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 - 3
Question 1:Â
Liability of a partner in LLP is ________
(a) limited
(b) unlimited
(c) not defined in the law
(d) limited to the capital only
Correct Answer – (A)
Question 2:Â
Maximum number of partners in a partnership firm can be ________
(a) 50
(b) 20
(c) 100
(d) no limit
Correct Answer – (D)
Question 3:Â
Profit will be divided in ________ in the absence of partnership deed.
(a) 1 : 1
(b) 2 : 1
(c) 1 : 2
(d) equal ratio
Correct Answer – (D)
Question 4:Â
Partnership deed may be _______
(a) oral
(b) written
(c) duplicate
(d) either written or oral
Correct Answer – (D)
Question 5:Â
In the absence of express agreement, interest @ 6% p.a. is provided :
(A) On opening balance of partner’s capital accounts
(B) On closing balance of partner’s capital accounts
(C) On loan given by partners to the firm
(D) On opening balance of partner’s current accounts
Correct Answer – (C)
MCQ Questions Class 12 Accounting for Partnership – Basic Concepts With Answers
Question 6:Â
When there is no partnership deed then provisions of partnership act ________ willbe applicable.
(a) 1956
(b) 1912
(c) 1932
(d) 1949
Correct Answer – (C)
Question 7:Â
In a partnership, liability of all partners is _________
(a) unlimited
(b) limited
(c) according to capital
(d) decided by company act
Correct Answer – (A)
Question 8:Â
If no agreement is made by partners then interest on loan will be given @ _________
(a) 5% p.a.
(b) 6% p.a.
(c) no interest
(d) 7% p.a
Correct Answer – (B)
Question 9:Â
A and B are partners. According to Profit and Loss Account, the net profit for the year is ₹2,00,000. The total interest on partner’s drawings is ₹1,000. As salary is ₹40,000 per year and B’s salary is ₹3,000 per month. The net profit as per Profit and Loss Appropriation Account will be :
(A) ₹1,23,000
(B) ₹1,25,000
(C) ₹1,56,000
(D) ₹1,58,000
Correct Answer – (B)
Question 10:Â
Charulata is a partner in a firm. She withdrew ₹10,000 in each quarter during the year ended 31st March, 2019. Interest on her drawings @ 9% p.a. will be:
(A) ₹1,350
(B) ₹2,250
(C) ₹900
(D) ₹1,800
