CBSE-CLASS-XII SERIES Accountancy
Fundamentals Of Partnership
13 previous year questions.
Volume: 13 Ques
Yield: Medium
High-Yield Trend
12
2025 1
2024 Chapter Questions 13 MCQs
01
PYQ 2024
medium
accountancy ID: cbse-cla
A partnership firm has 45 partners. It wants to admit 7 more partners into partnership. Only ...... more partners can be admitted in the partnership firm according to Companies Act, 2013.
1
1
2
6
3
5
4
3
02
PYQ 2025
medium
accountancy ID: cbse-cla
There are two statements Assertion (A) and Reason (R):
Assertion (A): Partnership is the result of an agreement between two or more persons to do business and share its profits and losses.
Reason (R): Partnership agreement should always be in written form.
Choose the correct alternative from the following:
Assertion (A): Partnership is the result of an agreement between two or more persons to do business and share its profits and losses.
Reason (R): Partnership agreement should always be in written form.
Choose the correct alternative from the following:
1
Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).
2
Both Assertion (A) and Reason (R) are correct, but Reason (R) is \textit{not} the correct explanation of Assertion (A).
3
Assertion (A) is correct, but Reason (R) is incorrect.
4
Assertion (A) is incorrect, but Reason (R) is correct.
03
PYQ 2025
medium
accountancy ID: cbse-cla
The following account is debited for allowing interest on partners’ capital:
1
Profit and Loss Account
2
Partners’ Current Account
3
Interest on Capital Account
4
Partners’ Capital Account
04
PYQ 2025
medium
accountancy ID: cbse-cla
‘The business of a partnership firm may be carried on by all the partners or any of them acting for all.’
The above statement highlights which of the following feature of partnership?
The above statement highlights which of the following feature of partnership?
1
Agreement
2
Business
3
Sharing of profit
4
Mutual agency
05
PYQ 2025
medium
accountancy ID: cbse-cla
textit{Assertion (A)}: Partners' salary is debited to Profit and Loss Appropriation Account and not to Profit and Loss Account.
\textit{Reason (R)}: Partners' salary is an appropriation of profit, it is not a charge against profits.
Choose the correct option from the following:
\textit{Reason (R)}: Partners' salary is an appropriation of profit, it is not a charge against profits.
Choose the correct option from the following:
1
Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).
2
Both Assertion (A) and Reason (R) are correct, but Reason (R) is \textit{not} the correct explanation of Assertion (A).
3
Assertion (A) is correct, but Reason (R) is incorrect.
4
Both Assertion (A) and Reason (R) are incorrect.
06
PYQ 2025
medium
accountancy ID: cbse-cla
Sun and Moon were partners in a firm sharing profits and losses equally. Their fixed capitals were each. After the accounts for the year ended 31stMarch, 2024 were prepared, it was discovered that interest on capital @ 10% p.a. was not credited to the partners’ current accounts as provided in the partnership deed.
The rectifying adjustment entry for the same will be :
The rectifying adjustment entry for the same will be :
| Particulars | Debit Amount (₹) | Credit Amount (₹) |
|---|---|---|
| (A) No Entry | ||
| (B) Sun’s Current A/c Dr. To Moon’s Current A/c | 50,000 | 50,000 |
| (C) Moon’s Current A/c Dr. To Sun’s Current A/c | 50,000 | 50,000 |
| (D) Sun’s Current A/c Dr. Moon’s Current A/c Dr. To Profit and Loss Appropriation A/c | 50,000 50,000 | 1,00,000 |
1
A
2
B
3
C
4
D
07
PYQ 2025
medium
accountancy ID: cbse-cla
Sudha, a partner withdrew on 31stOctober, 2023 for her personal use. Interest on drawings is charged @ 6% p.a. The interest on Sudha’s drawings for the year ended 31stMarch, 2024 will be :
1
2
3
4
08
PYQ 2025
hard
accountancy ID: cbse-cla
Sun and Moon were partners in a firm sharing profits and losses equally. Their fixed capitals were each. After the accounts for the year ended 31stMarch, 2024 were prepared, it was discovered that interest on capital @ 10% p.a. was not credited to the partners’ current accounts as provided in the partnership deed.
The rectifying adjustment entry for the same will be :
The rectifying adjustment entry for the same will be :
| Particulars | Debit Amount (₹) | Credit Amount (₹) |
|---|---|---|
| (A) No Entry | ||
| (B) Sun’s Current A/c Dr. To Moon’s Current A/c | 50,000 | 50,000 |
| (C) Moon’s Current A/c Dr. To Sun’s Current A/c | 50,000 | 50,000 |
| (D) Sun’s Current A/c Dr. Moon’s Current A/c Dr. To Profit and Loss Appropriation A/c | 50,000 50,000 | 1,00,000 |
09
PYQ 2025
hard
accountancy ID: cbse-cla
Manoj, Dilip and Rajinder were partners in a firm sharing profits and losses in the ratio of 7 : 3 : 5. Their fixed capitals were , and , respectively. The partnership deed provided for interest on partners’ drawings @ 12% p.a. Which of the following accounts will be debited for charging interest on partners’ drawings ?
1
Partners’ Capital Account
2
Profit and Loss Appropriation Account
3
Interest on Drawings Account
4
Profit and Loss Account
10
PYQ 2025
medium
accountancy ID: cbse-cla
Lata and Dheeraj were partners in a firm sharing profits and losses in the ratio of 7 : 3. On 31st March, 2024, the firm was dissolved. After transferring various assets (other than cash) and third-party liabilities to Realisation Account, the following transactions took place:
- (i) A debtor whose debt of ₹ 40,000 had been written off as bad, paid ₹ 37,000 in full settlement.
- (ii) Land and building was sold for ₹ 9,00,000 through a broker who charged ₹ 50,000 as commission.
- (iii) Creditors amounting to ₹ 36,000 were paid ₹ 33,000 in full settlement.
11
PYQ 2025
medium
accountancy ID: cbse-cla
Daksh and Moksh were partners in a firm. Moksh withdrew a fixed amount at the end of every quarter for the year ended 31st March, 2024. Interest on drawings is charged at 10% p.a. Interest on Moksh’s drawings was charged for _________ months.
1
6
2
7.5
3
4.5
4
3
12
PYQ 2025
medium
accountancy ID: cbse-cla
Jay and Vijay were partners in a firm sharing profits and losses in the ratio of 7 : 3. Their respective fixed capitals were ₹9,00,000 and ₹7,00,000. The partnership deed provided for interest on capital @ 8% per annum. After preparing the accounts for the year ended 31\textsuperscript{st March, 2024, it was discovered that interest on capital was allowed @ 9% per annum. Showing your workings clearly, pass the necessary journal entry to rectify the error.}
13
PYQ 2025
medium
accountancy ID: cbse-cla
Amar, Ali and Ajay were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 1st April, 2024, Ajay decided to retire from the firm. On that day, the balance in his capital account after making necessary adjustments on account of reserves, revaluation of assets and reassessment of liabilities was ₹2,64,000. Amar and Ali agreed to pay him ₹3,00,000 in full settlement of his claim.
Calculate Ajay’s share of goodwill and pass the necessary journal entry for the same.
Calculate Ajay’s share of goodwill and pass the necessary journal entry for the same.
About Fundamentals Of Partnership - CBSE-CLASS-XII
Fundamentals Of Partnership is a vital chapter for CBSE-CLASS-XII aspirants. Mastering the concepts covered in this chapter is essential for securing a top rank.
By rigorously practicing the previous year questions associated with this chapter, you can identify high-yield topics, understand the examiner's perspective, and boost your confidence during the actual exam.
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