Important MCQs Accountancy Class 12th

Important Multiple Choice Questions(MCQs) Accountancy Class 12th. Accounting for Partnership Firms — Fundamentals

Accounting for Partnership Firms — Fundamentals 

1. Features of a partnership firm are :

(A) Two or more persons are carrying common business under an agreement.

(B) They are sharing profits and losses in the fixed ratio.

(C) Business is carried by all or any of them acting tor all as an agent.

(D) All of the above.

Answer: D

2. Following are essential elements of a partnership firm except: 

(A) At least two persons

(B) There is an agreement between all partners

(C) Equal share of profits and losses

(D) Partnership agreement is for some business.

Answer: C

3. In case of partnership the act of any partner is :

(A) Binding on all partners

(B) Binding on that partner only

(C) Binding on all partners except that particular partner

(D) None of the above

Answer: A

4. Which of the following statement is true?

(A) a minor cannot be admitted as a partner

(B) a minor can be admitted as a partner, only into the benefits of the partnership

(C) a minor can be admitted as a partner but his rights and liabilities are same of adult partner

(D) none of the above

Answer: B

5. Oustensible partners are those who

(A) do not contribute any capital but get some share of profit for lending their name to the business

(B) contribute very less capital but get equal profit

(C) do not contribute any capital and without having any interest in the business, lend their name to the business

(D) contribute maximum capital of the business

Answer: C

6. Sleeping partners are those who:

(A) take active part in the conduct of the business but provide no capital. However, salary is paid to them.

(B) do not take any part in the conduct of the business but provide capital and share profits and  losses in the agreed ratio

(C) take active part in the conduct of the business but provide no capital. However, share profits and losses in the agreed ratio.

(D) do not take any part in the conduct of the business and contribute no capital. However,  share profits and losses in the agreed ratio.

Answer B

7. The relation of partner with the firm is that of:

(A) An Owner

(B) An Agent

(C) An Owner and an Agent

(D) Manager

Answer: C

8. What should be the minimum number of persons to form a Partnership :

(A) 2

(B) 7

(C) 10

(D) 20

Answer: A

9. Number of partners in a partnership firm may be :

(A) Maximum Two

(B) Maximum Ten

(C) Maximum One Hundred

(D) Maximum Fifty

Answer: D

10, Liability of partner is :

(A) Limited

(B) Unlimited

(C) Determined by Court

(D) Determined by Partnership Act

Answer: B

11. Which one of the following is NOT an essential feature of a partnership?

(A) There must be an agreement

(B) There must be a business

(C) The business must be carried on for profits

(D) The business must be carried on by all the partners

Answer: D

12. X, Y and Z are partners sharing profits and losses equally. Their capital balances on March, 

31, 2012 are ₹80,000, ₹60,000 and ₹40,000 respectively. Their personal assets are worth as 

follows : X — ₹20,000, Y — ₹15,000 and Z— ₹10,000. The extent of their liability in the firm 

would be : (C.S. Foundation; June 2013)

(A) X — ₹80,000 : Y — ₹60,000 : and Z — ₹40,000

(B) X — ₹20,000 : Y — ₹15,000 : and Z — ₹10,000

(C) X — ₹1,00,000 : Y — ₹75,000 : and Z — ₹50,000

(D) Equal

Answer: B

13. Every partner is bound to attend diligently to his in the conduct of

the business.

(A) Rights

(B) Meetings

(C) Capital

(D) Duties

Answer: D

14. Forming a Partnership Deed is :

(A) Mandatory

(B) Mandatory in Writing

(C) Not Mandatory

(D) None of the Above

Answer: C

15. Partnership Deed is also called:

(A) Prospectus

(B) Articles of Association

(C) Principles of Partnership

(D) Articles of Partnership

Answer: D

16. Which of the following is not incorporated in the Partnership Act?

(A) profit and loss are to be shared equally

(B) no interest is to be charged on capital

(C) all loans are to be charged interest @6% p.a.

(D) all drawings are to be charged Interest.

