Accountancy of partnership MCQ Quiz Questions with Answers for Class 12
Categories: Intermediate class MCQ Accountancy
Accountancy of partnership MCQ Quiz Questions with Answers for Class 12
Q1. Features of a partnership firm are:
- Two or more persons
- Sharing profit and losses in the agreed ratio
- Business carried on by all or any of them acting for all
- All of the above
Answer: (d)
Q2. What time would be taken into consideration if equal monthly amount is drawn as drawings at the beginning of each month ?
- 7 months
- 6 months
- 5 months
- 6.5 months
Answer: (d)
Q3. 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:
- ₹ 325
- ₹ 275
- ₹ 300
- ₹ 350
Answer: (b)
Q4. In the absence of an agreement, partners are entitled to:
- Salary
- Profit share in capital ratio
- Interest on loan and advances
- Commission
Answer: (c)
Q5. Fluctuating capital account is credited with :
- Interest on capital
- Profit of the year
- Remuneration of partners
- All of these
Answer: (d)
Q6. Interest on Partner’s capital is :
- An expenditure
- An appropriation
- A gain
- None of these
Answer: (b)
Q7. Calculate interest on drawings @ 12% p.a. for Gambhir if he withdrew 7 2,000 once at the beginning of each month:
- 7 1,560
- 7 1,500
- 7 1,200
- 7 1,000
Answer: (a)
Q8. Interest on drawings of the Partners is a :
- Loss to business
- Profit to business
- Profit to partners
- Loss to Bank
Answer: (b)
Q9. The relation of partners with the firm is that of:
- An owner
- An Agent
- An owner and an agent
- Manager
Answer: (c)
Q10.Liability of Partners is :
- Limited
- Unlimited
- Determined by partnerships Account
- None of these
Answer: (b)