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Assertion-Reason Based Questions:Fundamentals of Partnership Class 12th Accountancy

This document contains 5 multiple choice questions regarding accounting concepts for partnerships. The questions cover topics such as: 1) Recording adjustments under the fluctuating capital method by maintaining individual capital accounts for each partner. 2) Whether interest on partners' capital can be shown in the profit and loss account. 3) The method used to calculate interest on partners' drawings. 4) Distributing profits based on the ratio of interest on partners' capital. 5) Crediting rent payable to a partner to their capital account when the firm uses their personal property.

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ARPIT VAIDYA
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4K views2 pages

Assertion-Reason Based Questions:Fundamentals of Partnership Class 12th Accountancy

This document contains 5 multiple choice questions regarding accounting concepts for partnerships. The questions cover topics such as: 1) Recording adjustments under the fluctuating capital method by maintaining individual capital accounts for each partner. 2) Whether interest on partners' capital can be shown in the profit and loss account. 3) The method used to calculate interest on partners' drawings. 4) Distributing profits based on the ratio of interest on partners' capital. 5) Crediting rent payable to a partner to their capital account when the firm uses their personal property.

Uploaded by

ARPIT VAIDYA
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Assertion- Reason Based Questions :Fundamentals of Partnership

class 12th
Accountancy

Q1. Assertion : Under fluctuating capital method one account is maintained


for each partner
Reason: all the adjustments such as share of profit or loss, interest on capital,
drawings ,interest on drawings ,salary , commission to partner etc. are recorded
directly in the capital accounts of partners.

a) Both assertion and reason are correct


b) Assertion is correct but reason is wrong
c) Both assertion and reason are wrong
d) Assertion is wrong but reason is correct

Q2. Assertion: Interest on partners’ capital may be shown in profit and loss
account
Reason: partners may treat interest on capital as a charge

a) Both assertion and reason are correct


b) Assertion is correct but reason is wrong
c) Both assertion and reason are wrong
d) Assertion is wrong but reason is correct

Q3. Assertion: For calculating interest on drawings, Product Method is used


Reason: Partners withdraw different amounts of money at different intervals of
time
a) Assertion is wrong but reason is correct
b) Both assertion and reason are wrong
c) Assertion is correct but reason is wrong
d)Both assertion and reason are correct

Q4. Assertion: The partners distribute profits in the ratio of interest on capital
Reason: The amount of interest on capital , payable to partners As per
partnership deed is more than the amount of profit available for distribution

a)Assertion is correct but reason is wrong


b) Both assertion and reason are correct
c) Assertion is wrong but reason is correct
d)Both assertion and reason are wrong

Q5. Assertion : Rent payable to partner is credited to partners capital account


Reason :Rent is payable to partner for letting the firm use his personal
property for business
a) Assertion is wrong but reason is correct
b) Both assertion and reason are wrong
c) Assertion is correct but reason is wrong
d)Both assertion and reason are correct

Prepared by

Sujata Vohra

DSMS

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