Free Printable accountancy 11th and 12th

1.

Number of partners in a partnership firm may be

a)

Maximum two

b)

Maximum ten

c)

Maximum one hundred

d)

Maximum fifty

2.

A & B are partners in a partnership firm without any agreement. A has given a loan of 50,000 to the firm. At the end of year loss was incurred in the business. Following interest may be paid to A by the firm :

a)

5%p.a

b)

6%p.a

c)

6% p.m

d)

As there is a loss in the business, interest can't be paid

3.

According to Profit & 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 & Loss Appropriation Account will be:

a)

₹1,66,000

b)

₹1,70,000

c)

₹1,30,000

d)

₹1,34,000

4.

A& B are partners in a firm. A's Capital is ₹70,000 & B's Capital is ₹50,000. Firm's profit is ₹60,000. A's share in profit will be:

a)

₹25,000

b)

₹30,000

c)

₹35,000

d)

₹20,000

5.

A, B & C are partners in the ratio of 5:3:2. Before B's salary of ₹17,000, firm's profit is ₹ 97,000. How much in total B will receive from the firm?

a)

₹17,000

b)

₹ 40,000

c)

₹ 24,000

d)

₹ 41,000

6.

X & Y are partners in the ratio of 3:2. Their capitals are ₹2,00,000 & ₹ 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:

a)

X ₹16,000; Y ₹ 8,000

b)

X ₹8,000; Y ₹ 4,000

c)

X ₹14,400; Y ₹ 9,600

d)

No interest will be allowed

7.

Vikas is a partner in a firm. His drawings during the year ended 31st March 2019 were ₹30,000. If interest on drawings is charged @9% p.a the interest charged will be

a)

₹270

b)

₹2,700

c)

₹1,350

d)

None of these

8.

Number of partners in a partnership firm may be

a)

Maximum two

b)

Maximum ten

c)

Maximum one hundred

d)

Maximum fifty

9.

A & B are partners in a partnership firm without any agreement. A has given a loan of 50,000 to the firm. At the end of year loss was incurred in the business. Following interest may be paid to A by the firm :

a)

5%p.a

b)

6%p.a

c)

6% p.m

d)

As there is a loss in the business, interest can't be paid

10.

According to Profit & 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 & Loss Appropriation Account will be:

a)

₹1,66,000

b)

₹1,70,000

c)

₹1,30,000

d)

₹1,34,000

11.

A& B are partners in a firm. A's Capital is ₹70,000 & B's Capital is ₹50,000. Firm's profit is ₹60,000. A's share in profit will be:

a)

₹25,000

b)

₹30,000

c)

₹35,000

d)

₹20,000

12.

Net Profit of a firm is ₹49,500. Manager is entitled to a commission of 10% on profits before charging his commission. Manager's commission will be:

a)

₹4,500

b)

₹4,950

c)

₹5,500

d)

₹495

13.

A, B & C are partners in the ratio of 5:3:2. Before B's salary of ₹17,000, firm's profit is ₹ 97,000. How much in total B will receive from the firm?

a)

₹17,000

b)

₹ 40,000

c)

₹ 24,000

d)

₹ 41,000

14.

Which accounts are opened when the capitals are fixed?

a)

Only Capital Accounts

b)

Only Current Accounts

c)

Capital Accounts as well as Current Accounts

d)

Either Capital Accounts or Current Accounts

15.

X & Y are partners in the ratio of 3:2. Their capitals are ₹2,00,000 & ₹ 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:

a)

X ₹16,000; Y ₹ 8,000

b)

X ₹8,000; Y ₹ 4,000

c)

X ₹14,400; Y ₹ 9,600

d)

No interest will be allowed

16.

Vikas is a partner in a firm. His drawings during the year ended 31st March 2019 were ₹30,000. If interest on drawings is charged @9% p.a the interest charged will be

a)

₹270

b)

₹2,700

c)

₹1,350

d)

None of these

17.

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:

a)

₹3,600

b)

₹1,950

c)

₹1,800

d)

₹1,650

18.

Balance of Partner's current accounts are

a)

Debit balance

b)

Credit Balance

c)

Debit or Credit balances

d)

Neither Debit nor Credit balances

19.

If a fixed amount is withdrawn by a partner on the last day of every month, interest on drawings is charged for

a)

12 months

b)

6.5 months

c)

5.5 months

d)

6 months

20.

