NCERT Class 12 Accountancy MCQ Chapter 1 Accounting for Partnership: Basic Concepts Solutions, AHSEC Class 12 Accountancy Multiple Choice Question Answer to each chapter is provided in the list so that you can easily browse throughout different chapters NCERT Class 12 Accountancy MCQ Chapter 1 Accounting for Partnership: Basic Concepts Question Answer and select needs one.
NCERT Class 12 Accountancy MCQ Chapter 1 Accounting for Partnership: Basic Concepts
Also, you can read the SCERT book online in these sections NCERT Class 12 Accountancy Multiple Choice Solutions by Expert Teachers as per SCERT (CBSE) Book guidelines. AHSEC Class 12 Accountancy MCQ Solutions. These solutions are part of SCERT All Subject Solutions. Here we have given HS 2nd Year Accountancy Objective Type Question Answer for All Subjects, You can practice these here.
Accounting for Partnership: Basic Concepts
Chapter: 1
| PART – Ⅰ |
MULTIPLE CHOICE QUESTION ANSWER
1. Profit will be divided in ____________ in the absence of partnership deed.
(i) 1 : 1
(ii) 2 : 1
(iii) 1 : 2
(iv) Equal ratio.
Ans: (iv) Equal ratio.
2. Maximum number of partners in a partnership firm can be _____________.
(i) 50
(ii) 20
(iii) 100
(iv) None of the above.
Ans: (i) 50
3. The partnership firm comes into existence when:
(i) One person decides to start a business.
(ii) Two or more persons come together to start a business and share profits.
(iii) A company issues shares.
(iv) A sole proprietor expands his business.
Ans: (ii) Two or more persons come together to start a business and share profits.
4. If there is no specific agreement on certain matters between partners, which law provides the applicable provisions?
(i) Indian Contract Act, 1872.
(ii) Indian Partnership Act, 1932.
(iii) Companies Act, 2013.
(iv) Consumer Protection Act, 2019.
Ans: (ii) Indian Partnership Act, 1932.
5. Which of the following terms refers to the amount charged on money withdrawn by partners for personal use?
(i) Interest on capital.
(ii) Interest on drawings.
(iii) Dividend payout.
(iv) Profit sharing ratio.
Ans: (ii) Interest on drawings.
6. Under Section 464 of the Companies Act, 2013, what is the maximum number of partners allowed in a partnership firm as prescribed by the Central Government?
(i) 10
(ii) 20
(iii) 50
(iv) 100
Ans: (iii) 50
7. Liability of a partner in LLP is ______________.
(i) Limited.
(ii) Unlimited.
(iii) Not defined in the law.
(iv) Limited to the capital only.
Ans: (i) Limited.
8. In a partnership, if two people jointly own a piece of land without intending to run a business, they are:
(i) Partners.
(ii) Co-owners.
(iii) Agents.
(iv) Mutual holders.
Ans: (ii) Co-owners.
9. The partnership deed specifies that partner A is to receive a salary of Rs. 10,000 per month. If the firm earns a profit of Rs. 1,80,000 in the year, how much profit will be available for distribution among the partners (ignoring other expenses)?
(i) Rs. 1,80,000
(ii) Rs. 1,20,000
(iii) Rs. 2,40,000
(iv) Rs. 1,50,000
Ans: (ii) Rs. 1,20,000
10. Current accounts are opened if capital is ______________.
(i) Fixed.
(ii) Fluctuating.
(iii) Not contributed.
(iv) Fixed or fluctuating.
Ans: (i) Fixed.
11. If a partner lends money to the firm, they are entitled to interest on the loan at:
(i) 6% per annum.
(ii) 10% per annum.
(iii) The bank’s interest rate.
(iv) As per the profit-sharing ratio.
Ans: (i) 6% per annum.
12. A and B are partners in a firm. The profit-sharing ratio is 3:2. The firm earned a profit of Rs. 50,000. What is the share of profit for partner A?
(i) Rs. 30,000
(ii) Rs. 35,000
(iii) Rs. 20,000
(iv) Rs. 25,000
Ans: (i) Rs. 30,000
13. A partnership deed should be prepared in accordance with the provisions of the:
(i) Partnership Act.
(ii) Stamp Act.
(iii) Companies Act.
(iv) Income Tax Act.
Ans: (ii) Stamp Act.
14. Balance of capital (fix) accounts may be ____________.
(i) Dr.
(ii) Cr.
(iii) Dr. or Cr.
(iv) Cr. and Dr.
Ans: (iii) Dr. or Cr.
15. Partner X has contributed Rs. 50,000 as capital, and Partner Y has contributed Rs. 70,000. If the partnership deed specifies that profits are to be shared in the ratio of capital contribution, what will be Partner X’s share of a profit of Rs. 60,000?
(i) Rs. 25,000
(ii) Rs. 30,000
(iii) Rs. 20,000
(iv) Rs. 18,000
Ans: (ii) Rs. 30,000