Answer: D

17. When is the Partnership Act enforced?

(A) when there is no partnership deed

(B) where there is a partnership deed but there are differences of opinion between the partners

(C) when capital contribution by the partners varies

(D) when the partner’s salary and interest on capital are not incorporated in the partnership deed

Answer

Answer: A

18. In the absence of Partnership Deed, the interest is allowed on partner’s capital: (CPT; June 

2011)

(A) @ 5% p.a.

(B) @ 6% p.a.

(C) @ 12% p.a.

(D) No interest is allowed

Answer: D

19. In the absence of a partnership deed, the allowable rate of interest on partner’s loan 

account will be :

(A) 6% Simple Interest

(B) 6% p.a. Simple Interest

(C) 12% Simple Interest

(D) 12% Compounded Annually

Answer: B

20. A and B are partners in partnership firm without any agreement. A has given a loan of ₹ 50,000 to the firm. At the end of year loss was incurred in the business. Following interest may be paid to A by the firm :

(A) @5% Per Annum

(B) @ 6% Per Annum

(C) @ 6% Per Month

(D) As there is a loss in the business, interest can’t be paid.

Answer: B

Read More important MCQS

Bank Reconciliation Statement.

Bank Reconciliation Statement Meaning, Definition and Characteristics.

Bank Reconciliation Statement : Meaning

Bank Reconciliation Statement is a statement prepared by the account holder on a particular date to reconcile the bank balance as per Cash Book with the balance as per Bank Statement or Bank Pass Book showing entries causing differences between the two balances. 

Amount deposited (both cash and cheque) into bank is recorded in the Bank Column of Two-column Cash Book on the debit side (i.e., Receipts Side) while withdrawals and Issue of cheques are recorded on the credit side (i.e., Payments side).

Bank also maintains an account of the account holder in its books of account. Deposits by the account holder are recorded on the credit side of the account holder's account and withdrawals on the debit side. A copy of it is given to the account holder in the form of Statement or Pass Book for its records and reconciliation.

Thus, debit entries in the Cash Book are reflected (shown) on the credit side of the Bank Statement or Bank Pass Book, while credit entries in the Cash Book are reflected (shown) on the debit side of the Bank Statement or Bank Pass Book.

Transactions relating to deposits and withdrawals made during the period being recorded in both Cash Book and Bank Statement or Pass Book, balances shown by the two records at the end of the period should normally agree, i.e., should be same. But, sometimes the two balances differ. If the two balances differ, it is necessary to know the reasons for the difference as it may require entry to be passed in the books d account. The difference may be because of an error in Cash Book or Bank Statement/Pass Book or cheque issued not having been presented for payment or cheque having been recorded in the Cash Book but not deposited in bank or vice versa for any other reason. A statement showing the reasons or causes of differences is prepared. This statement is known as Bank Reconciliation Statement.

Preparing Bank Reconciliation Statement is not a part of Book Keeping. It is a Bank Statement or Bank Pass Book to ensure that there are no errors or omissions in method or technique to reconcile bank balance in Cash Book with the balance as per recording the bank transactions in the Cash Book.

Bank Reconciliation Statement: Need or Importance

Bank Reconciliation Statement is prepared because of the following :-

1. It brings out the errors if any, committed either in the Cash Book or in the Bank Statement or Pass Book. 

2. Undue delay in the clearance of cheques deposited is known from the reconciliation

3. Regular reconciliation discourages embezzlements. 

4. Reconciliation helps in verifying the accuracy of entries recorded in the Cash Book 

5. It Shows actual bank balance.

What is Bank statement or Bank Pass Book ?

BANK STATEMENT OR BANK PASS BOOK Bank Statement or Bank Pass Book is a copy of account of the account holder in the books of the bank. It is issued by the bank to the account holder for comparing the entries in the Bank Statement or Bank Pass Book with the entries in the Cash Book and differences are determined. A debit balance in the Bank Statement or Bank Pass Book means that the Bank is to recover that much amount from the account holder It is an asset for the bank and liability for the account holder, whereas a Credit balance means that the Bank is to pay that much amount to the account holder. It i a liability for the bank and an asset for the account holder.

