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Class 12 Commerce Accountancy — practice by topic

Browse 68 questions across 5 Accountancy topics. Choose what you want to revise, then open a question to check its answer and worked solution.

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Accountancy topics

Partnership (29)Accounting for Share Capital (13)Financial Statements of a Company (13)Issue and Redemption of Debentures (13)National Income Accounting (1)

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Partnership in India is governed by theRead the answer and worked solution →Partnership is defined as the relation between persons who have agreed to share the ___ of a businessRead the answer and worked solution →In the absence of a partnership deed, profits and losses are sharedRead the answer and worked solution →In the absence of a deed, interest on a partner's loan to the firm is allowed atRead the answer and worked solution →

Worked practice questions

Partnership in India is governed by the

  1. Companies Act, 2013
  2. Indian Partnership Act, 1932
  3. Sale of Goods Act, 1930
  4. Contract Act, 1872
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Correct answer: B. Indian Partnership Act, 1932

Partnerships are governed by the Indian Partnership Act, 1932.

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Partnership is defined as the relation between persons who have agreed to share the ___ of a business

  1. profits
  2. assets
  3. liabilities
  4. capital
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Correct answer: A. profits

Sec 4: partnership is the relation between persons who agreed to share the profits of a business carried on by all or any of them acting for all.

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

  1. equally
  2. in time ratio
  3. as per seniority
  4. in capital ratio
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Correct answer: A. equally

Without a deed, the Act mandates equal sharing of profits and losses regardless of capital contributed.

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