NCERT Class 12 Accountancy MCQ : Accounting for Partnership: Basic Concepts
Embark on a strategic exploration of financial collaborations with our MCQs page dedicated to ‘Accounting for Partnership – Basic Concepts.’ Carefully curated from previous year papers, including prestigious sectors like UPSC IAS and more, this resource provides a comprehensive overview of the fundamental principles governing financial partnerships.
These Multiple Choice Questions are intricately designed to challenge and enhance your understanding of partnership accounting essentials, covering topics such as profit sharing, capital maintenance, and financial reporting for collaborative ventures. Whether you’re an accounting enthusiast or gearing up for competitive exams, these questions offer a strategic approach to mastering the nuances of financial partnerships.
Prepare confidently for exams with questions sourced from various sectors, ensuring a well-rounded grasp of the nuanced interactions between partners, financial transactions, and collaborative success metrics. Each MCQ serves as a key to unlocking insights into the diverse aspects of ‘Accounting for Partnership,’ mirroring the depth of knowledge required for success in competitive examinations.
Immerse yourself in the principles of partnership accounting, confident in your ability to navigate through MCQs that mirror the intricate dynamics of this pivotal financial concept. Our resource, drawn from previous year papers, acts as a roadmap for exam success, offering both knowledge enrichment and strategic insights.
NCERT Class 12 Accountancy : Accounting for Partnership: Basic Concepts MCQ – NCERT Class 12 MCQ
Question:
Features of a partnership firm are:
A
B
C
D
Question:
What time would be taken into consideration if equal monthly amount is drawn as drawings at the beginning of each month ?
A
B
C
D
Question:
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 :
A
B
C
D
Question:
In the absence of an agreement, partners are entitled to
A
B
C
D
Question:
Fluctuating capital account is credited with
A
B
C
D
Question:
Interest on Partner’s capital is :
A
B
C
D
Question:
Calculate interest on drawings @ 12% p.a. for Gambhir if he withdrew 7 2,000 once at the beginning of each month
A
B
C
D
Question:
Interest on drawings of the Partners is a :
A
B
C
D
Question:
The relation of partners with the firm is that of
A
B
C
D
Question:
Liability of Partners is :
A
B
C
D
Question:
Partners’ current accounts are opened when their capital is:
A
B
C
D
Question:
The interest on partner’s drawings is debited to:
A
B
C
D
Question:
Interest on advance given to the firm is :
A
B
C
D
Question:
Interest on loan is :
A
B
C
D
Question:
Partner’s salary is debited to :
A
B
C
D
Question:
Partnership may be :
A
B
C
D
Question:
Partnership Deed is also called
A
B
C
D
Question:
In which year did the Partnership Act passed ?
A
B
C
D
Question:
Calculate interest on drawing @12% p.a. for Abhishek if he withdraw ₹ 2,000 once in month :
A
B
C
D
Question:
The interest on capital accounts of partners under fixed capital method is to be credited to:
