{"id":7510,"date":"2023-11-24T20:16:43","date_gmt":"2023-11-24T14:46:43","guid":{"rendered":"https:\/\/edunovations.com\/mcqs\/?p=7510"},"modified":"2023-11-24T20:17:44","modified_gmt":"2023-11-24T14:47:44","slug":"ncert-class-12-accountancy-mcq-2","status":"publish","type":"post","link":"https:\/\/edunovations.com\/mcqs\/ncert-class-12-accountancy-mcq-2\/","title":{"rendered":"NCERT Class 12 Accountancy\u00a0MCQ :\u00a0Accounting for Partnership: Basic Concepts"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/edunovations.com\/mcqs\/ncert-class-12-accountancy-mcq-2\/#NCERT_Class_12_Accountancy_MCQ_Accounting_for_Partnership_Basic_Concepts\" >NCERT Class 12 Accountancy&nbsp;MCQ :&nbsp;Accounting for Partnership: Basic Concepts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/edunovations.com\/mcqs\/ncert-class-12-accountancy-mcq-2\/#NCERT_Class_12_Accountancy_Accounting_for_Partnership_Basic_Concepts_MCQ_%E2%80%93_NCERT_Class_12_MCQ\" >NCERT Class 12 Accountancy&nbsp;: Accounting for Partnership: Basic Concepts MCQ &#8211; NCERT Class 12 MCQ<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edunovations.com\/mcqs\/ncert-class-12-accountancy-mcq-2\/#Some_Important_Links\" >Some Important Links<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NCERT_Class_12_Accountancy_MCQ_Accounting_for_Partnership_Basic_Concepts\"><\/span>NCERT Class 12 <strong>Accountancy&nbsp;<\/strong>MCQ :&nbsp;Accounting for Partnership: Basic Concepts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Embark on a strategic exploration of financial collaborations with our MCQs page dedicated to &#8216;Accounting for Partnership &#8211; Basic Concepts.&#8217; 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.<\/p>\n\n\n\n<p>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&#8217;re an accounting enthusiast or gearing up for competitive exams, these questions offer a strategic approach to mastering the nuances of financial partnerships.<\/p>\n\n\n\n<p>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 &#8216;Accounting for Partnership,&#8217; mirroring the depth of knowledge required for success in competitive examinations.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NCERT_Class_12_Accountancy_Accounting_for_Partnership_Basic_Concepts_MCQ_%E2%80%93_NCERT_Class_12_MCQ\"><\/span>NCERT Class 12 <strong><strong><strong><strong><strong>Accountancy&nbsp;<\/strong><\/strong><\/strong><\/strong><\/strong>: Accounting for Partnership: Basic Concepts MCQ<strong> &#8211; NCERT Class 12 MCQ<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<style>\r\n    \/* Quiz container *\/\r\n    .quiz-container {\r\n        max-width: 800px;\r\n        margin: 0 auto;\r\n        padding: 20px;\r\n        box-sizing: border-box;\r\n        font-family: Arial, sans-serif;\r\n    }\r\n\r\n    \/* Question *\/\r\n    .question {\r\n        background-color: #f9f9f9;\r\n        padding: 20px;\r\n        border: 1px solid #ccc;\r\n        font-size: 20px;\r\n        margin-bottom: 20px;\r\n        border-radius: 5px;\r\n        box-shadow: 0 2px 4px rgba(0, 0, 0, 0.1);\r\n        position: relative;\r\n    }\r\n\r\n    \/* Question header *\/\r\n    .question h4 {\r\n        margin-bottom: 20px;\r\n    }\r\n\r\n    \/* Options list *\/\r\n    .options {\r\n        list-style-type: none;\r\n        padding: 0;\r\n    }\r\n\r\n    \/* Option item *\/\r\n    .options li {\r\n        margin: 10px;\r\n        padding: 10px;\r\n        display: flex;\r\n        align-items: center;\r\n        border-radius: 5px;\r\n        border: 2px solid #ccc;\r\n        box-shadow: 0 2px 4px rgba(0, 0, 0, 0.1);\r\n    }\r\n\r\n    \/* Option number *\/\r\n    .options li span {\r\n        margin-right: 10px;\r\n        width: 20px;\r\n        height: 20px;\r\n        border-radius: 50%;\r\n        border: 2px solid black;\r\n        display: flex;\r\n        justify-content: center;\r\n        align-items: center;\r\n        font-weight: bold;\r\n    }\r\n\r\n    \/* Option colors *\/\r\n    .options li span.option-a {\r\n        background-color: #FFD700; \/* Yellow *\/\r\n    }\r\n\r\n    .options li span.option-b {\r\n        background-color: #FF1493; \/* Pink *\/\r\n    }\r\n\r\n    .options li span.option-c {\r\n        background-color: #00BFFF; \/* Light Blue *\/\r\n    }\r\n\r\n    .options li span.option-d {\r\n        background-color: #7CFC00; \/* Green-Yellow *\/\r\n    }\r\n\r\n    .options li span.option-e {\r\n        background-color: #EE82EE; \/* Purple-Pink *\/\r\n    }\r\n\r\n    \/* Show answer button *\/\r\n    .show-answer {\r\n        background-color: #0066CC;\r\n        color: #fff;\r\n        border: none;\r\n        padding: 8px 20px;\r\n        font-size: 20px;\r\n        cursor: pointer;\r\n        border-radius: 3px;\r\n        text-align: center;\r\n        display: inline-block;\r\n        margin-bottom: 20px;\r\n    }\r\n\r\n    \/* Answer box *\/\r\n    .answer-box {\r\n        margin: 0 auto;\r\n        padding: 10px;\r\n        font-size: 20px;\r\n        color: #61970F;\r\n        box-sizing: border-box;\r\n        display: none;\r\n    }\r\n\r\n    \/* Question header *\/\r\n    .quiz-container .question-header {\r\n        color: darkblue;\r\n        font-weight: bold;\r\n        margin-right: 10px;\r\n    }\r\n\r\n    \/* Question header and text *\/\r\n    .quiz-container .question-header,\r\n    .quiz-container .question-text {\r\n        display: inline;\r\n        font-weight: bold;\r\n    }\r\n\r\n    \/* Responsive styles *\/\r\n    @media (max-width: 767px) {\r\n        .quiz-container {\r\n            padding: 10px;\r\n        }\r\n    }\r\n<\/style>\r\n<div class=\"quiz-container\">\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Features of a partnership firm are:\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99598\">Two or more persons<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99598\">Sharing profit and losses in the agreed ratio<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99598\">Business carried on by all or any of them acting for all<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99598\">All of the above<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"d\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">What time would be taken into consideration if equal monthly amount is drawn as drawings at the beginning of each month ?\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99599\">7 months<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99599\">6 months<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99599\">5 months<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99599\">6.5 months<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"d\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">A draws \u20b9 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 :<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99600\">\u20b9 325<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99600\"> \u20b9 275<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99600\">\u20b9 300<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99600\">\u20b9 350<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">In the absence of an agreement, partners are entitled to<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99601\">Salary<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99601\">Profit share in capital ratio<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99601\">Interest on loan and advances<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99601\">Commission<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Fluctuating capital account is credited with<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99602\">Interest on capital<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99602\">Profit of the year<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99602\">Remuneration of partners<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99602\">All of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"d\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Interest on Partner\u2019s capital is :\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99603\">An expenditure<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99603\">An appropriation<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99603\"> A gain<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99603\">None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Calculate interest on drawings @ 12% p.a. for Gambhir if he withdrew 7 2,000 once at the beginning of each month<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99604\">7 1,560<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99604\"> 7 1,500<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99604\">7 1,200<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99604\">7 1,000<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"a\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Interest on drawings of the Partners is a :\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99605\">Loss to business<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99605\">Profit to business<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99605\">Profit to partners<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99605\">Loss to Bank<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">The relation of partners with the firm is that of<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99606\"> An owner<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99606\">An Agent<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99606\">An owner and an agent<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99606\">Manager<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Liability of Partners is :\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99607\">Limited<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99607\">Unlimited<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99607\">Determined by partnerships Account<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99607\">None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Partners\u2019 current accounts are opened when their capital is:\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99608\">Fixed<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99608\">Fluctuating<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99608\">Both (a) and (b)<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99608\">None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"a\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">The interest on partner\u2019s drawings is debited to:<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99609\">Partner\u2019s Capital A\/c<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99609\">Profit