Accountancy MCQs for Class 12 with Answers Chapter 1 Accounting for Partnership Firms — Fundamentals

Find here the NCERT Book Multiple Choice Questions from Class 12 Accounting book with Answers Pdf free download as per CBSE new exam pattern. This may assist you to understand and check your knowledge about the chapters. Students also can take a free test of the Multiple Choice Questions of Class 12 Accounting. Each question has four options followed by the right answer. These MCQ Questions are selected supported by the newest exam pattern as announced by CBSE.

Q1. Profit will be divided in __ in the absence of partnership deed.

(a) 1 : 1
(b) 2 : 1
(c) 1 : 2
(d) equal ratio

(d) equal ratio

Q2. In a partnership, liability of all partners is _

(a) unlimited
(b) limited
(c) according to capital
(d) decided by company act

(a) unlimited

Q3. Maximum number of partners in a partnership firm can be __

(a) 50
(b) 20
(c) 100
(d) no limit

(d) no limit

Q4. When there is no partnership deed then provisions of partnership act __ willbe applicable.

(a) 1956
(b) 1912
(c) 1932
(d) 1949

(c) 1932

Q5. Liability of a partner in LLP is __

(a) limited
(b) unlimited
(c) not defined in the law
(d) limited to the capital only

(a) limited

Q6. Provisions of Table _ are applicable in the absence of partnership deed.

(a) A
(b) B
(c) C
(d) D

(a) A

Q7. 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

(d) no interest

Q8. 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

(C) do not contribute any capital and without having any interest in the business, lend their name to the business

Q9. 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.

(B) do not take any part in the conduct of the business but provide capital and share profits and losses in the agreed ratio

Q10. The relation of partner with the firm is that of:

(A) An Owner
(B) An Agent
(C) An Owner and an Agent
(D) Manager

(C) An Owner and an Agent

Q11. What should be the minimum number of persons to form a Partnership :

(A) 2
(B) 7
(C) 10
(D) 20

(A) 2

Q12. Number of partners in a partnership firm may be:

(A) Maximum Two
(B) Maximum Ten
(C) Maximum One Hundred
(D) Maximum Fifty

(D) Maximum Fifty

Q13. Liability of partner is :

(A) Limited
(B) Unlimited
(C) Determined by Court
(D) Determined by Partnership Act

(B) Unlimited

Q14. 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

(D) The business must be carried on by all the partners

Q15. X, Y and Z are partners sharing profits and losses equally. Their capital balances on March, 31, 2012 are ₹80,000, ₹60,000 and ₹40,000 respectively. Their personal assets are worth as follows : X — ₹20,000, Y — ₹15,000 and Z — ₹10,000. The extent of their liability in the firm would be : (C.S. Foundation; June 2013)

(A) X — ₹80,000 : Y — ₹60,000 : and Z — ₹40,000
(B) X — ₹20,000 : Y — ₹15,000 : and Z — ₹10,000
(C) X — ₹1,00,000 : Y — ₹75,000 : and Z — ₹50,000
(D) Equal

(B) X — ₹20,000 : Y — ₹15,000 : and Z — ₹10,000

Q16. Interest on Partner’s capital is :

(a) An expenditure
(b) An appropriation
(c) A gain
(d) None of these

(b) An appropriation

Q17. Calculate interest on drawings @ 12% p.a. for Gambhir if he withdrew 7 2,000 once at the beginning of each month:

(a) 7 1,560
(b) 7 1,500
(c) 7 1,200
(d) 7 1,000

(a) 7 1,560

Q18. Interest on drawings of the Partners is a :

(a) Loss to business
(b) Profit to business
(c) Profit to partners
(d) Loss to Bank

(b) Profit to business

Q19. The relation of partners with the firm is that of:

(a) An owner
(b) An Agent
(c) An owner and an agent
(d) Manager

(c) An owner and an agent

Q20. Liability of Partners is :

(a) Limited
(b) Unlimited
(c) Determined by partnerships Account
(d) None of these

(b) Unlimited

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