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12th Standard Accounts - Accounts of Partnership Firms-Fundamentals English Medium Free Online Test One Mark Questions 2020 - 2021

Published on: 06/11/2020

Download Tamil Nadu 12th Standard Accountancy question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.

Questions + Answers key

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Std: 12th Standard - Accountancy

chapter: - Model Question paper

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Questions:

Multiple Choice Question

10 x 1 = 10

__________ can be formed only for a legal business.

(a)

Sole trader

(b)

Co-operative societies

(c)

Partnership

(d)

None of these

Under fluctuating capital method, profit or loss in a year, will be transferred to the respective _____________ accounts.

(a)

capital

(b)

profit and loss

(c)

drawings

(d)

none of these

__________ method, only capital account is maintained for each partner

(a)

Fixed capital

(b)

Fluctuating capital

(c)

Both 'a' and 'b'

(d)

None of these

___________ is a document in writing that contains the terms of the agreement among the partners.

(a)

Partnership deed

(b)

Partnership at will

(c)

Both 'a' and 'b'

(d)

None of these

When a fixed amount is withdrawn in the beginning of every month the period calculated for interest on drawings is ____________

(a)

\(\frac{11}{24}\)

(b)

\(\frac{12}{24}\)

(c)

\(\frac{13}{24}\)

(d)

\(\frac{10}{24}\)

X and Yare partners sharing the profits and losses in the ratio of 2:3 with capitals of Rs. 1,20,000 and Rs. 60,000 respectively. Profits for the year are Rs. 9,000. If the partnership deed is silent as to interest on capital. Show how profit is shared among X and Y ____________

(a)

Profit X - Rs. 6,000; Y - Rs. 3,000

(b)

Profit X - Rs. 3,600; Y - Rs. 5,400

(c)

Profit X - Rs. 3,000; Y - Rs. 6,000

(d)

Profit X - Rs. 2,000; Y - Rs. 2,600

Pick the odd one out

(a)

Partners share profits and losses equally

(b)