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

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

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

3. Interest on drawings of the Partners is a :

4. Partnership may be :

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

6. Interest on Partner’s capital is :

7. Partnership Deed is also called :

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

9. Fluctuating capital account is credited with :

10. In which year did the Partnership Act passed ?

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

12. Partner’s salary is debited to :

13. Interest on advance given to the firm is :

14. 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 :

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

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

17. Features of a partnership firm are:

18. Interest on loan is :

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

20. Liability of Partners is :