Please refer to Assignments Class 12 Accountancy Accounting for Partnership Basic Concepts Chapter 2 with solved questions and answers. We have provided Class 12 Accountancy Assignments for all chapters on our website. These problems and solutions for Chapter 2 Accounting for Partnership Basic Concepts Class 12 Accountancy have been prepared as per the latest syllabus and books issued for the current academic year. Learn these solved important questions to get more marks in your class tests and examinations.
Accounting for Partnership Basic Concepts Assignments Class 12 Accountancy
ASSERTION REASON QUESTIONS
Question: Assertion: Manager’s commission is transferred to Profit and Loss Account.
Reason: Manager’s commission is a charge against profit.
a) Assertion is wrong but Reason is correct.
b) Assertion is correct but Reason is wrong.
c) Both assertion and reason are correct.
d) Both assertion and reason are wrong. C
Answer:
C
Question: Assertion: Salary paid to a partner is debited to Profit & Loss Account.
Reason: Salary paid to a partner is an appropriation of profit.
a) Assertion is wrong but Reason is correct.
b) Assertion is correct but Reason is wrong.
c) Both assertion and reason are correct.
d) Both assertion and reason are wrong. A
Answer
C
Question: Assertion: In a partnership firm, maximum 50 persons can become the partners.
Reason: The Central Government has prescribed maximum number of partners in a firm to be 50 vide rule 10 of Companies Rules, 2014.
a) Assertion is correct but Reason is wrong.
b) Assertion is wrong but Reason is correct.
c) Both assertion and reason are wrong.
d) Both assertion and reason are correct.
Answer
C
Question: Assertion: A and B, the partners of a firm want to share profit of a firm equally.
Reason: They can share profit of the firm equally if they do not have Partnership Deed.
a) Assertion is wrong but Reason is correct.
b) Assertion is correct but Reason is wrong.
c) Both assertion and reason are correct.
d) Both assertion and reason are wrong.
Answer
C
Question: Assertion: Reeta and Geeta are partners in a firm sharing profits and losses in the ratio of 3:2. Geeta withdrew Rs. 50,000 during the year. Interest on drawings was calculated as Rs. 5,000 @ 10% p.a.
Reason: interest on total drawings for the year is calculated for 6 months on average basis
if the date of withdrawal is not given. Hence interest on Geeta’s drawings will be Rs.2500
a) Assertion is correct but Reason is wrong.
b) Assertion is wrong but Reason is correct.
c) Both assertion and reason are wrong.
d) Both assertion and reason are correct.
Answer
B
Question: Assertion: Gopal and Mohan are partners in a firm without a partnership deed. Mohan gave a loan of Rs. 1,00,000 to the firm and demanded interest on loan @ 10% p.a.
Reason: He will receive interest on loan @ 6% p.a. in the absence of Partnership Deed
a) Assertion is correct but Reason is wrong.
b) Assertion is wrong but Reason is correct.
c) Both assertion and reason are wrong.
d) Both assertion and reason are correct.
Answer
A
Question: Assertion: Aman and Vikas are partners sharing profits and losses in the ratio of 3:2. They do not have Partnership Deed. At the end of the year, Vikas demanded interest on capital @ 10 p.a.
Reason: In the absence of Partnership Deed, interest on capital is not allowed
a) Assertion is correct but Reason is wrong.
b) Assertion is wrong but Reason is correct.
c) Both assertion and reason are wrong.
d) Both assertion and reason are correct.
Answer
B
Question: Assertion: Ajay and Vijay are partners sharing profits and losses in the ratio of 3:2, having fixed capitals of Rs. 6,00,000 and Rs. 4,00,000 respectively. According to Partnership Deed, Ajay and Vijay are entitled to get annual salary of Rs. 30,000 and Rs. 20,000 respectively. Vijay advised that their salary should be credited in their capital accounts.
Reason: In case of fixed capital accounts, remuneration of the partners is credited to their Current Accounts.
a) Assertion is correct but Reason is wrong.
b) Assertion is wrong but Reason is correct.
c) Both assertion and reason are wrong.
d) Both assertion and reason are correct.
Answer
B
Question: Assertion: In a Partnership firm, business can be carried on by all partners or any of the partners acting for all.
Reason: The partners are agents as well as the principals. As an agent, the partner represents the other partners and as a principal, the partner is bound by the act of other partners.
a) Assertion is correct but Reason is wrong.
b) Assertion is wrong but Reason is correct.
c) Both assertion and reason are wrong.
d) Both assertion and reason are correct.
