Have entered into partnership Are individually known as
a.
b.
c.
d.

4. Opening Balance of Profit and loss appropriation account-
a.
b.
c.
d.

5. Instead of altering old accounts, necessary adjustments can be made either Through
a.
b.
c.
d.

6. Interest on Drawing if a Partner withdraws Rs. 2000 once in month @12% Interest
a.
b.
c.
d.

7. Under fixed capital account method, the capital account always shows a_____ Balance
a.
b.
c.
d.

8. All Adjustments in respect of partner’s salary, partner’s commission, interest on capital, interest on drawings, etc. are made through Which Account?
a.
b.
c.
d.

9. Anupam and Abhishek are partners sharing profits and losses in the ratio of 3: 2. Their capital accounts showed balances of Rs. 1,50,000 and Rs. 2,00,000 respectively. If the partnership deed is silent as to the payment of interest on capital and the profit for the year is Rs. 50,000 What Will be True in this case
a.
b.
c.
d.

10. Ankit Draws Rs. 10000 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.
b.
c.
d.

11. When the total amount withdrawn is given but the dates of withdrawals are not specified, it is assumed that the amount ___________
a.
b.
c.
d.

12. Which Of the following is incorrect about Partnership?
a.
b.
c.
d.

13. Interest on Partner’s drawings will be debited to:
a.
b.
c.
d.

14. The Relationship of Partner to its firm is of
a.
b.
c.
d.

15. Default Rate of 6% is applicable in case of
a.
b.
c.
d.

16. In case If the partnership deed is silent about the Profit-sharing ratio, Profit and loss should be distributed ______
a.
b.
c.
d.

17. Under which method only one account, i.e., capital account is maintained for each partner
a.
b.
c.
d.

18. When two or more persons join hands to set up a business and share its profits and losses, they are said to be in ____
a.
b.
c.
d.

19. Partnership act was passed in year
a.
b.
c.
d.

20. Question
a.
b.
c.
d.


 

 

To summarize, revising for free using our MCQs on Class 12 Accountancy Chapter 2 Accounting for Partnership Basic Concepts is highly beneficial for scoring full marks on the CUET 2026 Accountancy exam. We provide a sophisticated online test platform tailored for unlimited practice through proficiently crafted questions built on the most recent syllabus and exam pattern. Practicing MCQs regularly will boost conceptual understanding as they are significant for objective assessments. Start practicing now to succeed in your CUET 2026 Accountancy exam!

Also See : 

Class 12 Accountancy Part 1

Accounting for share capital MCQs Class 12 Accountancy Chapter 1 (Part 1)

Financial statements of a company MCQs Class 12 Accountancy Chapter 3 (Part 1)

Analysis of financial statements MCQs Class 12 Accountancy Chapter 4 (Part 1)

Accounting ratios MCQs Class 12 Accountancy Chapter 5 (Part 1)

Cash flow statement MCQs Class 12 Accountancy Chapter 6 (Part 1)

Class 12 Accountancy Part 2

Accounting for not for profit organisation MCQs Class 12 Accountancy Chapter 1 (Part 2)

Issue and redemption of debentures MCQs Class 12 Accountancy Chapter 2 (Part 2)

Reconstitution of a partnership firm – admission of a partner MCQs Class 12 Accountancy Chapter 3 (Part 2)

Retirement/death of a partner MCQs Class 12 Accountancy Chapter 4 (Part 2)

Dissolution of partnership firm MCQs Class 12 Accountancy Chapter 5 (Part 2)

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1 Comment

  1. RUKSA
    RUKSA on April 5, 2025 at 7:09 pm

    Pleasee focused on 10th questions because both b and is coreect option

    Reply

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