Students can address Class 12 MCQ Questions of Accounting for Partnership Firms — Fundamentals with Answers to realize their arrangement level for the test. MCQ Questions for Class 12 Accountancy with Answers were Prepared Based on Latest Exam Pattern and covered the entire syllabus suggested by CBSE. The accompanying MCQ Questions can assist you with practicing and improve marks in the forthcoming class 12 accountancy exams.
Students of class 12 Accountancy ought to refer to MCQ Questions Class 12 Accountancy Accounting for Partnership Basic Concepts with answers gave here which is a significant section in Class 12 Accountancy NCERT coursebook. We have given Accounting to Partnership: Basic Concepts Class 12 Accountancy MCQ Questions with Answers to assist understudies with understanding the idea well indeed.
Realize your preparation level on these MCQ Questions for Class 12 Accountancy with Answers. You can likewise confirm your answers from our gave Accounting to Partnership: Basic Concepts Class 12 MCQ Questions with Answers.
1. Features of a partnership firm are :
(A) Two or more persons are carrying common business under an agreement.
(B) They are sharing profits and losses in the fixed ratio.
(C) Business is carried by all or any of them acting tor all as an agent.
(D) All of the above.
2. Following are essential elements of a partnership firm except:
(A) At least two persons
(B) There is an agreement between all partners
(C) Equal share of profits and losses
(D) Partnership agreement is for some business.
3. In case of partnership the act of any partner is :
(A) Binding on all partners
(B) Binding on that partner only
(C) Binding on all partners except that particular partner
(D) None of the above
4. Which of the following statement is true?
(A) a minor cannot be admitted as a partner
(B) a minor can be admitted as a partner, only into the benefits of the partnership
(C) a minor can be admitted as a partner but his rights and liabilities are same of adult partner
(D) none of the above
5. Oustensible partners are those who
(A) do not contribute any capital but get some share of profit for lending their name to the business
(B) contribute very less capital but get equal profit
(C) do not contribute any capital and without having any interest in the business, lend their name to the business
(D) contribute maximum capital of the business
6. Sleeping partners are those who
(A) take active part in the conduct of the business but provide no capital. However, salary is paid to them.
(B) do not take any part in the conduct of the business but provide capital and share profits and losses in the agreed ratio
(C) take active part in the conduct of the business but provide no capital. However, share profits and losses in the agreed ratio.
(D) do not take any part in the conduct of the business and contribute no capital. However, share profits and losses in the agreed ratio.
7. Features of a partnership firm are :
(A) Two or more persons are carrying common business under an agreement.
(B) They are sharing profits and losses in the fixed ratio.
(C) Business is carried by all or any of them acting tor all as an agent.
(D) All of the above.
8. Ostensible partners are those who
(A) do not contribute any capital but get some share of profit for lending their name to the business
(B) contribute very less capital but get equal profit
(C) do not contribute any capital and without having any interest in the business, lend their name to the business
(D) contribute maximum capital of the business
9. When only Partner‘s capital Account is maintained all the adjustments are made :
(a) Partners’ Capital Accounts
(b) Partners’ Current Accounts
(c) Cash Account
(d) None of these
10. The persons who have entered into partnership are individually known as :
(a) Partners
(b) Firm
(c) Associations
(d) None of these
11. Which one of the following is NOT an essential feature of a partnership
(A) There must be an agreement
(B) There must be a business
(C) The business must be carried on for profits
(D) The business must be carried on by all the partners
12. In the absence of partnership deed, partners share profits or losses :
(A) In the ratio of their Capitals
(B) In the ratio decided by the court
(C) Equally
(D) In the ratio of time devoted
13. If the partnership deed is silent or has not been formulated, then partners are entitled to
a) Salary
b) Commission
c) Interest on the loan
d) Profit share in capital ratio
14. In partnership business, partner’s liability is:-
a) in proportion to profit/loss
b) in proportion to capital
c) limited
d) unlimited
15. If a partner individually carries on any business of the same nature as competing with that to the firm, he shall account for
a) retire from partnership
b) all profits made by him
c) dissolve the firm
d) None of the above
16. In a partnership, the manager’s commission is shown in
a) profit and loss account
b) Profit and loss appropriation account
c) Balance Sheet
d) None of the above
17. In a partnership, interest on partner’s capital is:-
a) debited to profit and loss appropriation account
b) credited to profit and loss appropriation account
c) debited to profit and loss account
d) credited to profit and loss account
18. The partnership is an association of _ or more person.
a) two
b) seven
c) ten
d) twenty
19. Profit will be divided in __ in the absence of partnership deed.
(a) 1 : 1
(b) 2 : 1
(c) 1 : 2
(d) equal ratio
20. In a partnership, liability of all partners is _
(a) unlimited
(b) limited
(c) according to capital
(d) decided by company act
21. Maximum number of partners in a partnership firm can be __
(a) 50
(b) 20
(c) 100
(d) no limit
22. When there is no partnership deed then provisions of partnership act __ will be applicable.
(a) 1956
(b) 1912
(c) 1932
(d) 1949
23. Liability of a partner in LLP is __
(a) limited
(b) unlimited
(c) not defined in the law
(d) limited to the capital only
24. Provisions of Table _ are applicable in the absence of partnership deed.
(a) A
(b) B
(c) C
(d) D
25. In the absence of any provision interest on capital will be calculated for _
(a) 6 months
(b) 1 year
(c) 1 month
(d) no interest
