Class 12 Book-Keeping and Accountancy – Daily Revision MCQ (English Medium)
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The partnership deed says nothing about interest on partners' capital. As per the Indian Partnership Act 1932, what happens?
Chapter 1: Introduction to Partnership and Partnership Final Accounts
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Answer: B. No interest on capital is allowed
When the deed is silent, interest on capital is not allowed (the 6% p.a. rule applies to a partner's loan, not capital).According to the textbook, the Receipts and Payments Account of a 'Not for Profit' concern is a:
Chapter 2: Accounts of ‘Not for Profit’ Concerns
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Answer: A. Real Account
It is a summary of cash and bank transactions, so it is a Real Account; the Income and Expenditure Account is the nominal one.A and B share profits 3:2. C is admitted for a 1/5 share, and A and B share the rest in their old ratio. What is the new ratio of A, B and C?
Chapter 3: Reconstitution of Partnership (Admission of Partner)
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Answer: C. 12:8:5
Balance of 1 = 4/5. A = 3/5 × 4/5 = 12/25, B = 2/5 × 4/5 = 8/25, C = 1/5 = 5/25, so 12:8:5.P, Q and R share profits 5:3:2. Q retires and P and R will share future profits 3:2. What is the gain ratio of P and R?
Chapter 4: Reconstitution of Partnership (Retirement of Partner)
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Answer: D. 1:2
Gain = new − old: P = 3/5 − 5/10 = 1/10, R = 2/5 − 2/10 = 2/10, so the gain ratio is 1:2.After a partner dies, the final amount due to him is transferred to which account?
Chapter 5: Reconstitution of Partnership (Death of Partner)
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Answer: A. His Executor's (legal heir's) Loan Account
The amount due to the deceased partner goes to his Executor/Nominee/Administrator's Loan Account and is paid after legal formalities.On dissolution of a firm, the Realisation Account shows a debit balance. What does it mean?
Chapter 6: Dissolution of Partnership Firm
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Answer: B. Loss on realisation
Per the book, a debit balance of the Realisation Account is a loss and a credit balance is a profit; it is shared by partners in their profit sharing ratio.A bill dated 5th March 2020 is payable 3 months after date. Assuming no holiday, what is its legal due date?
Chapter 7: Bills of Exchange
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Answer: D. 8th June 2020
Nominal due date = 5th June 2020 (3 months after date); adding 3 days of grace gives 8th June 2020.How are Calls in Advance received by a company shown in its Balance Sheet?
Chapter 8: Company Accounts - Issue of Shares
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Answer: B. As a liability of the company
Calls in advance are a liability until adjusted against the future call; it is calls in arrears that are deducted from paid-up capital.A business has current assets of ₹3,00,000 and current liabilities of ₹1,20,000. What is its current ratio?
Chapter 9: Analysis of Financial Statements
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Answer: D. 2.5:1
Current ratio = current assets ÷ current liabilities = 3,00,000 ÷ 1,20,000 = 2.5, i.e. 2.5:1 (the ideal is 2:1).According to the textbook, a Computerized Accounting System is made up of hardware, software and:
Chapter 10: Computer in Accounting
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Answer: C. Personnel (the people who operate it)
The book lists three components: hardware, software and company personnel, because people operate the system.
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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.