Mpboard 12th Commerce important Questions 2023 | 18 most important MCQs.

Mpboard 12th Commerce important Questions 2023 | 18 most important MCQs with Answer|Chapter 1 Accounting for Partnership.

  

Accountancy important questions

 Choose the correct answer:

1. Maximum number of members in a partnership firm is:

(a) 50

(b) 15

(c) 10

(d) None of these.

Answer: (a) 50

2. In the absence of partnership deed interest on loan will be: 

(a) 10% p.a. (b) 6%. (c) 6% p.a. (d) 10%.

Answer: (c) 6% P. a.

3. In the absence of partnership deed profit is divided in:

(a) Capital ratio   (b) Equally

(c) Liability ratio.   (d) None of these.

Answer: (b)Equally

4. Liabilities of partners is: 

(a) Limited                              (b) Unlimited

(c) Limited up to capital.       (d) None of these.

Answer:(b) Unlimited

5. Partnership deed means:

(a) Rules of purchase and sale in business (b) Rules and conditions of partnership business

(c) Rules of dissolution of partnership 

(d) None of these.

Answer: (b) Rules and conditions of partnership business

6. The balance of current account of the partner will always have: 

(a) Debit balance       (b) Credit balance

(c) Either of the two  (d) None of these.

Answer: (c) Either of the two

7. Preparation of Partnership deed is:

(a) Compulsory.             (b) Voluntary

(c) Partly compulsory.  (d) Not necessary. 

Answer: (b) Voluntary

8. When the new partner brings premium (goodwill) in cash, it is transferred to:

(a) New partner's capital A/c 

(c) New partner's current A/c 

(b) Premium A/c 

(d) Bank A/c.

Answer: (b) Premium

9. Interest on drawings is:

(a) Firm's loss.         (b) Partner's income

(c) Firm's income.   (d) None of these.

Answer: (c) Firm's income.

10. On the admission of partnership the profit on revaluation A/c should be en-ter:

(a) In the capital account of all partners 

(b) In the capital account of new partners

(c) In the old partners capital account 

(d) In account.

Answer: (b) In the capital account of new partners

11. On dissolution of firm, the balance of partner's Loan A/c is transferred to:

(a) Realization A/c

(b) Partner's Capital A/c 

(c) Partner's current A/c 

(d) None of these.

Answer: (d) None of these.

12 Profit on revaluation is distributed in:

(a) Sacrificing ratio

(b) Equally

(c) Gaining ratio

(d) Old profit-sharing ratio.

Answer: (d) Old profit-sharing ratio.

13. New Ratio - Old Ratio:

(a) Sacrificing ratio  (b) Equal ratio

(c) Gaining ratio.      (d) None of these.

Answer: (c) Gaining ratio.     

14. A partnership deed is prepared:

(a) Compulsory (c) Partly compulsory

(b) Optional         (d) Unnecessary.

Answer: (b) Optional

15. Undistributed profit and reserves are transferred to:

(a) Cash A/c.    

(b) Bank A/c

(c) Partner capital A/c

(d) Profit and loss A/c.

Answer: (c) Partner capital A/c

16. Excess of actual profit over normal profit is called: 

(a) Average profit

(b) Normal profit

(c) Abnormal profit

(d) Super profit.

Answer: (d) Super profit.

17. The essential element of partnership is :

(a) To share loss

(b) To share loss & profit 

(d) To share the assets.

(c) To share profit 

Answer: (b) To share loss & profit 

18. Goodwill is :

(a) A floating assets

(b) Fixed assets

(c) A tangible assets

(d) A fictitious assets/Intangible Asset

Answer: (d) A fictitious assets/ Intangible Asset