and Loss A\/c<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99609\">Drawings A\/c<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99609\">P. &amp; L. App. A\/c<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"a\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Interest on advance given to the firm is :\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99610\">Ah appropriation<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99610\">A gain<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99610\">A charge<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99610\">None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Interest on loan is :\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99611\">Operating Expense<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99611\">Direct Expense<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99611\">Indirect Expense<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99611\">All of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Partner\u2019s salary is debited to :\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99612\">Trading Account<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99612\">Profit and Loss Account<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99612\">Profit &amp; Loss Appropriation Account<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99612\">None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Partnership may be :\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99613\">Limited<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99613\">Unlimited<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99613\">At will<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99613\"> All of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"d\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Partnership Deed is also called<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99614\">Prospectus<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99614\">Articles of Association<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99614\">Principles of Partnership<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99614\">Articles of Partnership<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"d\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">In which year did the Partnership Act passed ?\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99615\">Year 1932<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99615\">Year 1956<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99615\">Year 1947<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99615\">Year 1952<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"a\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Calculate interest on drawing @12% p.a. for Abhishek if he withdraw \u20b9 2,000 once in month :\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99616\">\u20b9 1,440<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99616\">\u20b9 1,200<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99616\"> \u20b9 1,320<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99616\">\u20b9 1,500<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"a\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">The interest on capital accounts of partners under fixed capital method is to be credited to:\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99617\">Partner\u2019s Capital A\/c<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99617\">Profit &amp; Loss A\/c<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99617\">Interest A\/c<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99617\">Partner\u2019s Current A\/c<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"d\">Show Answer<\/button>\r\n    <\/div>\r\n  <\/div>\r\n<script src=\"https:\/\/code.jquery.com\/jquery-3.6.0.min.js\"><\/script>\r\n<script>\r\n$(document).ready(function() {\r\n  $('.show-answer').click(function() {\r\n    var answer = $(this).data('answer');\r\n    $(this).siblings('.answer-box').html('The correct answer is: ' + answer).slideDown();\r\n    $(this).hide();\r\n  });\r\n});\r\n<\/script>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Some_Important_Links\"><\/span>Some Important Links <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--1\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-1\/\" target=\"_blank\" rel=\"noreferrer noopener\">NCERT CLASS 1 MCQ<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--2\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">NCERT CLASS 2 MCQ<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--3\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-3\/\" target=\"_blank\" rel=\"noreferrer noopener\">NCERT CLASS 3 MCQ<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--4\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-4\/\">NCERT CLASS 4 MCQ<\/a><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--5\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-5\/\" target=\"_blank\" rel=\"noreferrer noopener\">NCERT CLASS 5 MCQ<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--6\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-6\/\" target=\"_blank\" rel=\"noreferrer noopener\">NCERT CLASS 6 MCQ<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--7\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-7\/\" target=\"_blank\" rel=\"noreferrer