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Accounting for partnership firm: Fundamentals

Board » Bihar Board » Class 12th » English Medium » Commerce » Accountancy » L-2: Accounting for partnership firm: Fundamentals

Objective Questions (MCQs)

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Multiple Choice
VVI
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ID- 4394
BSEB, 2009, 10, 13, 16

1. In the absence of partnership deed, the partner will be allowed interest on the amount advanced to the firm:

  • (A) @ 5 %
  • (B) @ 6 %
  • (C) @ 9 %
  • (D) @ 8 %
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Multiple Choice
Verified
ID- 4395
BSEB, 2016, 19

2. Which one of the following is not the feature of partnership?

  • (A) Agreement
  • (B) Sharing of Profit
  • (C) Limited Liability
  • (D) Two or more than two persons
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Multiple Choice
VVI
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ID- 4396
BSEB, 2015

3. The opening balance of partner's capital A/c is credited with:

  • (A) Interest on Capital
  • (B) Interest on Drawings
  • (C) Drawings
  • (D) Share in Loss
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Multiple Choice
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ID- 4397
BSEB, 2013, 16

4. In the absence of partnership deed, interest on capital will be given to the partners at:

  • (A) 8% p.a.
  • (B) 6% p.a.
  • (C) 9% p.a.
  • (D) None of these
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VVI
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ID- 4398

5. Features of a partnership firm are:

  • (A) Two or more person
  • (B) Sharing profit and losses in the agreed ratio
  • (C) Business carried on by all or any of them acting for all
  • (D) All of the above
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Multiple Choice
VVI
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ID- 4399
BSEB, 2011, 15, 18

6. Current Account is:

  • (A) Personal Account
  • (B) Real Account
  • (C) Nominal Account
  • (D) None of these
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Multiple Choice
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ID- 4400

7. In the absence of partnership deed a partner is not entitled to receive:

  • (A) Interest on capital
  • (B) Salary
  • (C) Commissions
  • (D) All of these
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VVI
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ID- 4401

8. For the firm interest on capital is:

  • (A) Capital Receipt
  • (B) Capital Payment
  • (C) Income
  • (D) Loss
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VVI
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ID- 4402

9. Interest on partner's capital is:

  • (A) An expenditure
  • (B) An appropriation
  • (C) An gain
  • (D) None of these
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Multiple Choice
VVI
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ID- 4403
BSEB, 2017

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

  • (A) An owner
  • (B) An Agent
  • (C) An owner and an agent
  • (D) Manager
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VVI
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ID- 4404
BSEB, 2017

11. Liabilities of partners is:

  • (A) Limited
  • (B) Unlimited
  • (C) Determined by Partnership Act
  • (D) None of these
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Multiple Choice
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ID- 4405

12. Hemant and Deepak are partners in a firm having no partnership agreement. The profit for the year was ₹ 14,200 Hemant claimed interest @ 12 % p.a. on the loan of ₹ 70,000 given to the firm. Calculate the share of Hemant and Deepak is the profit of the firm:

  • (A) ₹ 2,100 and 12,000
  • (B) ₹ 5,000 and ₹ 9,200
  • (C) ₹ 7,100 and ₹ 7,100
  • (D) None of these
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VVI
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ID- 4406
BSEB, 2010, 15, 17

13. Preparation of partnership agreement in writing is:

  • (A) ompulsory
  • (B) Voluntary
  • (C) Partly compulsory
  • (D) None of these
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Multiple Choice
VVI
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ID- 4407
BSEB, 2010

14. Interest payable on the capital of the partners is recorded in:

  • (A) Profit and Loss A/c
  • (B) Realisation A/c
  • (C) Profit and Loss Appropriation A/c
  • (D) None of these
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Multiple Choice
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ID- 4408
BSEB, 2010, 11

15. The interest on partner's capital accounts under fluctuating method is to be credited to:

  • (A) Profit and Loss A/c
  • (B) Interest A/c
  • (C) Partner's Capital A/c
  • (D) None of these
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VVI
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ID- 4409
BSEB, 2011, 15

16. For the firm, interest on partner's drawing is:

  • (A) Expense
  • (B) Income
  • (C) Loss
  • (D) Gain
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VVI
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ID- 4410
BSEB, 2016, 19

17. In the absence of any Partnership Agreement, the profits or losses of the firm are divided in:

  • (A) Equally
  • (B) In Capital Ratio
  • (C) In Different proportions
  • (D) None of these
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VVI
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ID- 4411
BSEB, 2015

18. In partnership firm profits and losses are shared:

  • (A) Equally
  • (B) In the Ratio of Capitals
  • (C) As per Agreement
  • (D) None of these
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VVI
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ID- 4412
BSEB, 2015, 19

19. Profit and Loss Appropriation Account is prepared to:

  • (A) Create Reserve Fund
  • (B) Find out Net Profit
  • (C) Find out Divisible Profit
  • (D) None of these
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Multiple Choice
VVI
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ID- 4413
BSEB, 2016