When Partners' capital accounts are fixed, which one of the following items will be written in the partner's capital account?

a)

Partner's Drawings

b)

Additional capital introduced by the partner in the firm

c)

Loan taken by the partner from the firm

d)

Loan advanced by the partner to the firm

21.

Which of the following is not incorporated in the Partnership Act?

a)

Profit & Loss are to be shared equally

b)

no interest is to be allowed on capital

c)

Partner's loan is to be allowed interest @ 6% p.a

d)

all drawings are to be charged interest

22.

Which of the following items can not be recorded in the Profit & Loss Appropriation Account?

a)

Interest on Capital

b)

Interest on drawings

c)

Rent paid to partners

d)

Partner's salary

23.

X, Y & Z are partners in the ratio of 4:3:2. Salary to X ₹15,000 and to Z ₹ 3,000 omitted and profits distributed. For rectification, now X will be credited:

a)

₹ 15,000

b)

₹ 1,000

c)

₹ 12,000

d)

₹ 7,000

24.

X, Y & Z are partners in the ratio of 5:4:3. X has given to Z a guarantee of minimum ₹ 10,000 profit. For the year ending 31st March, 2019, Firm's profit is ₹ 28,800. X's share in profit will be :

a)

₹ 9,200

b)

₹ 9,600

c)

₹ 7,200

d)

₹ 12,000

25.

P, Q & R are partners in 3:2:1. R is guaranteed that his share of profit will not be less than ₹70,000. Any deficiency will be borne by P & Q in the ratio of 2:1. Firm's profit was ₹ 2,40,000. Share of P will be:

a)

₹ 1,00,000

b)

₹ 1,10,000

c)

₹ 1,20,000

d)

₹ 1,02,000

26.

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:

a)

X ₹ 16,000; Y ₹ 8,000

b)

X ₹ 8,000; Y ₹ 4,000

c)

X ₹ 14,400; Y ₹ 9,600

d)

No interest will be allowed

27.

If any loan is given by the partner then, balance of such loan Account should be transferred to

a)

B/S Asset Side

b)

B/S Liability Side

c)

Partner's Capital A/c

d)

Partner's Current A/c

28.

Sold goods on credit effects on

a)

Goods only

b)

Debtors only

c)

Goods and Debtors

d)

Cash and Debtors

29.

Withdraw goods for personal use affects on

a)

Cash and drawings

b)

Cash only

c)

Cash and capital

d)

Capital only

30.

Purchase goods for cash affects on

a)

Purchases

b)

Goods

c)

Purchases and cash

d)

Goods and cash

31.

Received commission effects on

a)

Cash and capital

b)

Cash and commission

c)

Capital and commission

d)

Capital only

32.

If the capital of a business is ₹ 5,00,000 and outside liabilities are ₹200,000. Calculate total assets of the business.

a)

3,00,000

b)

7,00,000

c)

10,00,000

d)

2,50,000

33.

Amount which the proprietor has invested in a business is known as ......

a)

Capital

b)

Liability

c)

Asset

d)

Expenses

34.

Amount which the firm owes to outsiders is known as.....

a)

Capital

b)

Expenses

c)

Liability

d)

Asset

35.

Current Liabilities include:

a)

Bills Payable

b)

Creditors

c)

Outstanding Expenses

d)

All of the above

36.

Assets held for continued use in the business and not meant for resale are termed as..........

a)

Fixed asset

b)

Current Asset

c)

Tangible asset

d)

Intangible Asset

37.

.......... are those assets which have a physical existence and which can be seen or felt.

a)

Current Asset

b)

Wasteful Asset

c)

Intangible Asset

d)

Tangible Asset

38.

Amount withdrawn by the owner for personal use......

a)

Capital

b)

Asset

c)

Drawings

d)

Liability

39.

If total assets of a business are rs 10,00,000 and capital is rs 4,00,000. Calculate Creditors......

a)

7,00,000

b)

6,00,000

c)

14,00,000

d)

8,00,000

40.

Which of the following equation is correct.....

a)

Assets= Liabilities - Capital

b)

Liabilities= Assets - Capital

c)

Capital= Assets + Liabilities

d)

Assets= Capital- Liabilities

accountancy 11th and 12th

Total questions: 40

Worksheet time: 51mins

Similar Resources on Wayground