Accountancy MCQ Class 12 Chapter 2 | Accounting for Partnership: Basic Concepts | Accountancy Quiz for Class 12 and Other Competitive Exams
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Accountancy MCQ Class 12 Chapter 2
1. Interest on drawings of the Partners is a : (b) Profit to business
(a) Loss to business
(b) Profit to business
(c) Profit to partners
(d) Loss to Bank
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2. The current account of the partners will always have _______. (b) Either of the two
(a) Credit balance
(b) Either of the two
(c) Debit balance
(d) None of the above
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3. Interest on Partner’s capital is : (b) An appropriation
(a) An expenditure
(b) An appropriation
(c) A gain
(d) None of these
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4. Which one is not the feature of partnership? (b) Limited liability
(a) Sharing of profit
(b) Limited liability
(c) Two or more than two persons
(d) Agreement
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5. The relation of partners with the firm is that of: (c) An owner and an agent
(a) An owner
(b) An Agent
(c) An owner and an agent
(d) Manager
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6. Partners’ current accounts are opened when their capital is: (a) Fixed
(a) Fixed
(b) Fluctuating
(c) Both (a) and (b)
(d) None of these
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7. When the time of withdrawals is not mentioned, interest on drawings is charged ______. (d) For 6 months Withdrawals are not mentioned interest on drawing is charged for 6 month.
(a) For 8 months
(b) For 24 months
(c) For 12 months
(d) For 6 months
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8. Partnership deed is also called ______. (c) Articles of Partnership
(a) Articles of Association
(b) Principles of Partnership
(c) Articles of Partnership
(d) Prospectus
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9. Partner’s salary is debited to : (c) Profit & Loss Appropriation Account
(a) Trading Account
(b) Profit and Loss Account
(c) Profit & Loss Appropriation Account
(d) None of these
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10. The interest on capital accounts of partners under the fixed capital method is to be credited to ______. (c) Partner’s current A/c
(a) Profit and loss A/c
(b) Interest A/c
(c) Partner’s current A/c
(d) Partner’s capital A/c
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