Dissolution of a Partnership Firm MCQ Class 12 Accountancy Chapter 5 An

NCERTCOURSE.COM- Find here the NCERT/CBSE chapter-wise Multiple Choice Questions from Class 12 Accountancy book Chapter 5 Dissolution of a Partnership Firm with Answers Pdf free download. This may assist you to understand and check your knowledge about the chapters. Students also can take a free test of the Multiple Choice Questions of Dissolution of a Partnership Firm. Each question has four options followed by the right answer. These MCQ Questions are selected supported by the newest exam pattern as announced by CBSE.

MCQ Questions for Class 12 Accountancy with Answers

Q1. Accumulated losses and reserves are transferred to debit of

(i) revaluation A/c.
(ii) partners’capital A/c
(iii) realisation A/c.
(iv) bank A/c.

(ii) partners’capital A;c

Q2. The Account which is prepared on dissolution of a Partnership firm :

(i) Revaluation Account
(ii) Realisation Account
(iii) P&L Appropriation Account
(iv) None of these

(ii) Realisation Account.

Q3. On dissolution, if a partner undertakes to make payment of a liability of the firm, the account to be debited is:

(i) profit & Loss Account
(ii) Realisation Account
(iii) Partner’s Capital Account
(iv) Cash Account

(ii) Realisation Account

Q4. Revaluation account and reaLisation account are _ accounts.

(i) same
(ii) opposite
(iii) different
(iv) real

(iii) different

Q5. Unrecorded assets when realised is credit to

(i) Partners capital A/c
(ii) Realisation A/c
(iii) Current Account
(iv) None of the options

(iv) Realisation A/c

Q6. On dissolution, goodwill account is transferred to :

(i) In the Capital Accounts of Partners
(ii) In the Credit of Cash Accounts
(iii) In the Debit of Realisation Account
(iv) In the Credit of Realisation Account

(iii) In the Debit of Realisation Account

Q7. At the time of dissolution, partner’s loan account is closed by _.

(i) transferring in realisation
(ii) payment
(iii) abolished
(iv) none of these.

(ii) payment

Q8. Which is the main right of a partner?

(i) Share the Profits of the firm.
(ii) Stop other partners for drawings
(iii) Share the old profits of the firm
(iv) All of the options

(i) Share the Profits of the firm.

Q9. On dissolution of a firm, a partner paid 1,500 Rs. for firm’s realisation expenses. Which account will be debited ?

(i) Cash Account
(ii) Realisation Account
(iii) Capital Account of the Partner
(iv) Profit & Loss A/c

(ii) Realisation Account

Q10. At the time of dissolution of partnership firm _ account is prepared.

(i) realisation
(ii) partners capital
(iii) bank
(iv) All of these

(iv) All of these

Q11. Section __ of the Indian Partnership Act provides that a new partner shall not be inducted into a firm without the consent of all existing partners

(i) 40
(ii) 35
(iii) 31
(iv) 45

(iii) 31

Q12. When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to :

(i) Realisation Account
(ii) Partners’ Capital Account
(iii) Partner’s Loan Account
(iv) None of these

(ii) Partners’ Capital Account

Q13. Realisation account can be prepared _ in the life of firm.

(i) many
(ii) once
(iii) two
(iv) three

(ii) once

Q14. General Reserve appearing in the Balance sheet transferred to :

(i) Realisation Account
(ii) Partners’ Capital Accounts in profit sharing ratio
(iii) Partners’ Capital Accounts in capital ratio
(iv) None of these

(ii) Partners’ Capital Accounts in Profit sharing ratio.

Q15. On disolution of firm, loss calculated in realisation account is debited/credited to which account ?

(i) Cash Account
(ii) Partners’ Capital Accounts
(iii) Realisation Account
(iv) None of these

(ii) Partners’ Capital Accounts

Q16. Unrecorded liability will be __ to realisation account when paid.

(i) debited
(ii) debited and credited both
(iii) credited
(iv) paid

(i) debited

Q17. Except outgoing partner, which other partner can be credited at the time of settlement of goodwill amount?

(i) None of the options
(ii) Gaining partner
(iii) All the partners
(iv) Sacrificing partner

(iv) Sacrificing partn

Q18. On taking responsibility of payment of a liability of ₹ 20,000 by a partner, the account credited will be :

(i) Realisation Account
(ii) Cash Account
(iii) Capital Account of the Partner
(iv) Liability Account

(iii) Capital Account of the Partner

Q19. At the time of dissolution of a firm, all assets and liabilities will be transferred to realisation account at __ values.

(i) book
(ii) market
(iii) cost
(iv) realised.

(i) book

Q20. On dissolution of a firm, a liability taken over by a partner is credited to :

(i) Realisation Account
(ii) Profit and loss Account
(iii) Partners’ Capital Accounts
(iv) None of these

(iii) Partners’ Capital Accounts.

