Accountancy Class 12 Questions

 📝Accountancy Class 12 Questions 

Multiple Choice Questions 

1. Partnership agreement can be 

(a)  Oral
(b) Written
(c)Oral or Written
(d) None of these

Ans:(c) 

2. In the absence of a partnership deed profits and losses are shared

(a)  Equally

(b) In the ratio of capitals

(c) As per the agreement

(d) All of these

Ans: (a)

3. In the absence of a partnership deed, partners are not entitled to receive

(a)  Salaries

(b)  Commission

(c)  Interest on capital

(d)  All of these

Ans: (c)

4. Revaluation account or Profit and Loss adjustment account is

(a) Personal Account

(b) Nominal Account

(c) Real Account

(d) None of these

Ans: (b)

5.  A, B, C, and D are partners sharing their profits and losses equally. They change their profit sharing ratio to 2:2:1:1. How much will C sacrifice

(a) 1/6

(b) 1/12

(c) 1/24

(d) None of these

Ans: (b)

6. Excess of Average Profit over the Normal Profit is called

(a) Superprofit

(b) Fixed profit

(c) Abnormal profit

(d) Normal profits

Ans: (a)

7. A firm has an average profit of ₹60,000. The rate of return on capital employed is 12.5%. The total capital employed in the firm was ₹4,00,000. Goodwill on the basis of 2 year’s purchase of super profit is

(a) ₹ 20,000

(b) ₹ 15,000

(c) ₹ 10,000

(d) None of these

Ans: (a)

8. At the time of admission of new partner General Reserve appearing in the old balance sheet is transferred to

(a) All partners’ Capital A/C 

(b) New partners’ Capital A/C 

(c)Old partners’ Capital A/C 

(d) None of these

Ans: (c)