Class 12 Accounts MCQ
1 . The written agreement among the partners is called
a) Partnership Deed.
b) Partnership bye-laws.
c) Partnership Construction.
d) a contract
Ans . a
2 . The liability of the partners in a partnership firm under Indian Partnership Act, 1932 is
a) limited
b) Unlimited
c) No liability
d) Depending on the situation
Ans . b
3 . Interest on Capital is allowed on
a) The opening capital
b) the capital at the year end
c) average capital of the year
d) the capital in the middle of the year
Ans . a
4 . In the absence of the Partnership Deed, Interest on Capital
a) is allowed @6% per annum,
b) is allowed @ 10% per annum,
c) is allowed at the borrowing rate .
d) is not allowed.
Ans . d
5 . In case of fixed capitals, partners will have
a) credit balances in their Capital Account.
b) debit balance in their Capital Account.
c) may have credit or debit balance in their Capital Accounts.
d) credit balance or nil balance in their Capital Accounts.
Ans . d
6 . In case of fixed capitals, interest on capital
a) is credited to partner's Capital Account.
b) is credited to partner's Current Account.
c) may be credited to partner's Capital or Current Account.
d) is debited to partner's Capital Account.
Ans . b
7 . Pick the odd out of the following:
a) Rent to partner.
b) Manager's Commission.
c) Interest on partner's Loan
d) Interest on partners
Ans . d
8 . Current Account of partners are maintained if
a) capital are fixed .
b) capital are fluctuation.
c) capital are fixed or fluctuating.
d) it is decided by the partners.
Ans . a
9 . In the absence of partnership Deed, profit of a firm is divided among the partners
a) in the ratio of capital
b) Equally
c) in the ratio of time devoted for the firm's business
d) according to the managerial abilities of the partners.
Ans . b
10 . Mohit and Rohit were partners in a firm with capital of 80,000 and 40,000 rupees respectively. The firm earned a profit of 30,000 during the year. Mohit share in the profit will be
a) 20,000 rupees.
b) 10,000 rupees.
c) 15,000 rupees.
d) 18,000 rupees.
Ans . c
11 . When guarantee is given to partner by some partners, deficiency on such guarantee will be borne by
a) All of the other partners.
b) Partnership firm.
c) Partner who gave the guarantee
d) None of the partners
Ans . c
12 . Which of the following items is not dealt through profit and loss Appropriation Account?
a) Interest on partners loan
b) partners salary
c) Interest on partners Capital
d) partners commission
Ans . a
13 . Which of the following items will not be shown in the debit of Profit and loss Appropriation Account?
a) Interest on Capital
b) Commission to a partner
c) Interest on Drawing
d) Salary to partner's
Ans . c
14 . Which of the following is not an essential features of partnership?
a) An agreement,oral or written, should exist among the partners.
b) Agreement should be to carry on lawful business
c) All the partners should contribute capital in the firm
d) There should be at least two partners.
Ans . c
15 . As per Indian Partnership Act, 1932 if partnership deed does not exist partners are entitled to
a) Salary
b) Interest on Capital
c) Equal Profit Share.
d) Commission.
Ans . c
16 . Relationship between the partners is of
a) Close relatives.
b) Agent and principal.
c) Junior-senior relationship.
d) Senior-subordinate Relationship
Ans . b
17 . A manager gets 5% Commission on net profit after charging such commissions gross profit 5,80,000 rupees and expenses of indirect nature other than the managers Commission are 1,60,000 . Commission amount will be .
a) 21,000 rupees
b) 20,000 rupees
c) 15,000 rupees
d) 22,000 rupees
Ans . b
18 . X.Y and Z are partners in a firm sharing profits and losses in the ratio of 6: 4:1.X guaranteed a profit of 15,000 to Z. The net profit for the year ending 31st March, 2019 was 99,000 rupees. X's share in the profit of the firm will be
a) 30,000 rupees
b) 15,000 rupees
c) 48,000 rupees
d) 45,000 rupees
Ans . c
19 . In the absence of partnership agreement , interest on drawing of a partner is c
a) @ 8% per annum
b) @ 9% per annum
c) @ 12% per annum
d) @ No interest is charged
Ans . d
20 . In the absence of partnership; interest on loan of a partner is allowed
a) @ 8% per annum
b) @ 6% per annum
c) No interest is allowed
d) @ 12% per annum
Ans . b
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