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 - 5
Question 1:Â
Fluctuating capital account is credited with :
(a) Interest on capital
(b) Profit of the year
(c) Remuneration of partners
(d) All of these
Correct Answer – (D)
Question 2:Â
A draws ₹ 1,000 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 :
(a) ₹ 325
(b) ₹ 275
(c) ₹ 300
(d) ₹ 350
Correct Answer – (B)
Question 3:Â
Features of a partnership firm are:
(a) Two or more persons
(b) Sharing profit and losses in the agreed ratio
(c) Business carried on by all or any of them acting for all
(d) All of the above
Correct Answer – (D)
Question 4:Â
Partners Current Account have _________
(a) debit balance
(b) credit balance
(c) debit or credit
(d) debit and credit
Correct Answer – (C)
Question 5:Â
When question is silent about the date of withdrawal of drawing then Interest will becalculated for ________
(a) 6 months
(b) 1 month
(c) 6½ months
(d) 1 year
Correct Answer – (A)
MCQ Questions Class 12 Accounting for Partnership – Basic Concepts With Answers
Question 6:Â
In the absence of an agreement, partners are entitled to:
(a) Salary
(b) Profit share in capital ratio
(c) Interest on loan and advances
(d) Commission
Correct Answer – (C)
Question 7:Â
What time would be taken into consideration if equal monthly amount is drawn as drawings at the beginning of each month ?
(a) 7 months
(b) 6 months
(c) 5 months
(d) 6.5 months
Correct Answer – (D)
Question 8:Â
In the absence of partnership deed how much interest will be given on capital?
(a) 5% p.a.
(b) 6% p.a.
(c) 7% p.a.
(d) No interest
Correct Answer – (D)
Question 9:Â
If partnership deed mention that interest will be given 6% p.a. interest will be given _________
(a) out of profits only
(b) definitely
(c) out of losses
(d) with the permission of all partners
Correct Answer – (A)
Question 10:Â
In the absence of partnership deed partners are entitled to receive __________
(a) Interest on Capital
(b) Interest on Loan
(c) Salary
(d) Commission
