MCQs on Partnership Accounting - All these questions are from previous year CBSE Question Papers and Sample Papers, selected to facilitate the students to have correct idea of what has been asked and what may be asked in examination.
Question 1
Atul, Beena and Sita were partners in a firm sharing profits and losses in the ratio of 8 : 7 : 5. Damini was admitted as a new partner for 1/5th share in the profits which she acquired entirely from Atul. The NPSR after Damini's admission will be:
7 : 7 : 5 : 1
*4 : 7 : 5 : 4
8 : 7 : 5 : 4
7 : 5 : 8 : 4
Question 2
Rushil and Abheer were partners in a firm sharing profits and losses in the ratio of 4 : 3. They admitted Sunil as a new partner for 3/7th share in the profits of firm, which he acquired 2/7th share from Rushil and 1/7th share from Abheer. The new profit-sharing ratio of Rushil, Abheer and Sunil will be:
4 : 3 : 3
2 : 1 : 3
*2 : 2 : 3
4 : 3 : 1
Question 3
Abhay, Boris and Chetan were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Boris was guaranteed a profit of ₹95,000. Any deficiency on account of this was to be borne by Abhay and Chetan equally. The firm earned a profit of ₹2,00,000 for the year ended 31st March, 2023. The amount given by Abhay to Boris as guaranteed amount will be:
*₹17,500
₹35,000
₹25,000
₹10,000
Question 4
Aavya, Mitansh and Praveen were partners in a firm. On 31st March, 2023, the firm was dissolved. Creditors took over furniture of book value of ₹ 50,000 at ₹ 45,000 in part settlement of their amount of ₹ 60,000. The balance amount was paid to them through cheque. The amount paid through cheque will be:
₹ 10,000
₹ 50,000
₹ 45,000
*₹ 15,000
Question 5
Piyush, Rajesh and Avinash were partners in a firm sharing profits and losses equally. Shiva was admitted as a new partner for an equal share. Shiva brought his share of capital and premium for goodwill in cash. The premium for goodwill amount will be divided among:
Old partners in old ratio
New partners in new ratio
New partners in sacrificing ratio
*Old partners in sacrificing ratio
MCQs on Partnership Accounting
Question 6
Alex, Benn and Cole were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They admitted Dona as a new partner for 1/5th share in the future profits. Dona agreed to contribute proportionate capital. On the date of admission, capitals of Alex, Benn and Cole after all adjustments were ₹1,20,000; ₹80,000 and ₹1,00,000 respectively. The amount of capital brought in by Dona will be:
*₹75,000
₹60,000
₹65,000
₹70,000
Question 7
Assertion (A) : Each partner is a principal as well as an agent for all the other partners.
Reason (R) : As per the definition of Partnership Act, partnership business may be carried on by all the partners or any of them acting for all.
Pick the correct option:
Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A).
*Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).
Assertion (A) is correct, but Reason (R) is incorrect.
Assertion (A) is incorrect, but Reason (R) is correct.
Question 8
Abha and Babita were partners in a clay toy making firm sharing profits in the ratio of 2 : 1. On 1st April, 2023, their capital accounts showed balances of ₹5,00,000 and ₹10,00,000 respectively. The partnership deed provides for interest on capital @ 10% p.a. The firm earned a profit of ₹90,000 during the year. The amount of interest on capital allowed to Abha will be:
₹50,000
₹60,000
*₹30,000
₹1,00,000
Question 9
Abha and Babita were partners in a clay toy making firm sharing profits in the ratio of 2 : 1. On 1st April, 2023, their capital accounts showed balances of ₹5,00,000 and ₹10,00,000 respectively. The partnership deed provides for interest on capital @ 10% p.a. The firm earned a profit of ₹90,000 during the year. Babita's share in profit will be:
₹60,000
₹30,000
*Nil
₹1,00,000
Question 10
Mita, Veena and Atul were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Atul retired and his share was taken over by Mita and Veena in the ratio of 1 : 4. The new profit sharing ratio between Mita and Veena after Atul's retirement will be:
3:2
*8:7
7:3
2:3
MCQs on Partnership Accounting
Question 11
Which of the following items cannot be recorded in the capital account of partners if the capital accounts of partners are fixed?
*Drawings
Withdrawal of capital
Introduction of additional capital
Opening balance of capital
Question 12
Ashu and Basu are partners sharing profits and losses in the ratio of 2 : 1. Chetan is admitted as a new partner with 1/4th share in the profits which he acquires equally from Ashu and Basu. The new profit sharing ratio between Ashu, Basu and Chetan will be:
*13 : 5 : 6
13 : 2 : 1
2 : 13 : 5
1 : 1 : 1
Question 13
On 1st January, 2023, Abhishek, a partner, advanced a loan of ₹3,00,000 to the firm. In the absence of a partnership agreement, the amount of interest on the loan for the year ending 31st March, 2023 will be:
₹18,000
*₹4,500
₹9,000
NIl
Question 14
If a partner withdraws a fixed amount at the end of each quarter, interest on drawings will be charged for _____ months.
9
7.5
6
*4.5
Question 15
Bhim, Arjun and Nakul were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 3. With effect from 1st April, 2023, they agreed to share profits equally. Due to change in the profit sharing ratio, Arjun's sacrifice or gain will be:
Sacrifice 1/30
*Gain 1/30
Sacrifice 1/15
Gain 1/15