Important MCQs of Fundamentals of Partnership Chapter Accountancy Class 12

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Looking for Important MCQs (Multiple Choice Questions) of Fundamentals of Partnership Chapter of Accountancy Class 12 CBSE, ICSE, and other State Board.

This chapter is also known as Accounting for partnership firm Basic concepts (fundamentals) as per the NCERT Book.

Multiple Choice Questions of Accounting for Partnership firm Basic concepts chapter of class 12 Accountancy

1. If partnership deed is silent or has not been formulated, then partners are entitled for

a) Salary
b) Commission
c) Interest on the loan
d) Profit share in capital ratio

Ans:- c)

2. In partnership business, partner’s liability is:-

a) in proportion to profit/loss
b) in proportion to capital
c) limited
d) unlimited

Ans:- d)

3. If a partner individually carries on any business of the same nature as competing with that to the firm, he shall account for

a) retire from partnership
b) all profits made by him
c) dissolve the firm
d) None of the above

Ans:- b)

4. In a partnership, manager’s commission is shown in

a) profit and loss account
b) Profit and loss appropriation account
c) Balance Sheet
d) None of the above

Ans:- a)

5. In a partnership, interest on partner’s capital is:-

a) debited to profit and loss appropriation account
b) credited to profit and loss appropriation account
c) debited to profit and loss account
d) credited to profit and loss account

Ans:- a)

6. If a partner draws a fixed amount on the first day of every month, then for what period the interest on total drawings is calculated?

a) 5.5 months
b) 6.5 months
c) 6 month
d) None of these

Ans:- b)

7. A and B were partners is a firm. They share their profits in the ratio of 2:1. A withdraws an amount of ₹2000 on 1st July, 2017. Journalise it.

a) Profit and Loaa Appropriation A/c Dr 2000
To A’s capital A/c 2000

b) A’s Capital A/c Dr 2000 Dr 2000
To Profit and Loss A/c 2000

c) A’s Drawings A/c Dr 2000
To Cash/Bank A/c 2000

d) A’s Capital A/c Dr 2000
To A’s Drawings A/c 2000

Ans:- c)

8. Gupta and Bansal are partners in a firm. Gupta withdrew ₹800 per month at the begining of every month for 6 months ending on 31st December, 2017. Bansal withdraw ₹800 per month at the end of every month for 6 months ending on 31st December, 2017. Calculate interest on drawings @15% per annum on 31st December, 2017.

a) Gupta = ₹320, Bansal = ₹280
b) Gupta = ₹180, Bansal = ₹220
c) Gupta = ₹720, Bansal = ₹720
d) Gupta = ₹210, Bansal = ₹150

Ans:- d)

9. When fluctuating capital method is used, which of the following items are shown in debis side of partner’s capital account?

a) Opening debit balance of capital account
b) Drawings
c) Interest on drawings
d) All of the above

Ans:- d)

10. A and B were partners in a firm. They share profits in the ratio of 2:3. Their capital account balance as on 1st April, 2017 was ₹10,00,000 and ₹20,00,000. Additional capital introduced by them, A = ₹3,00,000, B = ₹2,00,000. Journalise it.

a) Bank A/c Dr. 5,00,000
To A’s Capital A/c 3,00,000
To B’s Capital A/c 2,00,000

b) A’s Capital A/c Dr. 3,00,000
B’s Capital A/c 2,00,000
C’s Capital A/c 5,00,000

c) A’s Capital A/c Dr. 3,00,000
To Bank A/c 3,00,000

d) B’s Capital A/c Dr. 2,00,000
To Bank A/c 2,00,000

Ans – a)

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