Class 12 Accountancy Chapter 2 (Part 1) – Accounting for partnership: basic concepts MCQ Question and Answers – MCQs for Practice by Meenu Saini | May 25, 2022 | General | 0 comments Class 12 Accountancy Chapter 2 (Part 1) – Accounting for partnership: basic concepts MCQ Question Answers for CUET 2024 1. Which Of the following is Correct about Partnership?a.Persons who have entered into partnership with one another are individually called Membersb.Partnership deed (agreement) Has to be in writtenc.All of the aboved.Partnership is Governed Under the Provisions of the Indian Partnership Act 1932 Loading... 2. Which Of the following is incorrect about Partnership?a.Partnership is the result of an agreement between two or more personsb.Each partner is liable jointly with all the other partners and also severally to the third partyc.The Central government has prescribed the maximum number of partners in a firm to be 60d.Partnership is supported By Relationship of mutual Agency Loading... 3. Opening Balance of Profit and loss appropriation account-a.Gross Profitb.Profitc.Capital balanced.Net Profit Loading... 4. Under which method only one account, i.e., capital account is maintained for each partnera.Appropriation methodb.Capital Balancing Methodc.Fluctuating capital methodd.Fixed Capital method Loading... 5. The Relationship of Partner to its firm is ofa.Debtor and creditorb.Principal and Agentc.Manager and Directord.Surety and guarantee Loading... 6. Under fixed capital account method, the capital account always shows a_____ Balancea.Positive Balanceb.Negative Balancec.Debit Balanced.Credit Balance Loading... 7. Interest on Drawing if a Partner withdraws Rs. 2000 once in month @12% Interesta.1400b.1445c.1500d.1440 Loading... 8. 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 casea.No interest will be paid on the capital to the partnersb.Interest will amount to 22000c.Interest will amount to 28000d.Interest will be paid at 6% on their Capitals Respectively Loading... 9. 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.Joint Ventureb.Joint Partnershipc.Partnershipd.Venture Loading... 10. Default Rate of 6% is applicable in case ofa.Interest on Drawingsb.All of the abovec.Interest On Capitald.Interest On Loan Loading... 11. Partnership act was passed in yeara.1952b.1933c.1982d.1932 Loading... 12. All Adjustments in respect of partner’s salary, partner’s commission, interest on capital, interest on drawings, etc. are made through Which Account?a.Partners Current accountb.Profit and loss accountc.Profit and loss appropriation Accountd.Partners Capital account Loading... 13. When the total amount withdrawn is given but the dates of withdrawals are not specified, it is assumed that the amount ___________a.Withdrawn Every Day b.Withdrawn Every Monthc.withdrawn evenly throughout the yeard.Withdrawn evenly till the Partners Leave the firm Loading... 14. 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.550000b.534000c.600000d.546000 Loading... 15. 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.2300b.2550c.2400d.2750 Loading... 16. In case If the partnership deed is silent about the Profit-sharing ratio, Profit and loss should be distributed ______a.In Their Capital ratiob.In their Working time Ratioc.In Previous year Capital Contributiond.In Equal ratio Loading... 17. Interest on Partner’s drawings will be debited to:a.Partners’ Capital Accountb.Partner’s Current Accountc.Profit and Loss Appropriation Accountd.Interest Account Loading... 18. Instead of altering old accounts, necessary adjustments can be made either Througha.Directly in the capital accounts of the concerned partnersb.Through ‘Profit and Loss Adjustment Accountc.Either a or bd.None of the Above Loading... 19. Question a.Interest on Capital A/cb.Partner’s Capital/Current A/c’sc.Profit and Loss A/cd.Interest on Profit A/c Loading... 20. The persons who Have entered into partnership Are individually known asa.Agentsb.Principalc.Membersd.Partners Loading... Loading... 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 Submit a Comment Cancel replyYou must be logged in to post a comment.