Accounting for Partnership Basic Concepts MCQ Questions Class 12 Accountancy Chapter 2
NCERT MCQ Questions for Class 12 Accountancy Chapter 2 Accounting for Partnership Basic Concepts. Accounting for Partnership Basic Concepts MCQ Questions with Answers from Class 12 Accountancy.
(Q1) “Relation between persons who have agreed to share the profits of a business carried in by all or any of them acting for all” is known as ——-.
(a) Co-operative Society
(b) Non-profit organisation
(c) Partnership
(d) Sale Proprietorship business
Ans: (c) Partnership.
(Q2) The partnership Act was enacted in the year ——.
(a) 1932
(b) 1958
(c) 2017
(d) 1942
Ans: (a) 1932
(Q3) According in which section of companies Act 2013, Central government is compared to prescribe maximum number of partners in a firm?
(a) Section 463
(b) Section 464
(c) Section 213
(d) None of these
Ans: (b) Section 464.
(Q4) In absence of partnership Deed, this mutual relations of a partner is governed by ——.
(a) Companies Act 2013
(b) Central government rules
(c) Both (a) and (b)
(d) Partnership Act 1932
Ans: (d) Partnership Act 1932.
(Q5) The Maximum number of partners in a firm can be ——.
(a) 50
(b) 100
(c) Not more than 100
(d) 25
Ans: (c) Not more than 100
(Q6) Each partner carrying on business in the principal as well the agent for all the other partners. This refers to ——.
(a) Partnership agreement
(b) Mutual agency relationship
(c) Partnership deed
(d) Profit sharing ratio
Ans: (b) Mutual agency relationship
(7) Unlimited liability in a partnership firm implies that ——-.
(a) Capital contributed by partners can be claimed
(b) Private property of the partners can be claimed
(c) Personal property of partners cannot be claimed
(d) Liability is shared equally by all the partners.
Ans: (b) Private property of the partners can be claimed
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(Q8) Name the document that contains all the detail & major aspects the relationship between partners.
(a) Memorandum of understanding
(b) Articles of Association
(c) Partnership Deed
(d) Both (a) and (b)
Ans: (c) Partnership Deed.
(Q9) Interest on capital is not paid to partners incase of ——-.
(a) Loss of the firm
(b) Profit of the firm
(c) Absence of partnership Deed
(d) Sharing liability
Ans: (c) Absence of partnership Deed.
(Q10) ——- is an agreement between partners in a partnership firm.
(a) Registration of partnership firm
(b) Partnership Deed
(c) Lease agreement
(d) Memorandum of Association
Ans: (b) Partnership Deed.
(Q11) Partnership Deed contains information about —–.
(a) None & address of partners
(b) Accounting period of firm
(c) Rights, duties, liabilities of partners
(d) All of these
Ans: (d) All of these.
(Q12) Investment in capital, share of profit withdrawal of capital, interest on drawings etc in a partnership firm is recorded in ——.
(a) Partnership Deed
(b) Capital Account
(c) Capital account or current account
(d) Profit & loss appropriation A/c
Ans: (c) Capital account or current account
(Q13) Incase of fluctuating capital method, salary or commission to partners is recorded in ——.
(a) Current A/c
(b) Capital A/c
(c) Both (a) and (b)
(d) Trading A/c
Ans: (b) Capital Account.
(Q14) Under fixed capital method, the partner’s capital account will always show a —– which remains fixed year after year.
(a) Debit
(b) Credit
(c) Negative
(d) Either debit or credit
Ans: (b) Credit.
(Q15) Under fixe capital method a partnership firm prepares _____ accounts for each partner.
(a) Three
(b) Two
(c) One
(d) Four
Ans: (b) Two.
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