Answer
D
Question: Assertion: Dinesh and Suresh are partners sharing profits equally but they do not have Partnership Deed. For the ended 31st March, 2020, Suresh demands salary @ 2,500 p.m. for looking after the business of the firm.
Reason: Dinesh does not agree with Suresh and tells him that salary can be paid @ 1,000 p.m. only if Partnership Deed does not exist.
a) Assertion is correct but Reason is wrong.
b) Assertion is wrong but Reason is correct.
c) Both assertion and reason are wrong.
d) Both assertion and reason are correct
Answer
D
Question: Assertion (A) : In absence of a deed , a sleeping partner who contributed 75% of total capital would get 75% of the profit earned.
Reason (R) : A sleeping partner , in absence of a deed , gets equal share of profit , irrespective of his capital share.
Both A and R are true and R is the correct explanation of A
b) Both A and R are true and R is not the correct explanation of A
c) A is true , but R is false
d) A is false , but R is true
Answer
D
Question: Assertion (A): A Firm should have a Partnership Deed.
Reason (R) : In case of dispute or any misunderstanding among partners , partnership deed acts as an evidence in the court of law.
Both A and R are true and R is the correct explanation of A
b) Both A and R are true and R is not the correct explanation of A
c) A is true , but R is false
d) A is false , but R is true
Answer
D
Question: Assertion (A) : A firm can change its existing agreement.
Reason (R) : Any change in its partnership agreement, will be treated as punishable offence.
Both A and R are true and R is the correct explanation of A
b) Both A and R are true and R is not the correct explanation of A
c) A is true , but R is false
d) A is false , but R is true
Answer
C
Question: Assertion (A) : Fixed Capital Accounts of a partner never shows a debit balance inspite of regular and consistent losses year after year.
Reason (R) : When Capital Accounts are fixed , losses are recorded in Partners’ Current Account.
Both A and R are true and R is the correct explanation of A
b) Both A and R are true and R is not the correct explanation of A
c) A is true , but R is false
d) A is false , but R is true
Answer
B
Question: Assertion (A): Profit and Loss Adjustment account is required for rectification of errors or omissions.
Reason (R) : This account is prepared to rectify those errors and omissions which are left while preparing final accounts and found after distribution of profits among partners.
Both A and R are true and R is the correct explanation of A
b) Both A and R are true and R is not the correct explanation of A
c) A is true , but R is false
d) A is false , but R is true
Answer
A
Question: Assertion (A) : In order to compensate a partner for contributing capital to the firm in excess of the profit sharing ratio , firm pays such interest on Partners’ Capital.
Reason (R) : Interest on Capital is treated as a charge against profits.
Both A and R are true and R is the correct explanation of A
b) Both A and R are true and R is not the correct explanation of A
c) A is true , but R is false
d) A is false , but R is true
Answer
C
Question: Assertion (A): It is considered desirable to have a partnership deed in writing.
Reason (R): It helps in settling any disputes with regard to the terms of partnership and act as an evidence in the court of law.
Both A and R are true and R is the correct explanation of A
b) Both A and R are true and R is not the correct explanation of A
c) A is true , but R is false
d) A is false , but R is true
Answer
A
Question: Assertion (A) : Interest on capital to a partner is payable only out of profits.
Reason (R): Interest on capital is an appropriation of profits which is required irrespective of profits or loss.
Both A and R are true and R is the correct explanation of A
b) Both A and R are true and R is not the correct explanation of A
c) A is true , but R is false
d) A is false , but R is true
Answer
D
Question: Assertion (A) : Rent paid to a partner is debited to profit and loss account.
Reason (R): Rent paid to a partner is an appropriation of profit.
Both A and R are true and R is the correct explanation of A
b) Both A and R are true and R is not the correct explanation of A
c) A is true , but R is false
d) A is false , but R is true
Answer
C
Question: Assertion (A): The capital account of a partner does not show a debit balance inspite of regular and consistent losses year after year.
Reason (R): All transactions relating to profit or loss, drawings, salaries etc. are shown in current not in capital account in case of the fixed capitals.
Both A and R are true and R is the correct explanation of A
b) Both A and R are true and R is not the correct explanation of A
c) A is true , but R is false
d) A is false , but R is true
Answer
A
