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Class 12 Accountancy: Accounting for Partnership: Basic Concepts — Chapter Test 1

Class 12 • Accountancy • Accounting for Partnership: Basic Concepts • Chapter Test

MediumFREE

15

Questions

20 min

Duration

15

Marks (1 each)

No

Negative marking

Original practice questions with full solutions by ExamPortal.

Instructions

  • • Read each question carefully and pick the correct answer.
  • • You can mark questions for review and come back to them.
  • • Answers are saved automatically.
  • • The test is submitted automatically when time runs out.

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SYLLABUS & QUESTION BLUEPRINT

Sample Practice Questions

Preview 5 sample questions from this 15-question test. Test your knowledge below or take the full exam in timed CBT mode.

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Question 1 of 15
In the absence of a partnership deed, profits are shared:
A
in capital ratio
B
equally
C
as per age
D
by the senior partner
View Correct Answer & Step-by-Step Solution
Correct Option:(B)equally

Detailed explanation is available inside the official test attempt review.

Question 2 of 15
In the absence of a deed, interest on partners' capital is:
A
6% p.a.
B
not allowed
C
12% p.a.
D
10% p.a.
View Correct Answer & Step-by-Step Solution
Correct Option:(B)not allowed

Detailed explanation is available inside the official test attempt review.

Question 3 of 15
In the absence of a deed, interest on a partner's loan is allowed at:
A
6% p.a.
B
12% p.a.
C
no interest
D
9% p.a.
View Correct Answer & Step-by-Step Solution
Correct Option:(A)6% p.a.

Detailed explanation is available inside the official test attempt review.

Question 4 of 15
In the absence of a deed, a partner is entitled to salary:
A
of ₹5,000 p.m.
B
none
C
equal to the manager's
D
10% of profit
View Correct Answer & Step-by-Step Solution
Correct Option:(B)none

Detailed explanation is available inside the official test attempt review.

Question 5 of 15
Under the fixed capital method, the capital accounts show:
A
a fluctuating balance
B
a fixed balance unless capital is added or withdrawn
C
negative balances always
D
no balances
View Correct Answer & Step-by-Step Solution
Correct Option:(B)a fixed balance unless capital is added or withdrawn

Detailed explanation is available inside the official test attempt review.

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Frequently asked questions

How many questions are there in Class 12 Accountancy: Accounting for Partnership: Basic Concepts — Chapter Test 1?

There are 15 questions to answer in 20 min. Each correct answer gives 1 mark, for a total of 15 marks.

Is there negative marking?

No. Wrong answers do not lose marks, so attempt every question.

Is this mock test free?

Yes, it is completely free. Just log in with your email to start.

What does this test cover?

It covers the chapter "Accounting for Partnership: Basic Concepts" of Class 12 Accountancy. All questions are original, with a full solution for each.

Will I see my result and the solutions?

Yes. Right after you submit you get your score, accuracy, rank and percentile, and you can review every question with the correct answer and a step-by-step explanation.

Can I take this test again?

Yes, you can retake it as many times as you like and compare your scores.