Accountancy Class 12 Important MCQ Question With Answere

Accountancy Class 12 MCQ [ Mid Term ]

Q1 . Which of the following items is not dealt through Profit and Loss Appropriation Account? 
a. Interest on Partner’s Loan 
b. Partner’s Salary
c. Interest on Partner’s Capital 
d. Partner's Commission

Q2. E, F and G are partners sharing profits in the ratio of 3:3:2. As per the partnership agreement, G is to 
get a minimum amount of Rs.80,000 as his share of profits every year and any deficiency on this account 
is to be personally borne by E. The net profit for the year ended 31st March, 2020 amounted to Rs.3,12 
,000. Calculate the amount of deficiency to be borne by E? 
a. Rs.1,000 
 b. Rs.4,000 
 c. Rs.8,000 
 d. Rs.2,000 
Q3. Pick the odd one out: 
 a. Rent to Partner 
b. Manager’s Commission
c. Interest on Partner’s Loan
d. Interest on Partner’s Capital

Q4. Amit, a partner in a partnership firm withdrew Rs. 7,000 in the beginning of each quarter. For how 
many months would interest on drawings be charged? 
a. 6 months 
b. 6½ months 
c. 7 ½ months 
d. 5 ½ months 

Q5. One of the partners in a partnership firm has withdrawn Rs. 9,000 at the end of each quarter, 
throughout the year. Calculate interest on drawings at the rate of 6% per annum. 
a. Rs.1,350 
b. Rs.800 
c. Rs.1,080 
d. Rs.810

Q6. In case the partners’ capitals are fixed, in which account will the withdrawal of capital be recorded?
a. Partners’ Capital Account 
b. Partners’ Current Account
c. Either in Partners’ Capital or Current Account
d. Profit and Loss Appropriation Account 

Hope, you got enough idea on the MCQ Questions for Classes 12. Aid your preparation with the Objective Questions listed and score more marks. For any other queries feel free to reach us and we will assist you at the earliest possible. Bookmark our site for more information on Objective Type or Quiz Questions.

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