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Class 12 Accounting for Partnership: Basic Concepts worksheet
CBSE Accountancy. Partnership deed and the rules when it is silent, fixed and fluctuating capitals, interest on capital and drawings, commission, the appropriation account, guarantees and past adjustments. Every sheet has 20 questions in three sections and an answer key, and the numbers change every time.
Sample questions
Real questions from this chapter, as the app sets them. Tap Answer to see the answer and working.
Section A · multiple choice
- 1.
The maximum number of partners in a partnership firm (under the Companies Rules) is:
- 10
- 100
- 20
- 50
Answer
(d) 50
- 2.
If the partnership deed is silent, what is the rule for interest on capital?
- no interest is allowed
- only with the consent of all the existing partners
- interest at 12% per annum
- in the ratio of capitals
Answer
(a) no interest is allowed
- 3.
What is meant by “unlimited liability”?
- all adjustments are made in the capital accounts, so their balances keep changing
- a charge on the amounts partners withdraw, credited to the appropriation account
- the relation between persons who agree to share the profits of a business carried on by all or any of them acting for all
- partners’ private assets can be used to pay the firm’s debts
Answer
(d) partners’ private assets can be used to pay the firm’s debts
Section B · short answer
- 4.
Define partnership.
Answer
The relation between persons who agree to share the profits of a business carried on by all or any of them acting for all.
- 5.
Explain each term: (a) mutual agency (b) unlimited liability
Answer
(a) every partner is both an agent and a principal of the firm (b) partners’ private assets can be used to pay the firm’s debts
Section C · long answer
- 6.
Explain the main features of a partnership.
Answer
Two or more persons, an agreement, a lawful business, sharing of profits, mutual agency and unlimited liability of partners.
Fresh sheets for your child
In the app, every Accounting for Partnership: Basic Concepts sheet is new: the app remembers the questions your child has already had and leaves them out. Print the sheet as a PDF, or use notebook mode and write the answers in a notebook.
Coming soon for Android and iPhone.