Class 12 Book-Keeping and Accountancy – Daily Revision MCQ (English Medium)
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Partner Meera lends ₹50,000 to the firm on 1st April. The partnership deed says nothing about interest on this loan. How much interest will she get for the year ending 31st March?
Chapter 1: Introduction to Partnership and Partnership Final Accounts
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Answer: C. ₹3,000
When the deed is silent, the Indian Partnership Act 1932 allows interest on a partner's loan at 6% p.a.: 50,000 × 6% = ₹3,000.A club received subscriptions of ₹60,000 during the year, which include ₹4,000 for next year. Subscriptions of ₹6,000 for this year are still outstanding at the year end. Nothing was outstanding or received in advance at the start of the year. What is the subscription income for this year?
Chapter 2: Accounts of ‘Not for Profit’ Concerns
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Answer: A. ₹62,000
Income = received − received in advance for next year + outstanding for this year = 60,000 − 4,000 + 6,000 = ₹62,000.A and B share profits 3:1. C is admitted, and the new ratio of A, B and C is 5:2:3. What is the sacrifice ratio of A and B?
Chapter 3: Reconstitution of Partnership (Admission of Partner)
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Answer: D. 5:1
Sacrifice = old ratio − new ratio: A = 3/4 − 5/10 = 5/20, B = 1/4 − 2/10 = 1/20, so A:B = 5:1.X, Y and Z share profits 5:3:2. X retires, and Y and Z take over his share equally. What is the new profit sharing ratio of Y and Z?
Chapter 4: Reconstitution of Partnership (Retirement of Partner)
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Answer: B. 11:9
Each gets half of X's 5/10, i.e. 5/20. Y = 3/10 + 5/20 = 11/20 and Z = 2/10 + 5/20 = 9/20, so 11:9.D, a partner with a 1/3 share, dies on 31st July. The accounting year starts on 1st April. His share of profit up to the date of death is to be based on last year's profit of ₹90,000 (time basis). What is his share?
Chapter 5: Reconstitution of Partnership (Death of Partner)
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Answer: A. ₹10,000
1st April to 31st July = 4 months: 90,000 × 4/12 = 30,000 for the firm, and D's 1/3 share = ₹10,000.On dissolution of a firm, dissolution expenses and outside liabilities such as creditors have been paid. As per Section 48 of the Partnership Act 1932, what is paid next out of the amount realised?
Chapter 6: Dissolution of Partnership Firm
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Answer: C. Partners' loans to the firm
Order under Section 48: dissolution expenses, then outside liabilities, then partners' loans, and only after that the partners' capitals.In a bill of exchange, who is the person on whom the bill is drawn and who has to accept it?
Chapter 7: Bills of Exchange
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Answer: B. Drawee
The drawee is the debtor on whom the bill is drawn; he accepts it, and for him it is a Bill Payable.A company's called-up capital is ₹6,00,000 and its paid-up capital is ₹5,85,000. What is the amount of calls in arrears?
Chapter 8: Company Accounts - Issue of Shares
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Answer: D. ₹15,000
Calls in arrears = called-up capital − paid-up capital = 6,00,000 − 5,85,000 = ₹15,000.Net sales are ₹5,00,000 and the cost of goods sold is ₹3,50,000. What is the Gross Profit Ratio?
Chapter 9: Analysis of Financial Statements
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Answer: C. 30%
Gross profit = 5,00,000 − 3,50,000 = 1,50,000; GP ratio = 1,50,000 ÷ 5,00,000 × 100 = 30%.According to the textbook, GNU Khata is an example of which type of accounting software?
Chapter 10: Computer in Accounting
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Answer: D. Free and open source software
The book gives GNU Khata as free, open source accounting software for small businesses and personal finance.
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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.