noopener\">NCERT CLASS 7 MCQ<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--8\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-8\/\">NCERT CLASS 8 MCQ<\/a><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--9\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-9\/\" target=\"_blank\" rel=\"noreferrer noopener\">NCERT CLASS 9 MCQ<span style=\"color: rgb(115, 135, 156); font-family: &quot;Helvetica Neue&quot;, Roboto, Arial, &quot;Droid Sans&quot;, sans-serif; font-size: 13px; text-align: start; white-space: normal;\">Accountancy&nbsp;<\/span><\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--10\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-10\/\" target=\"_blank\" rel=\"noreferrer noopener\">NCERT CLASS 10 MCQ<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--11\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-11\/\" target=\"_blank\" rel=\"noreferrer noopener\">NCERT CLASS 11 MCQ<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--12\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-12\/\">NCERT CLASS 12 MCQ<\/a><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/\" target=\"_blank\" rel=\"noreferrer noopener\">NCERT MCQs<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/subject-wise\/indian-history\/\" target=\"_blank\" rel=\"noreferrer noopener\">Indian History MCQs<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/subject-wise\/indian-polity\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Indian Polity MCQ<\/strong>s<\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-image size-full\" id=\"Free-GK-MCQ-App\"><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.edunovations.quiz\" target=\"_blank\" rel=\"Free GK MCQ App noreferrer noopener\"><img fetchpriority=\"high\" decoding=\"async\" width=\"900\" height=\"150\" src=\"https:\/\/edunovations.com\/mcqs\/wp-content\/uploads\/2023\/06\/Free-MCQ-App.jpg\" alt=\"Free GK MCQ App\" class=\"wp-image-743\" title=\"Free GK MCQ App\" srcset=\"https:\/\/edunovations.com\/mcqs\/wp-content\/uploads\/2023\/06\/Free-MCQ-App.jpg 900w, https:\/\/edunovations.com\/mcqs\/wp-content\/uploads\/2023\/06\/Free-MCQ-App-300x50.jpg 300w, https:\/\/edunovations.com\/mcqs\/wp-content\/uploads\/2023\/06\/Free-MCQ-App-768x128.jpg 768w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/a><figcaption class=\"wp-element-caption\">Free GK MCQ App<\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\" id=\"Free-Daily-Current-Affairs-MCQ-App\"><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.edunovations.quiz\" target=\"_blank\" rel=\"Free Daily Current Affairs MCQ App noopener\"><img decoding=\"async\" width=\"900\" height=\"150\" src=\"https:\/\/edunovations.com\/mcqs\/wp-content\/uploads\/2023\/06\/Banner-current-affairs-2.jpg\" alt=\"Free Daily Current Affairs MCQ App\" class=\"wp-image-744\" title=\"Free Daily Current Affairs MCQ App\" srcset=\"https:\/\/edunovations.com\/mcqs\/wp-content\/uploads\/2023\/06\/Banner-current-affairs-2.jpg 900w, https:\/\/edunovations.com\/mcqs\/wp-content\/uploads\/2023\/06\/Banner-current-affairs-2-300x50.jpg 300w, https:\/\/edunovations.com\/mcqs\/wp-content\/uploads\/2023\/06\/Banner-current-affairs-2-768x128.jpg 768w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/a><figcaption class=\"wp-element-caption\">Free Daily Current Affairs MCQ App<\/figcaption><\/figure>\n\n\n\n<script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6643489308705072\" crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\" style=\"display:block\" data-ad-format=\"autorelaxed\" data-ad-client=\"ca-pub-6643489308705072\" data-ad-slot=\"2759669284\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\n","protected":false},"excerpt":{"rendered":"<p>NCERT Class 12 Accountancy&nbsp;MCQ :&nbsp;Accounting for Partnership: Basic Concepts Embark on a strategic exploration of financial collaborations with our MCQs page dedicated to &#8216;Accounting for Partnership &#8211; Basic Concepts.&#8217; 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 [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":7525,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"off","ocean_gallery_id":[],"footnotes":""},"categories":[71],"tags":[5591,5590,5444,5589,91,589,1851,590],"class_list":["post-7510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-class-12","tag-accounting-for-partnership","tag-capital-maintenance","tag-exam-preparation-concepts","tag-financial-collaborations","tag-mcqs","tag-previous-year-papers","tag-profit-sharing","tag-upsc-ias","entry","has-media"],"_links":{"self":[{"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/posts\/7510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/comments?post=7510"}],"version-history":[{"count":2,"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/posts\/7510\/revisions"}],"predecessor-version":[{"id":7527,"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/posts\/7510\/revisions\/7527"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/media\/7525"}],"wp:attachment":[{"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/media?parent=7510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/categories?post=7510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/tags?post=7510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org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