MCQ Accounting for Partnerships Chapter 3 Class 12 Accounts Advertisement MCQ’s For All Chapters – Accountancy Class 12th 1. Which Section of the Partnership Act defines partnership as the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all? A. Section 61 B. Section 13 C. Section 48 D. Section 4ABCDQuestion 1 of 102. If partners are running a business without a partnership deed how much interest on their capitals will be given? A. Only for 6 months @ 6% p.a. B. 6% p.a. on capital C. No interest on capital D. 10 % p.a. on capitalABCDQuestion 2 of 103. In the absence of partnership deed profit sharing ratio will be: A. Equal ratio irrespective of partners capitals. B. Profits will not be distributed C. Capital Ratio D. Senior partner will get more profitABCDQuestion 3 of 104. Partners collectively are called : A. Firm’s name B. Company C. Business D. FirmABCDQuestion 4 of 105. It is better to have the agreement in writing to avoid any ___ A. Dispute B. Audit C. Loss D. CaseABCDQuestion 5 of 106. Which of the following is not a content of partnership deed? A. Interest on Bank Loan B. Interest on Partner’s Loan C. Interest on Capital D. Interest on DrawingsABCDQuestion 6 of 107. Partnership is established by ___________ A. Lawful Business B. Agreement C. Law D. Section 4ABCDQuestion 7 of 108. Registration of partnership firm is _________ A. Not Allowed B. Compulsory C. Optional D. Under Companies Act 2013 ABCDQuestion 8 of 109. The persons who have entered into a partnership business with one another are individually called A. Firm B. Co-operatives C. Partner D. CompanyABCDQuestion 9 of 1010. Indian Partnership Act year is A. 1934 B. 1935 C. 1933 D. 1932ABCDQuestion 10 of 10 Loading...
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