Accounting For Partnership: Basic concepts Class 12 MCQs Questions with Answers

1. Interest on Partner’s capital is :

2. Interest on drawings of the Partners is a :

3. Interest on loan is :

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

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

6. 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 :

7. Interest on advance given to the firm is :

8. Partnership may be :

9. Calculate interest on drawing @12% p.a. for Abhishek if he withdraw ₹ 2,000 once in month :

10. Partners’ current accounts are opened when their capital is:

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

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

13. The interest on partner’s drawings is debited to:

14. Partnership Deed is also called :

15. Liability of Partners is :

16. Fluctuating capital account is credited with :

17. In the absence of an agreement, partners are entitled to:

18. Partner’s salary is debited to :

19. Features of a partnership firm are:

20. In which year did the Partnership Act passed ?