Class 12 Book-Keeping and Accountancy – Daily Revision MCQ (English Medium)
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The partnership deed is silent about salary to partners. As per the Indian Partnership Act 1932, what will a working partner get as salary?
Chapter 1: Introduction to Partnership and Partnership Final Accounts
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Answer: B. No salary is allowed
When the deed is silent, the Act allows no salary, commission or other remuneration to any partner.According to the textbook, which of these is NOT prepared by a 'Not for Profit' concern?
Chapter 2: Accounts of ‘Not for Profit’ Concerns
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Answer: C. Trading Account
Not for Profit concerns do not trade; they prepare Receipts and Payments Account, Income and Expenditure Account and Balance Sheet.Under the premium method, the goodwill brought in cash by a new partner is distributed among the old partners in which ratio?
Chapter 3: Reconstitution of Partnership (Admission of Partner)
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Answer: A. Sacrifice ratio
The old partners give up part of their share to the new partner, so his premium for goodwill is shared in their sacrifice ratio.On the retirement of a partner, the profit on revaluation of assets and liabilities is credited to:
Chapter 4: Reconstitution of Partnership (Retirement of Partner)
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Answer: B. All partners, including the retiring partner, in their old profit sharing ratio
The retiring partner also gets the benefit of the change in values, so the balance goes to all partners in their old profit sharing ratio.A partner with a 1/3 share dies. Goodwill is valued at 2 years' purchase of the average profit of ₹30,000. What is the deceased partner's share of goodwill?
Chapter 5: Reconstitution of Partnership (Death of Partner)
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Answer: D. ₹20,000
Goodwill = 30,000 × 2 = ₹60,000; his share = 60,000 × 1/3 = ₹20,000.On dissolution, creditors of ₹40,000 are paid off at a discount of 5%. How much cash is paid to them?
Chapter 6: Dissolution of Partnership Firm
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Answer: B. ₹38,000
Discount = 5% of 40,000 = ₹2,000, so cash paid = 40,000 − 2,000 = ₹38,000.A bill of ₹10,000 is discounted with the bank at 12% p.a. exactly 3 months before its due date. What is the discount charged by the bank?
Chapter 7: Bills of Exchange
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Answer: C. ₹300
Discount = 10,000 × 12/100 × 3/12 = ₹300 (for the period left until the due date).A company issues 1,000 equity shares of ₹10 each at ₹12 per share. What amount is credited to the Securities Premium Account?
Chapter 8: Company Accounts - Issue of Shares
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Answer: A. ₹2,000
Premium = 12 − 10 = ₹2 per share; 1,000 × 2 = ₹2,000 goes to Securities Premium, not to Share Capital.Current assets are ₹2,40,000, including stock of ₹70,000 and prepaid expenses of ₹10,000. Current liabilities are ₹80,000. What is the liquid (quick) ratio?
Chapter 9: Analysis of Financial Statements
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Answer: C. 2:1
Quick assets = 2,40,000 − 70,000 − 10,000 = ₹1,60,000; quick ratio = 1,60,000 ÷ 80,000 = 2:1 (3:1 is the current ratio).A small firm has very few accounting transactions and wants software with low installation cost that is easy to learn. Which category of accounting package does the textbook describe as suitable for it?
Chapter 10: Computer in Accounting
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Answer: D. Ready-to-use
Ready-to-use packages suit small businesses with a low volume of transactions: low cost, few users and easy to learn.
Class 12: MCQ in other subjects
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All questions are written by PadhaiNotes in our own words from the chapters of the official Maharashtra State Board Balbharati textbook (ebalbharati.in). Each question shows its chapter.