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MCQs for Accounting for Partnership Firms
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MCQs for Accounting for Partnership Firms
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25 Questions

1. Interest on partner’s drawings will be credited to
2. In case of partnership the act of any partner is : (C.S. Foundation Dec. 2012)
3. A partner withdraws ₹8,000 each on 1st April and 1st Oct. Interest on his drawings @ 6% p.a. on 31 st March will be :
4. For the firm interest on capital is :
5. Vikas is a partner in a firm. His drawings during the year ended 31st March, 2019 were ?72,000. If interest on drawings is charged @ 9% p.a. the interest charged will be :
6. In the absence of Partnership Deed, the interest is allowed on partner’s capital: (CPT; June 2011)
7. P and Q sharing profits in the ratio of 2 : 1 have fixed capitals of ₹90,000 and f60,000 respectively. After closing the accounts for the year ending 31st March 2019 it was discovered that interest on capitals was provided @ 6% instead of 8% p.a. In the adjusting entry :
8. Anu and Tanu are equal partners with fixed capitals of ₹2,00,000 and ₹1,00,000 respectively. After closing the accounts for the year ending 31st 'March, 2019 it was discovered that interest on capitals @ 8% p.a. was omitted to be provided. In the adjusting entry :
9. When partners’ capital accounts are floating, which one of the following items will be written on the credit side of the partners’ capital accounts? :
10. Which of the following items are recorded in the Profit & Loss Appropriation Account of a partnership firm?
11. If equal amount is withdrawn by a partner in each month during a period of 6 months, interest on the total amount will be charged for .......... months
12. Every partner is bound to attend diligently to his in the conduct o. the business.
13. If any loan or advance is provided by partner then, balance of such Loan Account should be transferred to :
14. Which of the following statement is true?
15. In the absence of express agreement, interest @ 6% p.a. is provided :
16. X and Y are partners in the ratio of 3 : 2. Their capitals are ₹2,00,000 and ₹1,00,000 respectively. Interest on capitals is allowed @ 8% p.a. Firm earned a profit of ₹15,000 for the year ended 31st March 2019. As per partnership agreement, interest on capital is treated a charge on profits. Interest on Capital will be :
17. Liability of partner is :
18. According to Profit and Loss Account, the net profit for the year is ₹1,50,000. The total interest on partner’s capital is ₹18,000 and interest on partner’s drawings is ₹2,000. The net profit as per Profit and Loss Appropriation Account will be :
19. If fixed amount is withdrawn by a partner on the first day of each quarter, interest on the total amount is charged for ............ months
20. In the absence of Partnership Deed :
21. A partner withdraws from firm ₹7,000 at the end of each month. At the rate of 6% per annum total interest will be :
22. According to Profit and Loss Account, the net profit for the year is ₹1,40,000. The total interest on partner’s capital is? 8,000 and a partner is to be allowed commission of ₹5,000. The total interest on partner’s drawings is ₹1,200. The net profit as per Profit and Loss Appropriation Account will be :
23. What should be the minimum number of persons to form a Partnership :
24. Sangeeta and Ankita are partners in a firm. Sangeeta’s capital is ₹70,000 and Ankita’s Capital is ₹50.000. Firm’s profit is ₹60,000. Ankita share in profit will be :
25. A partner draws ₹2,000 each on 1st April 2018, 1st July 2018, 1st October, 2018 and 1st January 2019. For the year ended 31st March, 2019 interest on drawings @ 8% per annum will be :

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