Matching Type MCQs of Accounting for Partnership Firm Fundamentals with answers Class 12

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Matching Type Multiple Choice Questions with answers of Fundamentals of Partnership chapter class 12

Let’s Practice

Match the following items:

Column – I	Column – II
i) Partner’s current accounts are opened when their capital accounts are	A) Fixed
ii) Partner’s capital accounts are opened when their capital accounts are	B) Fluctuating
	C) both
	D) none

Options

a) i) – A, ii) – C
b) i) – B, ii) – D
c) i) – C, ii) – A
d) i) – D, ii) – B

Ans:- a)
Explanation:-
In Fluctuating Capital Method, two accounts Partners Capital A/c and Partner’s Current A/c are maintained
In Fixed Capital Method, only Partner’s Capital A/c is prepared.

Match the following items:

Column – I	Column – II
i) Rent paid to a partner	A – Charge against profit
ii) Salary paid to partner	B – Appropriation of profit
	C – Both

Options

a) i) – A, ii) – B
b) i) – C, ii) – A
c) i) – B, ii) – C
d) i) – A, ii) – C

Ans:- a)
Explanation:-
Rent paid to a partner is charge against profit and is debited to Profit & Loss A/c. It is provided irrestpective of profit or loss of the firm.
On the other hand, salary paid to a partner is appropriation and is debited to Profit & Loss Appropriation A/c. It is provided if there is a profit in the firm.

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Match the following items:

Column – I	Column – II
i) When Partnership deed does not provide for interest on capital	A – Interest on capital is not allowed
ii) When Partnership deed provides for interest on capital but is silent on whether it is charge or appropriation	B – Interest on capital is allowed in all circumstances
	C – Interest on capital is allowed if only profit is their

a) i) – A, ii) – C
b) i) – B, ii) – B
c) i) – C, ii) – A

Ans:- a)
Explanation:-
When partnership deed is silent, interest on capital is not allowed.
If Partnership deed provides for interest on capital but silent about its treatment. then interest on capital is allowed only when there is profit in the firm.

Match the following items:

Column – I	Column – II
i) When drawings are made at the beginning of every quarter	A – 6 months
ii) When drawings are made in the middle of every quarter	B – 7.5 months
	C – 4.5 months

Options

a) i) – C, ii) – A
b) i) – B, ii) – A
c) i) – C, ii) – B
d) i) – A, ii) – C

Ans:- b)
Explanation:-
When Drawings are made at the beginning of every quarter
Average Months = 12 + 3 = 15/2 = 7.5 months
When drawings are made in the middle of every quarter
Average Months = 10.5 + 1.5 = 12/2 = 6 Months.

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If Interest on drawings is charged @12% p.a.

Column – I	Column – II
i) Partner withdrew ₹10,000 at the beginning of every month.	A – Interest on Drawings ₹7,200
ii) Partner withdrew ₹10,000 every month.	B – Interest on Drawings ₹3,000
iii) Partner withdrew ₹10,000 at the beginning of every quarter.	C – Interest on Drawings ₹7,800

Options

a) i) – C, ii) – A, iii) – B
b) i) – A, ii) – B, iii) – C
c) i) – B, ii) – C, iii) – A
d) i) – C, ii) – B, iii) – A

Ans:- a)
Explanation:-
At the beginning of every month
10,000 x 12 x 12% x 6.5/12 = ₹ 7,800
Every Month
10,000 x 12 x 12% x 6/12 = ₹ 7,200
At the beginning of each quarter
10,000 x 4 x 12% x 7.5/12 = ₹ 3,000

If interest on drawings is charged @8% p.a.

Column – I	Column – II
i) Interest on Drawings ₹8,800	A – Withdrew ₹20,000 at the beginning of every month
ii) Interest on Drawings ₹10,400	B – Withdrew ₹20,000 every month
iii) Interest on Drawings ₹9,600	C – withdrew ₹20,000 at the end of every month

Options

a) i) – C, ii) – A, iii) – B
b) i) – A, ii) – B, iii) – C
c) i) – B, ii) – A, iii) – C
d) i) – A, ii) – C, iii) – B

Ans:- a)
Explanation:-
At the beginning of every month
20,000 x 12 x 8% x 6.5/12 = ₹ 10,400
Withdrew Every Month
20,000 x 12 x 8% x 6/12 = ₹ 9,600
At the end of every month
20,000 x 12 x 8% x 5.5/12 = ₹ 8,800

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Match the following items:

Column – I	Column – II
i) Interest on capital allowed to partners	A – Profit and Loss A/c debited
ii) Interest on drawing charged by firm	B – Credited to partner’s capital A/c
	C – Debited to partner’s capital A/cs
	D – Profit and Loss A/c is Credited

Options

a) i) – B, ii) – C
b) i) – A, ii) – B
c) i) – C, ii) – A
d) i) – D, ii) – C

Ans:- a)

Match the following items:

Column – I	Column – II
i) Interest on Capital	A – Cr. Side of Profit and Loss Appropriation A/c
ii) Interest on Drawing	B – Dr. Side of Profit and Loss Appropriation A/c
iii) Interest on Partner’s Loan	C – Dr, side of Profit and Loss A/c

