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

by | Jan 10, 2025 | General | 0 comments

 

Accounting for Partnership Basic Concepts MCQ Question Answers suitable for CUET 2025 from Class 12 Accountancy Chapter 2

To score full marks in the CUET 2025 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. Which Of the following is Correct about Partnership?
a.
b.
c.
d.

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

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

4. 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.

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

6. 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.

7. 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.

8. Question
a.
b.
c.
d.

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.
b.
c.
d.

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

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

12. When the total amount withdrawn is given but the dates of withdrawals are not specified, it is assumed that the amount ___________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.

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

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

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

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

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

18. 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.

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

20. Under which method only one account, i.e., capital account is maintained for each partner
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 2025 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 2025 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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