20. In an Ordinary Partnership, the maximum number of partners can be:

  • (A) 50
  • (B) 10
  • (C) 15
  • (D) 20
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VVI
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ID- 4414
BSEB, 2016

21. Which of the following is an appropriation of profit:

  • (A) Interest on Loan
  • (B) Intrest on Capital
  • (C) Salary
  • (D) Rent
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Multiple Choice
VVI
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ID- 4415
BSEB, 2018

22. Partner's current account is prepared when the capital of partners is maintained under:

  • (A) Fluctuating basis
  • (B) Fixed basis
  • (C) In both of the situations
  • (D) None of these
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VVI
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ID- 4416
BSEB, 2016, 17

23. In the absence of partnership deed, partners are not entitled to receive:

  • (A) Salary
  • (B) Commission
  • (C) Interest on capital
  • (D) All of the above
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Multiple Choice
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ID- 4417

24. What time would be taken into consideration if an equal monthly amount is drawn as drawings at the beginning of each month:

  • (A) 7 months
  • (B) 6 months
  • (C) 5 months
  • (D) 6.5 months
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ID- 4418

25. When time of withdrawals are not maintained, interest on drawings is charged:

  • (A) for 6.5 months
  • (B) for 6 months
  • (C) for 5.5 months
  • (D) for 12 months
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Multiple Choice
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ID- 4419

26. When drawings are made at the end of every month of a certain amount, interest will be calculated on total drawings:

  • (A) for 6.5 months
  • (B) for 6 months
  • (C) for 5.5 months
  • (D) for 1 month
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Multiple Choice
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ID- 4420

27. A draws ₹ 1,000 per month on the last day of every month. If the rate of interest is 5% p.a., then the total interest on drawings will be:

  • (A) ₹325
  • (B) ₹275
  • (C) ₹300
  • (D) ₹350
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Multiple Choice
Verified
ID- 4421

28. In the absence of a partnership deed, partners are entitled to:

  • (A) Salary
  • (B) Profit share in capital ratio
  • (C) Intrest on capital
  • (D) None of these
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VVI
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ID- 4422

29. Interest on drawing of the partners is a:

  • (A) Loss to business
  • (B) Profit to business
  • (C) Profit to partners
  • (D) Loss to Bank
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VVI
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ID- 4423

30. Fluctuating capital account is credited with:

  • (A) Interest on capital
  • (B) Profit of the year
  • (C) Remuneration of partners
  • (D) All of these
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VVI
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ID- 4424

31. In which year did the Partnership act passed?

  • (A) Year 1932
  • (B) Year 1956
  • (C) Year 1947
  • (D) Year 1952
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VVI
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ID- 4425

32. Intrest on the loan is:

  • (A) Operating Expense
  • (B) Direct Expense
  • (C) Indirect Expense
  • (D) All of these
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VVI
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ID- 4426

33. Partnership may be:

  • (A) Limited
  • (B) Unlimited
  • (C) At will
  • (D) All of these
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Multiple Choice
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ID- 4427

34. Calculate interest on drawing @ 12% p. a. for Vivek if he withdraws ₹ 2,000 once every month during the year:

  • (A) ₹1,440
  • (B) ₹1,200
  • (C) ₹1,320
  • (D) ₹1,500
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VVI
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ID- 4428

35. The interest on partner's drawings is debited to:

  • (A) Partner's Capital A/c
  • (B) Profit and Loss A/c
  • (C) Drawings A/c
  • (D) P. and Loss App. A/c
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Multiple Choice
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ID- 4429

36. Which one of the following will not be recorded in Profit and Loss Appropriation A/c ?

  • (A) Interest on Capital
  • (B) Interest on Capital
  • (C) Partner's salary
  • (D) Managers Commission
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VVI
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ID- 4430
BSEB, 2017, 19

37. Which accounts are opened when the capitals are fixed?

  • (A) Only capital Accounts
  • (B) Only Current Accounts
  • (C) Liability Accounts
  • (D) Capital and Current Accounts
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VVI
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ID- 4431
BSEB, 2015, 19

38. Interest on advance given to the firm by partner is:

  • (A) An appropriation
  • (B) A gain
  • (C) A charge
  • (D) None of these
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VVI
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ID- 4432
BSEB, 2019

39. Partnership Deed is also called .........

  • (A) Prospectus
  • (B) Articles of Association
  • (C) Principles of Partnership
  • (D) Articles of Partnership
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VVI
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ID- 4433
BSEB, 2010, 16

40. The Current Account of the partners will always have:

  • (A) Debit balance
  • (B) Credit balance
  • (C) Either of the two
  • (D) None of these
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VVI
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ID- 4434
BSEB, 2010, 16

41. Interest on partner's capital is calculated on:

  • (A) Opening Capital
  • (B) Closing Capital
  • (C) Average Capital
  • (D) None of these
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Multiple Choice
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ID- 4435
BSEB, 2019

42. In the total assets of a firm is ₹ 4,05,000 and the total outside liabilities are ₹ 55,000 then the amount of all partner's capital will be:

  • (A) 3,50,000
  • (B) 4,00,000
  • (C) 3,75,000
  • (D) None of these
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