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CBSE TERM 1 MCQS OF CLASS 12 ACCOUNTANCY CHAPTER 2 ACCOUNTING FOR PARTNERSHIP FIRM
Question 1
Salary paid to partner should be:
A.Debited to his current account
B.Credited to his current account
C.Credited to profit & loss appropriation A/c
D.None of these
SOLUTION
Solution : D
Salary paid to partner should be debited to profit & loss appropriation account.
Question 2
Net profit is shown in the ___ Side of profit & loss appropriation account.
A.Debit
B.Credit
C.Either debit or credit
D.None of the above
SOLUTION
Solution : B
Net Profit (From the income statement) is shown to the credit of profit & loss appropriation account.
Question 3
Profit & loss appropriation account is ___ for transfer of profit to general reserve.
A.Credited
B.Debited
C.Not entered
D.None of these
SOLUTION
Solution : B
Profit & loss appropriation account is debited for transfer of profit to general reserve.
Question 4
Under which capital method, there are 2 accounts opened for each partner?
A.Normal
B.Floating
C.Fixed
D.Fluctuating
SOLUTION
Solution : C
Under fixed capital method, there are 2 accounts opened for each partner i.e. capital account & current account
Question 5
Under ___ Method, All adjustments for drawings, All adjustments for drawings, salary, interest on capital, salary interest on capital, etc. are made in the capital account.
A.Fixed capital account
B.Current account
C.Fluctuating capital account
D.Floating capital account
SOLUTION
Solution : C
Under Fluctuating Method, All adjustments for drawings, All adjustments for drawings, salary, interest on capital, salary interest on capital, etc. are made in the capital account account.
Question 6
Under ___ method , the capital account may have either debit or credit balances.
A.Fixed capital account
B.Fluctuating capital account
C.Interest on capital
D.None of these
SOLUTION
Solution : B
Under fluctuating method , the capital account may have either debit or credit balances.
Question 7
What change does profit makes to capital?
A.All of these
B.Profit gets added to the capital
C.Profit has no change to capital
D.Profit gets reduced from capital
SOLUTION
Solution : B
Profit gets added to the capital of the partners at the end of the financial year.
Question 8
Rent is a __________
A.Appropriation of profit
B.Charge against profit
C.Either A or B
D.None of these
SOLUTION
Solution : B
Rent is a charge against the profit.
Question 9
Under ___ method , the capital account always shows a credit balance.
A.Floating capital account
B.Fluctuating capital account
C.Current account
D.Fixed capital account
SOLUTION
Solution : D
Under fixed capital account method , the capital account always shows a credit balance.
Question 10
Appropriations are the transactions that happen between firm and partners in the capacity of ___________
A.Partner
B.Outsider
C.Either A or B
D.None of these
SOLUTION
Solution : A
Appropriations are the transactions that happen between firm and partners in the capacity of partners.
Question 11
X & Y share profits in the ratio of 2:3 with capitals of Rs 20,000 & Rs 10,000 respectively. What shall be the amount of interest on capital for Mr. X, if profits of the year are Rs 2,100 & partnership deed provides for interest on capital @ 6% p.a..
A.Rs 1,200
B.Rs 600
C.Rs 2,100
D.Rs 200
SOLUTION
Solution : A
Interest on capital = Rs 20,000 * 6% = Rs 1,200.
Question 12
If a fixed amount is withdrawn on the middle of every month, the interest on the total amount of drawings shall be calculated for:
A.5.5 months
B.6.5 months
C.6 months
D.None of these
SOLUTION
Solution : C
If fixed amount is withdrawn on the middle of every month, the interest on the total amount of drawings shall be calculated for 6 months.
Question 13
If fixed amount is withdrawn on the first day of every month, the interest on the total amount of drawings shall be calculated for:
A.5.5 months
B.6.5 months
C.6 months
D.None of these
SOLUTION
Solution : B
If fixed amount is withdrawn on the first day of every month, the interest on the total amount of drawings shall be calculated for 6.5 months.
Question 14
What is the amount of Interest on drawings for Ram at 10% p.a. for the year ended 31st March 2018, if he withdrew Rs 6,000 at the end of each quarter.
A.Rs 1,500
B.Rs 1,200
C.Rs 900
D.None of the above
SOLUTION
Solution : C
Interest = Rs 24,000 * 4.5/12* 10% = Rs 900
Question 15
What is the amount of Interest on drawings for Ram at 10% p.a. for the Year ended 31st March 2018, if he withdrew Rs 6000 in the middle of each quarter.
