CBSE Class 12 Accountancy – MCQ and Online Tests – Unit 5 – Dissolution of a Partnership Firm
Every year CBSE conducts board exams for 12th standard. These exams are very competitive to all the students. So our website provides online tests for all the 12th subjects. These tests are also very effective and useful for those who preparing for competitive exams like NEET, JEE, CA etc. It can boost their preparation level and confidence level by attempting these chapter wise online tests.
These online tests are based on latest CBSE Class 12 syllabus. While attempting these our students can identify the weak lessons and continuously practice those lessons for attaining high marks. It also helps to revise the NCERT textbooks thoroughly.
CBSE Class 12 Accountancy – MCQ and Online Tests – Unit 5 – Dissolution of a Partnership Firm
Question 1.
Which of the following is not transferred to Realisatsion Account ?
(a) Balance of Cash Account
(b) Balance of Reserves
(c) Balance of Profit & Loss Account
(d) All of the above
Answer
Answer: (d) All of the above
Question 2.
There was an Unrecorded asset of ₹ 12,000 which was taken over by a partner at ₹ 10,500. Partner’s Capital Account will be debited by…….
(a) ₹ 12,000
(b) ₹ 10,500
(c) ₹ 1,500
(d) ₹ 32,500
Answer
Answer: (b) ₹ 10,500
Question 3.
Which of the following is transferred to Realisation Account ?
(a) Balance of Profit Account
(b) Balance of Profit & Loss Account
(c) Amount realised on sale of assets
(d) Reserves
Answer
Answer: (c) Amount realised on sale of assets
Question 4.
The accumulated profits and reserves are transferred to:
(a) Realisation Accounts
(b) Partners’ Capital Accounts
(c) Bank Account
(d) None of these
Answer
Answer: (b) Partners’ Capital Accounts
Question 5.
At the time of dissolution of firm book value of assets is recorded in which side of the Realisation Account ?
(a) Debit Side
(b) Credit Side
(c) All of the above
(d) Liabilities Side
Answer
Answer: (a) Debit Side
Question 6.
On dissolution, Goodwill Account is transferred to :
(a) In the Capital Accounts of Partners
(b) On the Credit side of Cash Account
(c) On the Debit side of Realisation Account
(d) On the Credit side of Realisation Account
Answer
Answer: (c) On the Debit side of Realisation Account
Question 7.
After transferring liabilities like creditors and bills payable in the Realisation Account in the absence of any informations regarding their payment, such liabilities are treated as :
(a) Never paid
(b) Fully paid
(c) Partly paid
(d) None of these
Answer
Answer: (b) Fully paid
Question 8.
In the event of dissolution of partnership firm, the provision for doubtful debts is transferred to :
(a) Realisation Account
(b) Partners’ Capital Accounts
(c) Sundry Debtors Account
(d) None of the above
Answer
Answer: (a) Realisation Account
Question 9.
Unrecorded liabilities when paid are shown in :
(a) Debit side of Realisation Account
(b) Debit side of Bank Account
(c) Credit side of Realisation Account
(d) Credit side of Bank Account
Answer
Answer: (a) Debit side of Realisation Account
Question 10.
On dissolution, if a partner undertakes to make payment of a liability of the firm, the account to be debited is:
(a) profit & Loss Account
(b) Realisation Account
(c) Partner’s Capital Account
(d) Cash Account
Answer
Answer: (b) Realisation Account
Question 11.
On dissolution, when a partner takes over an asset……….is debited :
(a) Realisation Account
(b) Partner’s Capital Account
(c) Cash Account
(d) Asset Account
Answer
Answer: (b) Partner’s Capital Account
Question 12.
Payment of credit balance of Partners’ Capital Accounts at the time of dissolution of a firm is made to:
(a) Partners
(b) Firm
(c) Wife
(d) None of these
Answer
Answer: (a) Partners
Question 13.
At the dime of firm’s dissolution, Balance of General Reserve shown in the Balance Sheet is credited to :
(a) Realisation Account
(b) Creditors’ Account
(c) Partners’ Capital Accounts
(d) Profit & Loss Account
Answer
Answer: (c) Partners’ Capital Accounts
Question 14.
