Accountancy MCQ Class 12 Chapter 2 | Accounting for Partnership: Basic Concepts | Accountancy Quiz for Class 12 and Other Competitive Exams

Accountancy MCQ Class 12 Chapter 2: Check the below NCERT MCQ Questions for Accountancy MCQ Class 12 Chapter 2 with Answers Pdf free download. Accountancy MCQ Class 12 Chapter 2 Questions for Accountancy with Answers were prepared based on the latest exam pattern. We have provided Accountancy MCQ Class 12 Chapter 2 with Answers to help students understand the concept very well.

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Accountancy MCQ Class 12 Chapter 2


1. Interest on drawings of the Partners is a :
(a) Loss to business
(b) Profit to business
(c) Profit to partners
(d) Loss to Bank

View Answer

(b) Profit to business


2. The current account of the partners will always have _______.
(a) Credit balance
(b) Either of the two
(c) Debit balance
(d) None of the above

View Answer

(b) Either of the two


3. Interest on Partner’s capital is :
(a) An expenditure
(b) An appropriation
(c) A gain
(d) None of these

View Answer

(b) An appropriation


4. Which one is not the feature of partnership?
(a) Sharing of profit
(b) Limited liability
(c) Two or more than two persons
(d) Agreement

View Answer

(b) Limited liability


5. The relation of partners with the firm is that of:
(a) An owner
(b) An Agent
(c) An owner and an agent
(d) Manager

View Answer

(c) An owner and an agent


6. Partners’ current accounts are opened when their capital is:
(a) Fixed
(b) Fluctuating
(c) Both (a) and (b)
(d) None of these

View Answer

(a) Fixed


7. When the time of withdrawals is not mentioned, interest on drawings is charged ______.
(a) For 8 months
(b) For 24 months
(c) For 12 months
(d) For 6 months

View Answer

(d) For 6 months

Withdrawals are not mentioned interest on drawing is charged for 6 month.


8. Partnership deed is also called ______.
(a) Articles of Association
(b) Principles of Partnership
(c) Articles of Partnership
(d) Prospectus

View Answer

(c) Articles of Partnership


9. Partner’s salary is debited to :
(a) Trading Account
(b) Profit and Loss Account
(c) Profit & Loss Appropriation Account
(d) None of these

View Answer

(c) Profit & Loss Appropriation Account


10. The interest on capital accounts of partners under the fixed capital method is to be credited to ______.
(a) Profit and loss A/c
(b) Interest A/c
(c) Partner’s current A/c
(d) Partner’s capital A/c

View Answer

(c) Partner’s current A/c


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