Class 12 Accountancy Chapter 2 (Part 1) – Accounting for partnership: basic concepts MCQ Question and Answers – MCQs for Practice

1. Under fixed capital account method, the capital account always shows a_____ Balance

2. Instead of altering old accounts, necessary adjustments can be made either Through

3. 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

4. Which Of the following is incorrect about Partnership?

5. Question

6. Which Of the following is Correct about Partnership?

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:

8. Interest on Drawing if a Partner withdraws Rs. 2000 once in month @12% Interest

9. Default Rate of 6% is applicable in case of

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 When the total amount withdrawn is given but the dates of withdrawals are not specified, it is assumed that the amount ___________

11. 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:

12. All Adjustments in respect of partner’s salary, partner’s commission, interest on capital, interest on drawings, etc. are made through Which Account?

13. The Relationship of Partner to its firm is of

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

15. The persons who Have entered into partnership Are individually known as

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

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

18. Opening Balance of Profit and loss appropriation account-

19. Partnership act was passed in year

20. Interest on Partner’s drawings will be debited to: