CBSE Class 12 Accounting for Partnership – Basic Concepts Multiple Choice Questions with Answers. MCQ Questions Class 12 Accounting for Partnership – Basic Concepts with Answers Is Prepared Based on Latest Exam Pattern. Students can solve NCERT MCQ questions Class 12 Accounting for Partnership – Basic Concepts with Answers to know their preparation level.
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MCQ Questions Class 12 Accounting for Partnership - Basic Concepts with Answers - Set - 2
Question 1:Â
If a fixed amount is withdrawn by a partner in each quarter, interest on the total amount is charged for ___________ months
(A) 3
(B) 6
(C) 4.5
(D) 7.5
Correct Answer – (B)
Question 2:Â
Where will you record interest on drawings :
(A) Debit Side of Profit & Loss Appropriation Account
(B) Credit Side of Profit & Loss Appropriation Account
(C) Credit Side of Profit & Loss Account
(D) Debit Side of Capital/Current Account only
Correct Answer – (B)
Question 3:Â
If the Partners’ Capital Accounts are fixed ‘salary payable to partner’will be recorded :
(A) On the debit side of Partners’ Current Account
(B) On the debit side of Partners’ Capital Account
(C) On the credit side of Partners’ Current Account
(D) None of the above
Correct Answer – (C)
Question 4:Â
A, B and C are partners. A’s capital is ₹3,00,000 and B’s capital is ₹1,00,000. C has not invested any amount as capital but he alone manages the whole business. C wants RS30,000 p.a. as salary. Firm earned a profit of ₹1,50,000. How much will be each partner’s share of profit:
(A) A ₹60,000; B ₹60,000; C ₹Nil
(B) A ₹90,000; B ₹30,000; C ₹Nil
(C) A ₹40,000; B ₹40,000 and C ₹40,000
(D) A ₹50,000; B ₹50,000 and C ₹50,000.
Correct Answer – (D)
Question 5:Â
On 1st January 2019, a partner advanced a loan of ₹1,00,000 to the firm. In the absence of agreement, interest on loan on 31st March 2019 will be :
(A) Nil
(B) ₹1,500
(C) ₹3,000
(D) ₹6,000
Correct Answer – (B)
MCQ Questions Class 12 Accounting for Partnership – Basic Concepts With Answers
Question 6:Â
If a fixed amount is withdrawn by a partner in the middle of every month, interest on the total amount is charged for ___________ months
(A) 6
(B) 6 (1/2)
(C) 5 (1/2)
(D) 12
Correct Answer – (C)
Question 7:Â
Interest on Partner’s drawings will be debited to :
(A) Profit and Loss Account
(B) Profit and Loss Appropriation Account
(C) Partner’s Current Account
(D) Interest Account
Correct Answer – (C)
Question 8:Â
Seeta and Geeta are partners sharing profits and losses in the ratio 4 : 1. Meeta was manager who received the salary of ₹4,000 p.m. in addition to a commission of 5% on net profits after charging such commission. Profit for the year is ₹6,78,000 before charging salary. Find the total remuneration of Meeta.
(A) ₹78,000
(B) ₹88,000
(C) ₹87,000
(D) ₹76,000
Correct Answer – (A)
Question 9:Â
Intangible Assets ( Goodwill ) has been defined in :
(a) AS 16
(b) AS 20
(c) AS 26
(d) AS 21Â
Correct Answer – (C)
Question 10:Â
X, Y, and Z are partners in a firm. At the time of division of profit for the year, there was dispute between the partners. .Profit before interest on partner’s capital was ₹6,000 and Y determined interest @24% p.a. on his loan of ₹80,000. There was no agreement on this point. Calculate the amount payable to X, Y, and Z respectively.
(A) ₹2,000 to each partner.
(B) Loss of ₹4,400 for X and Z; Twill take ₹14,800.
(C) ₹400 for A, ₹5,200 for Land ₹400 for Z.
(D) None of the above.