Q21. 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…….

(i) ₹ 12,000
(ii) ₹ 10,500
(iii) ₹ 1,500
(iv) ₹ 32,500

(ii) ₹ 10,500

Q22. On dissolution, balance of partner’s capital account will be transferred to _ account.

(i) realisation
(ii) revaluation
(iii) bank
(iv) loan.

(iii) bank

Q23. On dissolution, Goodwill Account is transferred to

(i) In the Capital Accounts of Partners.
(ii) On the Credit of Cash Account.
(iii) On the Debit of Realisation Account
(iv) On the Credit of Realisation Account.

(iii) On the Debit of Realisation Account

Q24. The accumulated profits and reserves are transferred to:

(i) Realisation Accounts
(ii) Partners’ Capital Accounts
(iii) Bank Account
(iv) None of these

(ii) Partners’ Capital Accounts

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Dissolution of a Partnership Firm MCQ Questions for Class 12 Accountancy Chapter 5 with Answers

MCQ Questions for Class 12 Accountancy with Answers

Q1. Accumulated losses and reserves are transferred to debit of

Q2. The Account which is prepared on dissolution of a Partnership firm :

Q3. On dissolution, if a partner undertakes to make payment of a liability of the firm, the account to be debited is:

Q4. Revaluation account and reaLisation account are _ accounts.

Q5. Unrecorded assets when realised is credit to

Q6. On dissolution, goodwill account is transferred to :

Q7. At the time of dissolution, partner’s loan account is closed by _.

Q8. Which is the main right of a partner?

Q9. On dissolution of a firm, a partner paid 1,500 Rs. for firm’s realisation expenses. Which account will be debited ?

Q10. At the time of dissolution of partnership firm _ account is prepared.

Q11. Section __ of the Indian Partnership Act provides that a new partner shall not be inducted into a firm without the consent of all existing partners

Q12. When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to :

Q13. Realisation account can be prepared _ in the life of firm.

Q14. General Reserve appearing in the Balance sheet transferred to :

Q15. On disolution of firm, loss calculated in realisation account is debited/credited to which account ?

Q16. Unrecorded liability will be __ to realisation account when paid.

Q17. Except outgoing partner, which other partner can be credited at the time of settlement of goodwill amount?

Q18. On taking responsibility of payment of a liability of ₹ 20,000 by a partner, the account credited will be :

Q19. At the time of dissolution of a firm, all assets and liabilities will be transferred to realisation account at __ values.

Q20. On dissolution of a firm, a liability taken over by a partner is credited to :

Q21. 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…….

Q22. On dissolution, balance of partner’s capital account will be transferred to _ account.

Q23. On dissolution, Goodwill Account is transferred to

Q24. The accumulated profits and reserves are transferred to:

MCQ Class 12 Accountancy with answers Part A & Part B

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MCQ Questions for Class 12 Accountancy with Answers

Q1. Accumulated losses and reserves are transferred to debit of

Q2. The Account which is prepared on dissolution of a Partnership firm :

Q3. On dissolution, if a partner undertakes to make payment of a liability of the firm, the account to be debited is:

Q4. Revaluation account and reaLisation account are _ accounts.

Q5. Unrecorded assets when realised is credit to

Q6. On dissolution, goodwill account is transferred to :

Q7. At the time of dissolution, partner’s loan account is closed by _.

Q8. Which is the main right of a partner?

Q9. On dissolution of a firm, a partner paid 1,500 Rs. for firm’s realisation expenses. Which account will be debited ?

Q10. At the time of dissolution of partnership firm _ account is prepared.

Q11. Section __ of the Indian Partnership Act provides that a new partner shall not be inducted into a firm without the consent of all existing partners

Q12. When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to :

Q13. Realisation account can be prepared _ in the life of firm.

Q14. General Reserve appearing in the Balance sheet transferred to :

Q15. On disolution of firm, loss calculated in realisation account is debited/credited to which account ?

Q16. Unrecorded liability will be __ to realisation account when paid.

Q17. Except outgoing partner, which other partner can be credited at the time of settlement of goodwill amount?

Q18. On taking responsibility of payment of a liability of ₹ 20,000 by a partner, the account credited will be :

Q19. At the time of dissolution of a firm, all assets and liabilities will be transferred to realisation account at __ values.

Q20. On dissolution of a firm, a liability taken over by a partner is credited to :

Q21. 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…….

Q22. On dissolution, balance of partner’s capital account will be transferred to _ account.

Q23. On dissolution, Goodwill Account is transferred to

Q24. The accumulated profits and reserves are transferred to:

MCQ Class 12 Accountancy with answers Part A & Part B

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