CBSE Class 12 Accountancy Accounting for Partnership: Basic Concepts Quiz 2

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CBSE › Class 12 › Accountancy › Accounting for Partnership: Basic Concepts

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

A Fixed B Fluctuating C Both (a) and (b) D None of these

2. 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. & L. App. A/c

3. Interest on advance given to the firm is :

A Ah appropriation B A gain C A charge D None of these

4. Interest on loan is :

A Operating Expense B Direct Expense C Indirect Expense D All of these

5. Partner’s salary is debited to :

A Trading Account B Profit and Loss Account C Profit & Loss Appropriation Account D None of these

6. Partnership may be :

A Limited B Unlimited C At will D All of these

7. Partnership Deed is also called :

A Prospectus B Articles of Association C Principles of Partnership D Articles of Partnership

8. In which year did the Partnership Act passed ?

A Year 1932 B Year 1956 C Year 1947 D Year 1952

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

A ₹ 1,440 B ₹ 1,200 C ₹ 1,320 D ₹ 1,500

10. The interest on capital accounts of partners under fixed capital method is to be credited to:

A Partner’s Capital A/c B Profit & Loss A/c C Interest A/c D Partner’s Current A/c

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