Quiz  /  Partnership Class 12 MCQ Questions With Answers

  • 1. 
    Limited Liability PArtnership Act was passed in the year

  • 2007
  • 2008
  • 2009
  • 2010

  • 2. 
    Long life of company is called as

  • Temporary
  • Limted time
  • Perpetual Succession
  • Non of these

  • 3. 
    Common seal is used as

  • Agreement
  • Signature
  • Approved agreement
  • Non approved agreement

  • 4. 
    It is optional for a partnership firm to get registered

  • True
  • False
  • Partly true
  • None of the above

  • 5. 
    Seema and Beena partnered together to provide food and clothing to the needy by collecting it from the neighbourhood. Can this be called a partnership firm

  • Yes
  • No
  • Maybe
  • None of the above

  • 6. 
    Decision is taken in partnership firm

  • Individually
  • By the partner who has invested more money
  • By anyone
  • Mutually

  • 7. 
    The existence of the limited liability partnership firm gets affected with the entry or exit of a partner

  • False
  • True
  • Maybe
  • None of the above

  • 8. 
    Partnership deed does not include the following

  • Name of the partners
  • Capital contributed by each partner
  • Method of resolving dispute
  • Rules for who can be admitted as a partner

  • 9. 
    Partnership firm is not legally required to publish its accounts and submit its reports. Which merit does this imply?

  • Sharing of risks
  • Secrecy
  • More funds
  • Easy formation

  • 10. 
    In the absence of Partnership Deed, the interest is allowed on partner’s capital:

  • @ 5% p.a.
  • @ 6% p.a
  • @ 12% p.a.
  • No interest is allowed

  • 11. 
    In the absence of agreement, partners are not entitled to :

  • Salary
  • Commission
  • Equal share in profit
  • Both (a) and (b)

  • 12. 
    Partners’ Current Accounts are opened when their capital accounts are

  • Fixed
  • Fixed and Fluctuating both
  • Fluctuating
  • None of these

  • 13. 
    Which one of the following items cannot be recorded in the profit and loss appropriation account?

  • Interest on capital
  • Interest on drawings
  • Rent paid to partners
  • Partner’s salary

  • 14. 
    Number of partners in a partnership firm may be :

  • Maximum Two
  • Maximum Ten
  • Maximum One Hundred
  • Maximum Fifty

  • 15. 
    The interest on capital accounts of partners under the fluctuating capital account method is credited to

  • Interest Account
  • Profit and Loss Account
  • Partners’ Capital Accounts
  • Partners’ Current Accounts

  • 16. 
    The current account of a partner

  • Will always have a credit balance
  • Will always have a debit balance
  • May have a debit or credit balance
  • Can never have a debit balance

  • 17. 
    In a business, A and B invested amounts in the ratio of 2 : 1, whereas the ratio between and B was 3 : 2. Ifthe firm earned a profit of Rs. 1,20,000, how much amount did B receive?

  • 48000
  • 24000
  • 12000
  • 96000

  • 18. 
    State the collective term used for the partners

  • Partnership
  • Firm
  • Partnership deed
  • Corporation

  • 19. 
    Interest on partner’s drawing under a fluctuating capital account is debited to

  • Partner’s Capital Account
  • Profit and Loss Account
  • Drawing Account
  • None of the above

  • 20. 
    In the absence of an agreement to the contrary, the partners are

  • Entitled for 6% interest on their capitals, only when there are profits
  • Entitled for 9% interest on their capitals, only when there are profits
  • Entitled for interest on capital on the bank rate, only when there are profits
  • Not entitled for any interest in their capitals

  • 21. 
    Interest payable on the capitals of the partners is changed to

  • Profit and Loss Account
  • Profit and Loss Adjustment Account
  • Realization Account
  • Profit and Loss Appropriation Account

  • 22. 
    Rs. 700 is divided among A, B and C so that A receives half as much as B and B receives half as much asC. Then C’s share is :

  • Rs. 200
  • Rs. 300
  • Rs. 400
  • Rs. 500
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