## Accountancy Chapter 2 (Part 1) – Accounting for partnership: basic concepts MCQ Question Answers for Various Entrance Exams

1. 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.

a.
b.
c.
d.

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

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

5. 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.

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

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

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

9. 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.

10. Default Rate of 6% is applicable in case of
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 When the total amount withdrawn is given but the dates of withdrawals are not specified, it is assumed that the amount ___________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 Correct about Partnership?
a.
b.
c.
d.

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

14. 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.

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

16. Question
a.
b.
c.
d.

17. Partnership act was passed in year
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. In case If the partnership deed is silent about the Profit-sharing ratio, Profit and loss should be distributed ______
a.
b.
c.
d.

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

Also See :

Accountancy Part 1

Accountancy Chapter 1 (Part 1) – Accounting for share capital MCQs

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

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

Accountancy Chapter 5 (Part 1) – Accounting ratios MCQs

Accountancy Chapter 6 – Cash flow statement MCQs

Accountancy Part 2

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

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

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

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

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