REASONS OF DIFFERENCE BETWEEN BALANCES AS PER CASH BOOK AND BANK STATEMENT OR BANK PASS BOOK

Balances as per Cash Book and Bank Statement or Bank Pass Book may differ under some situations. We can broadly classify these situations into three categories: 

1. Difference Due to Timing: There is always a time gap between recording a transaction in the books of account and it being recorded by the bank. For example, a cheque issued is recorded in the Cash Book immediately but the bank records it on being presented for payment which is on a later date. Similarly, a cheque deposited is recorded in the Cash Book immediately whereas the bank credits it on it being cleared, i.e., when bank has collected the amount. Thus, there is always a time gap in recording entries in the two books, i.e., Cash Book and Bank Statement or Bank Pass Book. If Bank Reconciliation Statement is prepared in between the two dates, differences will exist. So reconcile these difference Bank Reconciliation Statement.

2. Transactions Recorded by the Bank: Sometimes transactions are recorded by bank, which become known to the account holder on receiving of Bank Statement of Bank Pass Book. For example, interest charged or bank charges, etc., are known to the account holder after receiving the Bank Statement or Bank Pass Book. Such transactions in the Bank Statement lead to a difference between the balance as per Cash Book and balance as per Bank Statement or Bank Pass Book.

3. Errors: Errors may be committed by the bank or the account holder and these errors result in difference in the balances of Cash Book and Bank Statement or Pass Book. For example, wrong balance may be carried forward, a transaction may not have been recorded in the Cash Book or amount of a transaction may have been wrongly recorded in an account.

Mptet varg 1 वाणिज्य (Commerce) महत्वपूर्ण विषयवस्तु | समाधान विवरण का अर्थ, परिभाषा और विशेषताएँ।

बैंक समाधान विवरण का अर्थ, परिभाषा और विशेषताएँ। Mptet varg 1 वाणिज्य (Commerce) महत्वपूर्ण विषयवस्तु।

बैंक समाधान विवरण का अर्थ 

(Meaning  of Bank Reconciliation Statement)

रोकड़ बही और पास बुक के शेषों की विषमता को दूर करने के लिए व्यापारी द्वारा एक विवरण तैयार किया जाता है। इस विवरण को ही बैंक समाधान विवरण कहते हैं।

रोकड़ बही और पास बुक दोनों में एक ही लेन-देन लिखे जाते हैं, अत: जिस दिन भी दोनों पुस्तकों के बैंक शेषों का मिलान किया जाये तो उनमें कोई अन्तर नहीं पड़ना चाहिये। परन्तु वस्तु स्थिति कुछ भिन्न ही होती है। प्रायः इन दोनों पुस्तकों के शेष परस्पर मिलान नहीं खाते हैं, यद्यपि वे अपने-अपने स्थान पर ठीक होते हैं। इन शेषों का मिलान करने के लिए ही बैंक समाधान विवरण बनाया जाता है।

#आइये बैंक समाधान विवरण को और विस्तार से समझते है।

बैंक में जमा की गई राशि (नकद और चेक दोनों) आहरण के समय डेबिट पक्ष (अर्थात, प्राप्ति पक्ष) पर दो-स्तंभ कैश बुक के बैंक कॉलम में दर्ज की जाती है और चेक जारी करना क्रेडिट पक्ष (यानी, भुगतान पक्ष) पर दर्ज किया जाता है। 

