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

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

  • Fixed
  • Fluctuating
  • Both (a) and (b)
  • None of these

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

  • Partner’s Capital A/c
  • Profit and Loss A/c
  • Drawings A/c
  • P. & L. App. A/c

  • 3. 
    Interest on advance given to the firm is :

  • Ah appropriation
  • A gain
  • A charge
  • None of these

  • 4. 
    Interest on loan is :

  • Operating Expense
  • Direct Expense
  • Indirect Expense
  • All of these

  • 5. 
    Partner’s salary is debited to :

  • Trading Account
  • Profit and Loss Account
  • Profit & Loss Appropriation Account
  • None of these

  • 6. 
    Partnership may be :

  • Limited
  • Unlimited
  • At will
  • All of these

  • 7. 
    Partnership Deed is also called :

  • Prospectus
  • Articles of Association
  • Principles of Partnership
  • Articles of Partnership

  • 8. 
    In which year did the Partnership Act passed ?

  • Year 1932
  • Year 1956
  • Year 1947
  • Year 1952

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

  • ₹ 1,440
  • ₹ 1,200
  • ₹ 1,320
  • ₹ 1,500

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

  • Partner’s Capital A/c
  • Profit & Loss A/c
  • Interest A/c
  • Partner’s Current A/c
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