On dissolution of a firm, Partner’s Loan Account is transferred to:
(a) Realisation Account
(b) Partner’s Capital Account
(c) Partner’s Current Account
(d) None of these
Answer
Answer: (d) None of these
Question 15.
On dissolution of a firm Partner’s Loan A/c is transferred to:
(a) Realisation A/c
(b) Partners’ Capital A/cs
(c) Suspense A/c
(d) None of these
Answer
Answer: (d) None of these
Question 16.
At the time of dissolution of partnership firm, fictitions assets are transferred to :
(a) Capital Accounts of Partners
(b) Realisation Account
(c) Cash Account
(d) Partners’ Loan Account
Answer
Answer: (a) Capital Accounts of Partners
Question 17.
On dissolution of a firm, a partner paid 1,500 Rs. for firm’s realisation expenses. Which account will be debited ?
(a) Cash Account
(b) Realisation Account
(c) Capital Account of the Partner
(d) Profit & Loss A/c
Answer
Answer: (b) Realisation Account
Question 18.
Realisation expenses are recorded in which side of Realisation A/c:
(a) Liabilities
(b) Assets
(c) Credit
(d) Debit
Answer
Answer: (c) Credit
Question 19.
On dissolution, goodwill account is transferred to :
(a) In the Capital Accounts of Partners
(b) In the Credit of Cash Accounts
(c) In the Debit of Realisation Account
(d) In the Credit of Realisation Account
Answer
Answer: (c) In the Debit of Realisation Account
Question 20.
Realisation Account is a :
(a) Personal A/c
(b) Nominal A/c
(c) Read A/c
(d) None of these
Answer
Answer: (b) Nominal A/c
Question 21.
On taking responsibility of payment of realisation expenses by a partner, the account credited will be :
(a) Realisastion Account
(b) Cash Account
(c) Capital Account of the Partner
(d) None of the above
Answer
Answer: (c) Capital Account of the Partner
Question 22.
On dissolution of the firm, Partners’ Capital Accounts are closed through :
(a) Realisation Account
(b) Drawings Account .
(c) Bank Account
(d) Loan Account
Answer
Answer: (c) Bank Account
Question 23.
Sundry creditors amounted to ₹ 8,000. They were paid at a discount of 5 %. Realisation A/c will be debited by :
(a) ₹ 8,000
(b) ₹ 7,600
(c) ₹ 400
(d) ₹ 8,400
Answer
Answer: (b) ₹ 7,600
Question 24.
When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to :
(a) Realisation Account
(b) Partners’ Capital Account
(c) Partner’s Loan Account
(d) None of these
Answer
Answer: (b) Partners’ Capital Account
Question 25.
Cash balance shown in the Balance Sheet is shown on dissolution of firm in :
(a) Realisation Account
(b) Cash Account
(c) Capital Account
(d) None of the Account
Answer
Answer: (b) Cash Account
Question 26.
On taking responsibility of payment of a liability of ₹ 20,000 by a partner, the account credited will be :
(a) Realisation Account
(b) Cash Account
(c) Capital Account of the Partner
(d) Liability Account
Answer
Answer: (c) Capital Account of the Partner
Question 27.
Expenses on dissolution of firm is called :
(a) Realisation Expenses
(b) Legal Expenses
(c) Loss Expenses
(d) None of these
Answer
Answer: (a) Realisation Expenses
Question 28.
On disolution of firm, loss calculated in realisation account is debited/credited to which account ?
(a) Cash Account
(b) Partners’ Capital Accounts
(c) Realisation Account
(d) None of these
Answer
Answer: (b) Partners’ Capital Accounts
Question 29.
Unrecorded assets when taken over by a partner are shown in:
(a) Debit side of Realisation A/c
(b) Debit side of Bank A/c
(c) Credit side of Realisation A/c
(d) Credit side of Bank A/c
Answer
Answer: (c) Credit side of Realisation A/c
Question 30.
On dissolution of a firm, Bank overdraft is transferred to:
(a) Cash Account
(b) Bank Account
(c) Realisation Account
(d) Partners’ Capital Account
Answer
Answer: (c) Realisation Account
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