बैंक खाताधारक का खाता अपनी बहीखातों में भी रखता है। खाताधारक द्वारा जमा खाता धारक के खाते के क्रेडिट पक्ष पर और डेबिट पक्ष पर निकासी दर्ज की जाती है। इसकी एक प्रति खाताधारक को स्टेटमेंट या पास बुक के रूप में उसके रिकॉर्ड और सुलह के लिए दी जाती है। इस प्रकार, कैश बुक में डेबिट प्रविष्टियां बैंक स्टेटमेंट या बैंक पास बुक के क्रेडिट पक्ष पर दिखाई देती हैं (दिखाई जाती हैं), जबकि रोकड़ बही में क्रेडिट प्रविष्टियां बैंक स्टेटमेंट या बैंक पास बुक के डेबिट पक्ष पर दिखाई देती हैं (दिखाई जाती हैं)। रोकड़ बही और बैंक स्टेटमेंट या पास बुक दोनों में दर्ज की गई अवधि के दौरान किए गए जमा और निकासी से संबंधित लेनदेन, अवधि के अंत में दो रिकॉर्ड द्वारा दिखाए गए शेष सामान्य रूप से सहमत होने चाहिए, अर्थात समान होना चाहिए। लेकिन, कभी-कभी दो संतुलन भिन्न होते हैं। यदि दोनों शेष अलग-अलग हैं, तो अंतर के कारणों को जानना आवश्यक है क्योंकि इसके लिए बही खाते में प्रविष्टि पारित करने की आवश्यकता हो सकती है। अंतर रोकड़ बही या बैंक स्टेटमेंट / पास बुक में त्रुटि या भुगतान के लिए प्रस्तुत नहीं किए गए चेक या कैश बुक में दर्ज किए गए चेक को बैंक में जमा नहीं किए जाने या किसी अन्य कारण से इसके विपरीत होने के कारण हो सकता है। मतभेदों के कारणों या कारणों को दर्शाने वाला एक बयान तैयार किया जाता है। इस कथन को बैंक समाधान विवरण के रूप में जाना जाता है।

बैंक समाधान विवरण की  परिभाषाएँ

बैंक समाधान विवरण की प्रमुख परिभाषाएँ निम्नानुसार हैं-

 1. श्री कार्टर के शब्दों में, यह एक विवरण हैं, जो बैंक की पास बुक द्वारा बतलाये  शेष का रोकड़ पुस्तक के बैंक सतम्भ द्वारा बतलाये गये बैंक शेष से मिलान करने के लिए बनाया जाता है।

2. प्रो. विलियम्स के अनुसार, "बैंक द्वारा ग्राहक के लिए प्रकट की गयी बाकी और ग्राहक रोकड़ पुस्तक में आई हुई बैंक की बाकी का मिलान करने के लिए जो विवरण पत्र बनाया जाता है, ओ समाधान विवरण कहा जाता है।" 

3. बी पाटिल के शब्दों में, "बैंक समाधान विवरण यह विवरण है जो मुख्यतः पास बुक के शेष को रोकड़ बहीं के शेष से मिलाने के लिए तैयार किया जाता है। " 

संक्षेप में, "एक निश्चित तिथि को रोकड़ पुस्तक और पास बुक के बैंक शेष में पाये जाने वाले अन्तर का समाधान या निवारण करने के लिए जो विवरण बनाया जाता है, उसे बैंक समाधान विवरण कहते हैं।"

बैंक समाधान विवरण की विशेषताएँ 

(Characteristics of Bank Reconciliation Statement 

1. पृथक से तैयार करना- यह एक विवरण होता है, जो पृथक से एक कागज पर तैयार कि जाता है। हिसाब-किताब की पुस्तक में इसे कोई स्थान नहीं दिया जाता है।

2. शेषों का मिलान करना - यह विवरण रोकड़ बही के बैंक स्तम्भ के शेष और पास बुक के शेष का मिलान करने के लिए बनाया जाता है। 

3. निश्चित तिथि को बनाना - यह विवरण किसी निश्चित तिथि को बनाया जाता है।

4. ग्राहक द्वारा बनाना- बैंक समाधान विवरण बैंक के खातेदार व्यापारी अर्थात ग्राहक द्वारा बनाया जाता है, न कि बैंक द्वारा।

5. छल-कपट का पता लगाना- इस विवरण को बनाने का उद्देश्य न केवल दोनों शेषों का मिलान करना है, वरन् कपट और अशुद्धियों का पता लगाना भी है।