Dissolution of partnership firm MCQs With Solved Answer 12 Cbse

Dissolution of partnership firm MCQs With Solved Answer 12 Cbse

Dissolution of partnership firm MCQs with Solved answer 12 cbse-

Dissolution of partnership firm MCQs with Solved answer 12 cbse (Question 1 to5)

Dissolution of partnership firm MCQs with Solved answer 12 cbse (Question 1 to5)

1.In which condition a partnership firm is deemed to be dissolved?
(a) On admission of a Partner’s

(b) on retirement of a partner
(c) on deatht of a partner

(d) On expiry of the period of partnership

2.On dissolution of partnership firm, Partner’s loan  is transferred to….
(a) Realisation Account

(b) Partner’s Capital Account
(c) Partner’s Current  Account

(d) Bank Account

(e) Partner’s Loan Account

3.A partnersjhip firm is compulsory dissolved…
(a) When a partner transfer his share to some other person with the
consent of the partner

(b) When the business of the firm is declared illegal
(c) Partner’s Current  Account

(d) When a partner of the firm dies

(e) When a partner of the firm become Insolvent

4.At the time of dissolution of Partnership firm, ficitious, assets are transferred
to…

(a) Realisation Account

(b) Partner’s Capital Account
(c) Partner’s Current  Account

(d) Bank Account

5.At the time of dissolution of Partnership firm, Accumulated profit and Reserve are transferred to…

(a) Realisation Account

(b) Partner’s Capital Account
(c) Partner’s Current  Account

(d) Bank Account

Also read : REVALUATION ACCOUNT/ PROFIT & LOSS ADJUSTMENT ACCOUNT

Answer – Question Number 1 To 5 

1.Answer- (d) On expiry of the period of partnership

2.Answer- (e) Partner’s Loan Account

3.Answer- (b) When the business of the firm is declared illegal

4.Answer- (b) Partner’s Capital Account

5.Answer- (b) Partner’s Capital Account

Dissolution of partnership firm MCQs with Solved answer 12 cbse (Question 6 to10)

Dissolution of partnership firm MCQs with Solved answer 12 cbse (Question 1 to5)

6.At the time of dissolution of Partnership firm ,Unrecorded liability paid by the firm shown in … 

(a) Debit side of  Realisation Account

(b) Credit side of  Realisation Account
(c) Debit side of Partner’s Current  Account

(d) None of the these

7.At the time of dissolution of Partnership firm ,Unrecorded Assets Taken over by the partner are shown in … 

(a) Debit side of  Realisation Account

(b) Credit side of  Realisation Account
(c) Debit side of Partner’s Current  Account

(d) None of the these 

8.At the time of dissolution of Partnership firm ,If Goodwill appear in balance sheet is transferred to 

(a) Debit side of  Realisation Account

(b) Credit side of  Realisation Account
(c) Debit side of Partner’s Current  Account

(d) None of the these

9.A firm is dissolved compulsorily in the cases…

(a) When all the partners or all excepting one partner becomes insolvent or of unsound mind

(b) When the business becomes unlawful
(c) When all the partners excepting one decide to retire from the firm

(d) When all the partners or all excepting one partner die

(e) All of these

10. What is journal entry is passed if ,Assets taken over by the partner….

(a) Partner’s Capital A/c Dr

To Realisation A/c

(Assets taken over by the Partner)

(b) Bank A/c Dr

To Realisation A/c

(Assets taken over by the Partner)

(c) Realisation A/c Dr

To Partner’s Capital A/c

(Assets taken over by the Partner)

(d) None of these

Answer – Question Number 6 To 10 

6.Answer- (a) Debit side of  Realisation Account

7.Answer- (b) Credit side of  Realisation Account

8.Answer- (a) Debit side of  Realisation Account

9.Answer- (b) Partner’s Capital Account

10.Answer- (a)

Alsoread : REALISATION ACCOUNT (Meaning)

Dissolution of partnership firm MCQs with Solved answer 12 cbse (Question 11 to15)

Dissolution of partnership firm MCQs with Solved answer 12 cbse (Question 1 to5)

11. What is journal entry is passed if ,liability taken over by the partner….

(a) Partner’s Capital A/c Dr

To Realisation A/c

(liability taken over by the Partner)

(b) Bank A/c Dr

To Realisation A/c

(liability taken over by the Partner)

(c) Realisation A/c Dr

To Partner’s Capital A/c

(liability taken over by the Partner)

(d) None of these

12. What is the object of realisation account?

(a) Close the books of accounts

(b) To determine the profit or loss on realisation of assets and payment of liabilities.

(c) To determine the profit or loss on revaluation of assets and reassessment of liabilities.

(d) a and b

13. How will the firm record the payment of realisation expenses which were to be borne by a partner, but paid by the firm on his behalf?

(a) Realisation A/c Dr

To Partner’s Capital A/c

(Realisation expenses paid on behalf of the partner)

(b) Partner’s Capital A/c Dr

To Bank A/c

(Realisation expenses paid on behalf of the partner)

(c)Realisation  A/c Dr

To Bank A/c

(Realisation expenses paid on behalf of the partner)

(d) None of these

14. What will be the treatment of loan given to a partner by the firm at the time of its dissolution?

(a) Partner’s Loan A/c will be debited to his Capital A/c.

(b) Partner’s Loan A/c will be Credited to his Capital A/c.

(c) Partner’s Loan A/c will be Credited  to  Realisation A/c.

