In NCERT Class 12 Accountancy Chapter 1, titled "Accounting for Partnership: Basic Concepts", students are introduced to the fundamental principles of partnership accounting. This chapter covers essential topics like the definition of partnership, features of a partnership firm, the Partnership Deed, and the treatment of profit-sharing ratios. It also delves into the adjustments for interest on capital, drawings, and partner salaries.
This article provides a comprehensive resource for exam preparation. It includes sample MCQs and subjective questions for CBSE and CUET, alongside downloadable PDFs of Class 12 Accountancy Chapter 1 MCQs and previous year questions for detailed practice of NCERT Class 12 Accounting for Partnership: Basic Concepts.
NCERT Class 12 Accountancy Chapters
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NCERT Class 12 Accountancy Chapters
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Class 12 Accountancy Chapter 1 MCQs
This question bank includes previous years' CUET and CBSE MCQs, along with questions curated by subject experts. Below are 5 sample multiple-choice questions (MCQs) for Class 12 Accountancy Chapter 1: Accounting for Partnership: Basic Concepts. For the full set of 50 questions, download the PDF using the link provided below.
1- BA partnership firm has four partners. How many additional partner can be admitted into the business as per the provisions of the Companies Act, 2013?
(a) 50 (b) 46 (c) 100 (d) 96
2. _______ is the basis of relationship between the partners to run the partnership business.
(a) Offer (b) Agreement (c) Understanding (d) Acceptance
3. Assertion (A): Partnership is the relation between persons who have agreed to share the profits of the business carried on by all or any of them acting for all.
Reason (R) : If a partner carries on any business of the same nature and competing with that of the firm, he/she shall account for and pay to the firm all profit made by him/her in that business.
Choose the correct option from the following :
(a) Both (A) and (R) are correct.
(b) Both (A) and (R) are incorrect.
(c) Both (A) and (R) are correct and (R) is the correct explanation of (A).
(d) Both (A) and (R) are correct and (R) is not the correct explanation of (A).
4. Which Act prescribes the maximum numbers of partners in a partnership firm?
(a) Indian Contract Act 1872 (b) Indian Partnership Act 1932
(c) Indian Companies Act 2013 (d) Negotiable Instruments Act 1882
5. “The business of a partnership firm may be carried on by all the partners or any of them acting for all.” Identify the feature of the partnership indicated by the above statement.
(a) Agreement (b) Business (c) Mutual Agency (d) Sharing of profits
Class 12 Accountancy Chapter 1 Subjective Questions Without Solutions
This question bank includes previous years' CBSE subjective questions (2 marks and above) without solutions, along with expert-curated questions. Below are 5 sample subjective questions for Class 12 Accountancy Chapter 1: Accounting for Partnership: Basic Concepts. To access all questions, download the PDF from the link provided below.
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Rakshit and Malik are partners in a firm sharing profits and losses in the ratio of 4 : 1. On 1st April 2021, their capitals were Rs. 1,20,000 and Rs. 80,000 respectively. On 1st December 2021, they decided that the total capital of the firm should be Rs. 3,00,000 to be contributed by them in the ratio of 2 : 1.
According to the partnership deed, interest on capital is allowed to the partners @ 6% p.a.
Calculate interest on capital to be allowed for the year ending 31st March, 2022.
(CBSE 2023, 3M with Optional Question)
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Arun and Barun were partners sharing profits in the ratio of 3 : 2. Their capitals were Rs. 50,000 and Rs. 30,000 respectively.
Partnership deed provided for interest on capital @ 6% p.a. to Arun and Barun and quarterly salary of Rs. 1,000 to Barun. Arun had given a loan of Rs. 1,00,000 on 1st October, 2021 to the firm without any agreement about interest. For the year 2021 - 22, the profits earned were Rs. 26,800.
Prepare Profit and Loss Appropriation Account of the firm for the year ended 31st March, 2022.
(CBSE 2023, 3M with Optional Question)
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A, B and C were partners in a firm sharing profits and losses equally.
Their respective capitals were Rs. 10,00,000, Rs. 9,00,000 and Rs. 8,00,000.
The partnership deed provided for the following:
(1) Interest on capital @ 9% per annum.
(2) Interest on drawings @ 12% per annum.
(3) Interest on partners loan to the firm @ 10% per annum.
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During the year, B had withdrawn Rs. 20,000 for his personal use.
On 30.9.2021, A had given a loan of Rs. 70,000 to the firm.
Pass the necessary journal entries in the books of the firm for the following for the year ended 31st March 2022:
(i) Allowing interest on C‟s Capital.
(ii) Providing interest on A‟s Loan.
(iii) Charging interest on B‟s Drawings.
Also give transfer entries in the Profit and Loss Account/Profit and Loss Appropriation Account, as the case may be.
(CBSE 2023, 3M)
Raj, Mehak and Divya were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their respective capitals were : Rs. 6,00,000, Rs. 4,00,000 and Rs. 2,00,000. The partnership deed provided for the following:
(a) Interest on capital @ 8% per annum.
(b) Interest on drawings @ 6% per annum.
(c) Interest on partner‟s loan to the firm @ 5% per annum.
During the year, Raj had withdrawn Rs. 12,000 on 1st October 2021, while Mehak withdrew Rs. 60,000 on 1st December 2021.
On 1st January 2021, Divya had given a loan of Rs.1,20,000 to the firm.
Pass the necessary journal entries in the books of the firm for the following transactions for the year ended 31st March 2022:
(i) Allowing interest of Raj‟s capital.
(ii) Charging interest on Mehak‟s drawings.
(iii) Providing interest on loan given to the firm by Divya.
Also pass transfer entries in the Profit and Loss Account/Profit and Loss Appropriation Account, as the case may be.
(CBSE 2023, 3M)
Sub Areas of Chapter 1: Accounting for Partnership: Basic Concepts
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Chapter Name
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Sub Topics
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Accounting for Partnership: Basic Concepts
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1.1 Introduction
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1.2 Definition and Features of Partnership
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1.3 The Partnership Deed
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1.4 Profit-Sharing Ratios
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1.5 Interest on Capital and Drawings
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1.6 Partner’s Salary and Commission
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1.7 Adjustments in Profit and Loss Account
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Review of NCERT Class 12 Accountancy Chapter 1
In NCERT Class 12 Accountancy Chapter 1, "Accounting for Partnership: Basic Concepts," students learn about the foundational principles of partnership accounting, including the importance of the Partnership Deed and adjustments for profit sharing, interest on capital, and partner salaries.
Mastering this chapter is essential for understanding how partnership firms operate and maintain their financial records. By practicing MCQs and subjective questions, students can develop a strong base for further topics in accountancy.
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