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12th Standard Accountancy English Medium - Accounts of Partnership Firms-Fundamentals 1 Mark Book Back Question Paper and Answer Key 2022 - 2023

Published on: 30/08/2022

QB365 provides a detailed and simple solution for every Possible Book Back Questions in Class 12 Accountancy Subject - Accounts of Partnership Firms-Fundamentals, English Medium. It will help Students to get more practice questions, Students can Practice these question papers in addition to score best marks.

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Questions:

Multiple Choice Question

10 x 1 = 10

Profit after interest on drawings, interest on capital and remuneration is Rs. 10,500. Geetha, a partner, is entitled to receive commission @ 5% on profits after charging such commission. Find out commission.

(a)

Rs. 50

(b)

Rs. 150

(c)

Rs. 550

(d)

Rs. 500

Pick the odd one out

(a)

Partners share profits and losses equally

(b)

Interest on partners capital is allowed at 7% per annum

(c)

No salary or remuneration is allowed to partners

(d)

Interest on loan from partners is allowed at 6% per annum

In the absence of an agreement, partners are entitled to

(a)

Salary

(b)

Commission

(c)

Interest on loan

(d)

Interest on capital

Which of the following is the incorrect pair?

(a)

Interest on drawings – Debited to capital accouunt

(b)

Interest on capital - Credited to capital account

(c)

Interest on loan - Debited to capital account

(d)

Share of profit - Credited to capital account

When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is

(a)

5.5 months

(b)

6 months

(c)

12 months

(d)

6.5 months

When fixed capital method is adopted by a partnership firm, which of the following items will appear in capital account?

(a)

Additional capital introduced

(b)