Options

a) i) – A, ii) – B, iii) – C
b) i) – B, ii) – A, iii) – C
c) i) – B, ii) – A, iii) – C
d) i) – C, ii) – B, iii) – A

Ans:- b)

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Match the following items:

Column – I	Column – II
i) In the absence of Partnership Deed, Interest on a Loan taken from a partner is allowed	A – 12% per annum
ii) In the absence of Partnership Deed interest on Drawing of a partner is charged	B – 6% per annum
	C – No Interest is charged

a) i) – A, ii) – B
b) i) – B, ii) – C
c) i) – B, ii) – A
d) i) – C, ii) – B

Ans:- b)

Match the following items:

Column – I	Column – II
i) – Drawings against profits	A – Debited to partner’s capital account
ii) Drawing against capital	B – Credited to partner’s capital account
	C – Debited to drawing account
	D – Credited to drawing account

Options

a) i) – C, ii) – D
b) i) – A, ii) – B
c) i) – C, ii) – A
d) i) – B, ii) – C

Ans:- c)
Explanation:-
Drawings out of profits reduces the profits thus a separate drawings account is opened. whereas, Drawings out of capital reduces the capital invested, thus capital account is debited.

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Match the following items:

Column – I	Column – II
i) A is entitled to a salary of ₹1,00,000 per annum and a commission of 10% of the net profit after charging his salary but before charging his commission. The net profit is ₹3,20,000. What will be the amount of A’s Commission	A – ₹32,000
ii) B is entitled to a commission of 10% on net profit after charging his commission. The Net Profit is ₹2,20,000 what will be the amount of B’s Commission	B – ₹22,000
	C – ₹20,000

Options

a) i) – A, ii) – C
b) i) – A, ii) – B
c) i) – C, ii) – A
d) i) – B, ii) – C

Ans:- d)
Explanation:-
Case (i)
Profit after salary = ₹ 3,20,000 – ₹ 1,00,000 = ₹ 2,20,000
A’s Commission = 2,20,000 x 10/100 = ₹ 22,000
Case (ii)
B’s Commission = 2,20,000 x 10/110 = ₹ 20,000.

Match the following items:

Column – I	Column – II
i) X and Y are partners. The net divisible profit as per profit & Loss Appropriation Account is ₹2,50,000. The total interest on partner’s drawings is ₹4,000. X’s salary is ₹4,000 per quarter and Y’s salary is ₹40,000 per annum. What will net profit or loss earned during the year.	(A) – ₹2,50,000
ii) X and Y are partners. The net divisible profit as per Profit & Loss Appropriation account is ₹2,50,000. The total interest on Partner’s drawings is ₹4,000. X’s salary is ₹4,000 per quarter and Y’s salary is ₹40,000 per annum. What will be Y’s share of Profit.	(B) – ₹1,25,000
	(C) – ₹3,02,000
	(D) – ₹3,06,000

Options

a) i) – A, ii) – B
b) i) – C, ii) – B
c) i) – B, ii) – D
d) i) – D, ii) – C

Ans:- b)
Explanation:-
Case (i)
Net Profit = Divisble Profit + X’s Salary + Y’s Salary – Partner’s Drawings
₹ 2,50,000 + ₹ 16,000 + ₹ 40,000 – ₹ 40,00 = ₹ 3,02,000
Case (ii)
Y’s share in profit = 2,50,000 x 1/2 = ₹ 1,25,000.

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Match the following Items:

Column – I	Column – II
i) Permanent Drawings	A – Credit side of Partner’s Current A/c
ii) Partner’s Salary	B – Debit side of Partner’s Capital A/c
iii) Fresh Capital Introduced	C – Debit side of Partner’s Current A/c
iv) Interest on Drawings	D – Credit side of Partner’s Capital A/c

Options

a) i) – C, ii) – A, iii) – B, iv) – D
b) i) – A, ii) – B, iii) – C, iv) – D
c) i) – B, ii) – A, iii) – D, iv) – C
d) i) – D, ii) – B, iii) – C, iv) – A

Ans:- c)

A firm does not have a partnership Deed. Based on this fact, Match the following:

Column – I	Column – II
i) Interest will be allowed @6% p.a.	A – Drawings of partners
ii) No interest will be allowed	B – Net loss of the firm for an accounting year
(iii) No interest will be charged	C – Capitals contributed by the partners
iv) Partners shall share equally	D – Loan given by a partner to the firm.

Options

a) i) – B, ii) – A, iii) – D, iv) – C
b) i) – A, ii) – B, iii) – C, iv) – D
c) i) – D, ii) – C, iii) – A, iv) – B
d) i) – C, ii) – B, iii) – A, iv) – D

Ans:- c)

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Match the following items:

Column – I	Column – II
i) Partnership Deed	A – 50
ii) Maximum number of partners	B – 6% p.a.
iii) Interest on partner’s loan	C – a statement
iv) Balance Sheet	D – Written Agreement

Options

a) i) – C, ii) – D, iii) – B, iv) – A
b) i) – A, ii) – B, iii) – C, iv) – D
c) i) – B, ii) – C, iii) – A, iv) – D
d) i) – D, ii) – A, iii) – B, iv) – C

Ans:- d)

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