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Class 12 Commerce Partnership — practice questions

Explore 29 free Partnership questions in Class 12 Commerce Accountancy. Open each question or exercise to read its content, reference answers and available explanation.

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Partnership questions and exercises with answers

Showing questions 1–29 of 29.

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 →In the absence of a partnership deed, which of these is NOT allowed?Read the answer and worked solution →The maximum number of partners in a firm (per Companies Act 2013 rules) isRead the answer and worked solution →The account prepared to distribute profit among partners is theRead the answer and worked solution →A and B share profits 3:2. Net profit is ₹50,000. A's share isRead the answer and worked solution →Capital ₹2,00,000; interest on capital at 10% p.a. for the full year isRead the answer and worked solution →Under the fixed capital method, the partners maintainRead the answer and worked solution →Under the fluctuating capital method, which item is NOT recorded in the capital account?Read the answer and worked solution →Interest on drawings isRead the answer and worked solution →Drawings of ₹10,000 made evenly through the year attract interest at 10% p.a. The interest on drawings is approximatelyRead the answer and worked solution →A partner's salary, when provided in the deed, isRead the answer and worked solution →A, B and C are partners 2:2:1. C is guaranteed minimum ₹20,000. Firm profit is ₹80,000. C's actual share before guarantee isRead the answer and worked solution →The Profit and Loss Appropriation Account is an extension of theRead the answer and worked solution →Persons who have entered into a partnership are individually calledRead the answer and worked solution →Which is an essential feature of partnership?Read the answer and worked solution →A and B contribute ₹3,00,000 and ₹2,00,000. No deed exists. Profit ₹1,00,000 is shared asRead the answer and worked solution →Interest on capital is calculated on theRead the answer and worked solution →Net profit ₹90,000; A's salary ₹12,000; interest on capitals ₹18,000 total. Profit available for distribution isRead the answer and worked solution →If a partner's capital account shows a debit balance, it usually means the partner hasRead the answer and worked solution →The document containing the terms of partnership is theRead the answer and worked solution →P and Q share 1:1. P is guaranteed ₹25,000 minimum by Q. Profit ₹40,000. After guarantee, Q getsRead the answer and worked solution →Rent paid to a partner for using their premises isRead the answer and worked solution →'Guarantee of profit to a partner' means the partner getsRead the answer and worked solution →Opening capital ₹1,00,000; additional ₹50,000 introduced after 6 months; interest at 10% p.a. Total interest on capital isRead the answer and worked solution →Collectively, partners carrying on a business are called aRead the answer and worked solution →Sort: fixed capital method or fluctuating capital method?Read 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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More Accountancy topics

Accounting for Share CapitalFinancial Statements of a CompanyIssue and Redemption of DebenturesNational Income Accounting