A.Rs 1500
B.Rs 1200
C.Rs 900
D.None of these
SOLUTION
Solution : B
Interest = Rs 24000 * 6/12 * 10% = Rs 1200
Question 16
What is the amount of Interest on drawings for Mr X at 10% p.a. for the Year ended 31st March 2018, if he withdrew Rs 3000 at the end of each quarter.
A.Rs 550
B.Rs 450
C.Rs 650
D.None of these
SOLUTION
Solution : B
Interest = Rs 12000 * 4.5/12 * 10% = Rs 450
Question 17
Ram & Mohan withdrew for private use Rs 1,20,000 & Rs 80,000 resp. Interest is chargeable @ 6% p.a. on drawings. What is the total Interest?
A.Rs 3,600
B.Rs 2,400
C.Rs 3000
D.Rs 6000
SOLUTION
Solution : D
Interest ( Ram ) = Rs 1,20,000 * 6% * 6/12 = Rs 3600
Interest ( Mohan ) = Rs 80,000 * 6% * 6/12 = Rs 2400
Question 18
Which of the following account will be debited when interest on capital is charged against the distribution of profit?
A.Interest account
B.Partner`s capital account
C.Profit & loss account
D.Profit & loss appropriation account
SOLUTION
Solution : D
Profit & loss appropriation account is debited.
Question 19
Which of the following account will be credited when interest on capital is charged against the distribution of profit?
A.Interest account
B.Partner`s capital account
C.Profit & loss account
D.Profit & loss appropriation account
SOLUTION
Solution : B
Partner`s capital account is credited in this case.
Question 20
Under ___ method , the capital account always shows a credit balance.
A.Floating capital account
B.Fluctuating capital account
C.Current account
D.Fixed capital account
SOLUTION
Solution : D
Under fixed capital account method , the capital account always shows a credit balance.
Question 21
Under which capital method, the capital in the beginning of the year shall be always different from that in the end of the year?
A.Fixed capital account
B.Current account
C.Fluctuating capital account
D.Floating capital account
SOLUTION
Solution : C
Under fluctuating capital account.
Question 22
Which of the following shall have effect on the capital account of partners under fixed capital method?
A.Withdrawal of Capital
B.Interest on drawings
C.Interest on capital
D.None of these
SOLUTION
Solution : A
Withdrawal of capital shall have effect on the capital account in case of fixed capital method of maintaining capital accounts
Question 23
Partner`s capital is said to be ___ if it alters with every transaction in the capital account.
A.Fixed
B.Current
C.Fluctuating
D.Both fixed and Fluctuating
SOLUTION
Solution : C
Partner`s capital is said to be fluctuating if it alters with every transaction in the capital account.
Question 24
Under this method, only 1 account i.e. partner`s capital account is maintained. This method is :
A.Normal
B.Floating
C.Fixed
D.Fluctuating
SOLUTION
Solution : D
Fluctuating capital account method.
Question 25
Which of the following is not included in profit or loss appropriation account?
A.Withdrawal of profits
B.Withdrawal of capital
C.Both A & B
D.None of these
SOLUTION
Solution : B
Withdrawal of capital is not shown in profit or loss appropriation account
Question 26
If the date of withdrawal is not given, then the interest on drawings is calculated for an average period of ___
A.5.5 months
B.6.5 months
C.6 months
D.None of these
SOLUTION
Solution : C
If the date of withdrawal is not given, then the interest on drawings is calculated for an average period of 6 months.
Question 27
Partners can draw salaries if _____________
A.they wished
B.mutually agreed
C.both:mutually agreed they wished
D.none of these
SOLUTION
Solution : B
Partners can draw salaries if mutually agreed.
Question 28
Which of the following is a credit to profit & loss appropriation account?
A.Salaries
B.Interest on drawings
C.Interest on capital
D.Remuneration
SOLUTION
Solution : B
Interest on drawings is a credit to profit & loss appropriation account.
Question 29
Under ___ Method, entry is made in Capital Account only of capital introduced or existing capital is permanently withdraw by agreement.
A.Normal
B.Floating
C.Fixed
D.Fluctuating
SOLUTION
Solution : C
Under fixed capital method, entry is made in Capital Account only of capital introduced or existing capital is permanently withdraw by agreement.
Question 30
Under ___ method, the balance of the capital account fluctuates from year to year.
A.Fixed capital account
B.Current account
C.Fluctuating capital account
D.Floating capital account
SOLUTION
Solution : C
Under fluctuating method, the balance of the capital account fluctuates from year to year.
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