(d) Partner’s Loan A/c will be debited to Realisation  A/c.

15. Name the asset that is not transferred to the debit side of Realisation Account, but brings certain amount of cash against its disposal at the time of dissolution of the firm.

(a) Building

(b) Machinery

(c) Goodwill

(d) Unrecorded asset

Answer – Question Number 11 To 15 

11.Answer- (c) 

12.Answer- (d) a and b

13.Answer- (b) 

14.Answer- (a) Partner’s Loan A/c will be debited to his Capital A/c.

15.Answer- (d) Unrecorded asset

Also read : Retirement of a partner MCQs with solved answer 12 cbse

Dissolution of partnership firm MCQs with Solved answer 12 cbse (Question 16 to20)

Dissolution of partnership firm MCQs with Solved answer 12 cbse (Question 1 to5)

16. What is journal entry is passed if ,unrecorded assets book value  Rs.50,000 taken over  by a partner Rs. 45,000 ….

(a) Partner’s Capital A/c Dr 45,000

To Realisation A/c 45,000

(Unrecorded assets taken over by the Partner)

(b) Partner’s Capital A/c Dr 45,000

Realisation A/c Dr 5,000

To Realisation A/c 50,000

(Unrecorded assets taken over by the Partner)

(c) Partner’s Capital A/c Dr 45,000

Loss A/c Dr 5,000

To Realisation A/c 50,000

(Unrecorded assets taken over by the Partner)

(d) None of these

17. What is the object of realisation account?

(a) Close the books of accounts

(b) To determine the profit or loss on realisation of assets and payment of liabilities.

(c) To determine the profit or loss on revaluation of assets and reassessment of liabilities.

(d) a and b

18. How will the firm record the payment of realisation expenses which were to be borne by firm, but paid by the partner on the behalf of firm?

(a) Realisation A/c Dr

To Partner’s Capital A/c

(Realisation expenses paid by partner on the behalf of the firm)

(b) Realisation A/c Dr

To Bank A/c

(Realisation expenses paid by partner on the behalf of the firm)

(c) Partner’s Capital A/c Dr

To  Bank A/c

(Realisation expenses paid by partner on the behalf of the firm)

(d) None of these

19. At the time of dissolution of partnership firm,the balance of cash and bank accounts are transferred to ….

(a) Partner’s Loan A/c 

(b) Partner’s Capital A/c

(c)  Realisation A/c

(d) Cash/Bank A/c

20. After the preparation of realisation account, Gain or loss of realisation is
transferred to ………..

(a) Partner’s Loan A/c 

(b) Partner’s Capital A/c

(c)  Realisation A/c

(d) Cash/Bank A/c

Answer – Question Number 16 To 20 

16.Answer- (a) 

17.Answer- (d) a and b

18.Answer- (a) 

19.Answer- (d) Cash/Bank A/c

20.Answer- (b) Partner’s Capital A/c

Dissolution of partnership firm MCQs with Solved answer 12 cbse (Question 21 to25)

Dissolution of partnership firm MCQs with Solved answer 12 cbse (Question 1 to5)

21. At the time of dissolution of partnership firm , Book value of stock 15,000.  Y took over part of stock at 4,000 (being 20% less than the book value). Balance stock realised 80%. what will be the anount realised from stock?

(a) 8,000

(b) 8,800

(c) 11,600

(d) 12,000

22. Basu, Vishu and Mishu are in partnership sharing in 3 : 3 : 4. They decided to dissolve the partnership firm. At the date of dissolution their creditors amounted to 26,000 . Their capitals stood at 12,000; 10,000 and 8,000 respectively. Vishnu had lent to the firm, in addition to capital 4,000. The assets realised 40,500. What will be the amount of the book value of assets-

(a) 56,000

(b) 60,000

(c) 52,000

(d) 1,00,500

23.Basu, Vishu and Mishu are in partnership sharing in 3 : 3 : 4. They decided to dissolve the partnership firm. At the date of dissolution their creditors amounted to 26,000 . Their capitals stood at 12,000; 10,000 and 8,000 respectively. Vishnu had lent to the firm, in addition to capital 4,000. The assets realised 40,500. What will be the amount of  profit/loss on realisation of assets and payment of liability?

(a) Profit on realisation 19,500

(b) Loss on realisation 19,500

(c) Profit on realisation 33,500

(d) Loss on realisation 15,500

24. At the time of dissolution of partnership firm,Fictitious assets( debit balance of profit and loss, Deferred revenue expenditure) are transferred to ….

(a) Partner’s Loan A/c 

(b) (Debited) Partner’s Capital A/c

(c) (Credited) Partner’s Capital A/c

(d) Cash/Bank A/c

25. At the time preparation of realisation account, Assets and liability transferred to realisation account , related provision and reserve /fund is transferred to ………..

(a) Partner’s Loan A/c 

(b) Partner’s Capital A/c

(c)  Realisation A/c

(d) Cash/Bank A/c

Answer – Question Number 11 To 15 

21.Answer- (a) 8,000

22.Answer- (b) 60,000

23.Answer- (b) Loss on realisation 19,500

24.Answer- (b) (Debited) Partner’s Capital A/c

25.Answer- (c) Realisation A/c

Dissolution of partnership firm MCQs with Solved answer 12 cbse

Also read : Financial Statement of Not-For-Profit Organisations MCQs with Solved answer 12 cbse

Also read : Admission of a new partner MCQs with Solved answer 12 cbse

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