Free MCQ’s Quiz for Class 12 Accountancy Part 1 Chapter 2 – Accounting for Partnership – Basic Concepts with Answers is prepared based on the latest CBSE Exam Pattern for the Academic Session. Students can solve NCERT based Class 12th Accountancy – ‘Accounting for Partnership – Basic Concepts’ Multiple Choice Questions with Answers to know their preparation level on the Success Roar Classes website.

Here, we have provided Free MCQ’s Quiz on Class 12 Accountancy Part 1 – Chapter 2 – Accounting for Partnership – Basic Concepts. Due to the limitations of a sole proprietorship, such as limited cash, limited managerial skills, and a small scale of business, which implies greater risk due to unrestricted liability, the necessity for a partnership arises. A partnership is a trusting and believing relationship. There are certain differences between the accounts prepared by a partnership firm and those prepared by a sole proprietorship firm. The essential features of partnership accounting also include maintenance of capital accounts for partners, the distribution of profits to partners, and so on.

To make you perfect in this topic – Accounting for Partnership – Basic Concepts, we are here with a set of MCQs Quiz that will help you in brushing up the understanding of the concepts.

Free MCQ’s on Accounting for Partnership – Basic Concepts.

Each set of MCQ’s consists of 10 Questions and you can see the results immediately after submitting the Set.

Free MCQ’s on Accounting for Partnership – Basic Concepts

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#1. In the absence of a partnership deed profit sharing ratio will be:

Profits will not be distributed

Profits will not be distributed

Equal ratio irrespective of partner’s capitals

Equal ratio irrespective of partner’s capitals

Senior partners will get more profit

Senior partners will get more profit

Capital Ratio.

Capital Ratio.

#2. Which of the following is not the content of the partnership deed?

Interest on drawings

Interest on drawings

Interest on partner’s loan

Interest on partner’s loan

Interest on bank loan

Interest on bank loan

Interest on capital

Interest on capital

#3. Interest on capital will be given to the partners in the absence of partnership deed at

Real Account

Real Account

6% p.a.

6% p.a.

Bank Account

Bank Account

None of these

None of these

#4. It is better to have the agreement in writing to avoid any____.

Dispute

Dispute

Audit

Audit

Loss

Loss

Case

Case

#5. Under the Indian partnership act of 1932, the partners in a partnership firm have ___ liability.

limited

limited

unlimited

unlimited

determined by partnership account

determined by partnership account

None of the above

None of the above

#6. Under the fixed capital method, interest on capital accounts of partners is to be credited to:

Profit & Loss A/c

Profit & Loss A/c

Partner’s Capital A/c

Partner’s Capital A/c

Interest A/c

Interest A/c

Partner’s Current A/c

Partner’s Current A/c

#7. Which of the following is not a characteristic of a partnership?

Sharing of Profit

Sharing of Profit

Agreement

Agreement

Limited Liability

Limited Liability

Two or more than two persons

Two or more than two persons

#8. If capital is ____, current accounts are opened.

not contributed

not contributed

fixed

fixed

fixed or fluctuating

fixed or fluctuating

fluctuating

fluctuating

#9. Partnership Deed is also called as?

Articles of Partnership

Articles of Partnership

Prospectus

Prospectus

Principles of Partnership

Principles of Partnership

Articles of Partnership

Articles of Partnership

#10. What is the maximum number of partners that can be in an ordinary partnership?

50

50

20

20

7

7

25

25

finish