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MCQs for CBSE Class 12 Accountancy Chapter 1: This article brings to you list of some important MCQs for Class 12 Accountancy Chapter 1, Accounting for partnership-Basic Concepts. All the questions and answers have been prepared by our subject matter experts, as per Revised CBSE Syllabus (2023-2024).
MCQs play a crucial role in scoring high marks in upcoming CBSE Board Examination(2023-2024) because CBSE has dedicated an entire section of questionnaire to MCQs, in its updated Exam Pattern. Section-A in the question paper would consist of MCQ based questions, wherein students would have to choose the correct answer of the question from four available options. This has been done to enhance practical applications of theoretical concepts. Find attached CBSE Sample Paper 2024 for your reference, below.
Related:
CBSE Class 12 Accountancy Syllabus 2023-24 (PDF)
CBSE Class 12 Accountancy Sample Paper 2023-24 (PDF)
Important MCQs for CBSE Class 12 Accountancy Chapter 1 are mentioned below as:
1.Which one of the following items is recorded in the Profit and Loss Appropriation account:-
a) Interest on Loan
b) Partner salary
c) Rent paid to Partner’s
d) Managers Commission
Answer. (b) Partner’s salary
2.Interest on capital will be paid to the partners if provided for in the partnership deed but only out of:
a) Profits
b) Reserves
c) Accumulated profits
d) Goodwill
Answer. (a) Profits
3.Pick the odd one out of the following:
a) Rent to Partner
b) Manager’s Commission
c) Interest on Partner’s Loan
d) Interest on Partner’s Capital
Answer. (d) Interest on Partner’s Capital
4.Goodwill is
a) Tangible asset
b) Intangible asset
c) Fictitious asset
d) Both (b) & (c)
Answer. (b) Intangible asset
5.In case of fixed capitals, partners will have
a) Credit balances in their Capital Accounts
b) Debit balances in their Capital Accounts
c) Credit or debit balances in their Capital Accounts
d) Credit balance or nil balance in their Capital Accounts
Answer. (d) Credit balance or nil balance in their Capital Accounts
6.If a partner withdraws an equal amount in the beginning of each month for a period of 10 months, what will be the average period for calculation of Interest on Drawings?
a) 6.5 months
b) 7.5 months
c) 6 months
d) 5.5 months.
Answer. (d) 5.5 months
7.Closing entry for interest on loan allowed to partners
a) Interest on Partner’s loan ... Dr.
To Profit and Loss A/c
b) Interest on loan ... Dr.
To Profit and Loss Appropriation A/c
c) Profit and Loss Appropriation A/c ...Dr.
To Interest on Partners loan A/c
d) Profit and Loss Appropriation A/c ...Dr.
To Interest on loan A/c
Answer. (c) Profit and Loss Appropriation A/c……….Dr
To Interest on Partner’s Loan A/c
8.Which one of the following items is not an appropriation out of profits?
a) Interest on capital
b) Salary to a partner
c) Commission to a partner
d) Interest on partner’s loan.
Answer. (d) Interest on partner’s loan
9.Limited Liability Partnerships came into existence in India after the enactment of:
a) Indian Partnership Act, 1932
b) Limited Liability Partnership Act, 1932
c) Limited Liability partnership Act, 2008
d) Indian companies Act, 2013.
Answer. (c) Limited Liability Partnership Act, 2008
10.In the absence of partnership deed partner share profit and loss in
a) Ratio of capital Employed
b) Equal Ratio
c) 2 : 1
d) 1 : 2
Answer. (b) equal ratio
11.If the date of drawing is not given, interest on Total Drawings is calculated for
a) 4 Months
b) 5 Months
c) 6 Months
d) 1 Year
Answer. (c) 6 months
12.Assertion (A): Partnership firm is a form of organisation where two or more persons carry on business activity on the basis of agreement among them.
Reason(R): The profit or loss arising from the partnership business is shared by the partners in the agreed ratio.
a) Both (A) and (R) are true and (R) is the correct explanation of (A)
b) Both (A) and (R) are true and (R) is not the correct explanation of (A)
c) (A) is true, but (R) is false
d) (A) is false, but (R) is true.
Answer. (b) Both (A) and (R) are true and (R) is not the correct explanation of (A)
13.What will be partners’ profit shares, if Chaman’s share of is guaranteed after allowing interest on capital @ 6% p.a.
a) ₹ 1,09,600, ₹56,400, ₹ 60,000
b) ₹ 89,600, ₹ 76,400, ₹ 60,000
c) ₹ 99,600, ₹ 66,400, ₹ 60,000
d) ₹ 1,00,800, ₹ 67,200, ₹ 60,000
Answer. (d) Rs 1,00,800, Rs 67,200, Rs 60,000
14.Given below are two statements, one labelled as Assertion (A) and other labelled as Reason (R) :
Assertion (A): Partners distribute profits and losses in their profit-sharing ratio and not in the ratio of their capitals.
Reason (R): The number of appropriations, as per Partnership Deed are more than the amount of profit available for distribution, profit is distributed in the ratio of appropriations.
In the context of above two statements, which of the following is correct?
a) Assertion (A) and Reason (R) are correct but the Reason (R) is not the correct explanation of Assertion (A).
b) Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).
c) Assertion (A) is correct but the Reason (R) is not correct.
d) Both Assertion (A) and Reason (R) are not correct.
Answer. (a) Assertion (A) and Reason (R) are correct but the Reason (R) is not the correct explanation of Assertion (A).
15.A, B, and C are partner’s sharing profits in the ratio of 5:3:2 According to the partnership agreement C is to get a minimum amount of ₹ 10,000 as his share of profits every year. The net profit for the year ended 31st March, 2021 amounted to ₹ 40,000. How much amount contributed by A?
a) ₹ 1,350
b) ₹ 1,250
c) ₹ 750
d) ₹ 1,225
Answer. (b) Rs 1,250
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Important resources for CBSE Board Examination(2023-2024)
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