Accountancy MCQ – Class 12 – Chapter 2 – Fundamental of Partnership – Part 4

1. If the Partner’s Capital Accounts are fluctuating, in that case following item/items will be recorded in the credit side of capital accounts :

2. For the firm interest on capital is :

3. Interest on Partner’s drawings will be debited to :

4. 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. Interest on Capital will be :

5. Interest on partner’s drawings will be credited to

6. On 1st April 2018, 2fs Capital was ₹2,00,000. On 1st October 2018, he introduces additional capital of ₹1,00,000. Interest on capital @ 6% p.a. on 31st March, 2019 will be :

7. Interest on partner’s capitals will be credited to :

8. 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 :

9. A and B contribute ₹1,00,000 and ?₹60,000 respectively in a partnership firm by way of capital on which they agree to allow interest @ 8% p.a. Their profit or loss sharing ratio is 3 : 2. The profit at the end of the year was ₹2,800 before allowing interest on capital. If there is a clear agreement that interest on capital will be paid even in case of loss, then S’s share will be:

10. If a fixed amount is withdrawn by a partner on the last day of every month, interest on the total amount is charged for …………… months :

11. On 1st April 2018, 2fs Capital was ₹2,00,000. On 1st October 2018, he introduces additional capital of ₹1,00,000. Interest on capital @ 6% p.a. on 31st March, 2019 will be :

12. 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 :

13. Xand 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 ?60,000 for the year ended 31st March 2019. Interest on Capital will be :

14. For the firm interest on capital is :

15. Interest on partner’s drawings will be credited to

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 incurred a loss of ₹60,000 for the year ended 31st March 2019. Interest on Capital will be :

17. Interest on partner’s capitals will be credited to :

18. If a fixed amount is withdrawn by a partner on the first day of every month, interest on the total amount is charged for …………… months :

19. Interest on partner’s capitals will be debited to :

20. Where will you record interest on drawings :

21. For the firm interest on drawings is

22. It the Partner’s Capital Accounts are fixed, interest on capital will be recorded:

23. Partners are suppose to pay interest on drawing only when by the

24. 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 incurred a loss of ₹60,000 for the year ended 31st March 2019. Interest on Capital will be :

25. If a fixed amount is withdrawn by a partner in the middle of every month, interest on the total amount is charged for …………… months

26. When partners’ capital accounts are floating, which one of the following items will be written on the credit side of the partners’ capital accounts? :

27. When partners’ capital accounts are fixed, which one of the following items will be written in the partner’s capital account? :

28. For the firm interest on capital is :

29. Interest on Partner’s drawings will be debited to :

30. When partners’ capital accounts are fixed, which one of the following items will be written in the partner’s capital account? :

31. Xand 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 ?60,000 for the year ended 31st March 2019. Interest on Capital will be :

32. For the firm interest on drawings is

33. For the firm interest on capital is :

34. 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 :

35. In a partnership firm, a partner withdrew ₹5,000 per month on the first day of every month during the year for personal expenses. If interest on drawings is charged @ 6% p.a. the interest charged will be :

36. Interest on partner’s capitals will be debited to :

37. If date of drawings of the partner’s is not given in the question, interest is charged for how much time

38. Where will you record interest on drawings :

39. How would you close the Partner’s Drawing Account:

40. If the Partner’s Capital Accounts are fluctuating, in that case following item/items will be recorded in the credit side of capital accounts :