{"id":41426,"date":"2022-01-04T19:36:21","date_gmt":"2022-01-04T14:06:21","guid":{"rendered":"https:\/\/infinitylearn.com\/surge\/?p=41426"},"modified":"2023-02-10T13:54:15","modified_gmt":"2023-02-10T08:24:15","slug":"accountancy-mcqs-with-answers-class-12-dissolution-of-a-partnership-firm","status":"publish","type":"post","link":"https:\/\/infinitylearn.com\/surge\/study-materials\/accountancy-mcqs\/class-12\/chapter-5-dissolution-of-a-partnership-firm\/","title":{"rendered":"Accountancy MCQs with Answers &#8211; Class 12 Dissolution of a Partnership Firm"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_37 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><label for=\"item\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input type=\"checkbox\" id=\"item\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' style='display:block'><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/infinitylearn.com\/surge\/study-materials\/accountancy-mcqs\/class-12\/chapter-5-dissolution-of-a-partnership-firm\/#Accountancy_MCQs\" title=\"Accountancy MCQs\">Accountancy MCQs<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/infinitylearn.com\/surge\/study-materials\/accountancy-mcqs\/class-12\/chapter-5-dissolution-of-a-partnership-firm\/#Dissolution_of_a_Partnership_Firm\" title=\"Dissolution of a Partnership Firm\">Dissolution of a Partnership Firm<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Accountancy_MCQs\"><\/span>Accountancy MCQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Get Multiple Choice Questions for Class 12 Accountancy on Infinity Learn for free.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Dissolution_of_a_Partnership_Firm\"><\/span>Dissolution of a Partnership Firm<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Select the Best Alternate and tally your answer with the Answers given at the end of the book:<br \/>\n1. In which condition a partnership firm is deemed to be dissolved?<br \/>\n(A) On a partner\u2019s admission<br \/>\n(B) On retirement of a partner<br \/>\n(C) On expiry of the period of partnership<br \/>\n(D) On loss in partnership<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>2. Court can make an order to dissolve the firm when :<br \/>\n(A) Some partner has become fully mad<br \/>\n(B) Partnership deed is fully followed<br \/>\n(C) Continued future profits are expected<br \/>\n(D) Firm is running legal business<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: A<\/p>\n<\/details>\n<hr \/>\n<p>3. On dissolution of a firm, realisation account is debited with<br \/>\n(A) All assets to be realised<br \/>\n(B) All outside liabilities of the firm<br \/>\n(C) Cash received on sale of assets<br \/>\n(D) Any asset taken over by one of the partners<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: A<\/p>\n<\/details>\n<hr \/>\n<p>4. On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all<br \/>\n(A) Partner\u2019s Capital<br \/>\n(B) Partner\u2019s Loan to Firm<br \/>\n(C) Partner\u2019s additional capital<br \/>\n(D) Outside Creditors<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: D<\/p>\n<\/details>\n<hr \/>\n<p>5. At the time of dissolution of firm, \u201cLoan of partners\u201d (Loans given by partners to the firm) is paid out of the amount realised on sale of assets :<br \/>\n(A) After making the payment of loans given by third party<br \/>\n(B) After making the payment of balance of Capital Accounts of partners<br \/>\n(C) After making the payment of above (A) and (B)<br \/>\n(D) Before the payment of loans given by third party<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: A<\/p>\n<\/details>\n<hr \/>\n<p>6. At the time of dissolution of firm, at which stage the balance of partner\u2019s capital accounts is paid?<br \/>\n(A) After making the payment to third party\u2019s loans<br \/>\n(B) Before making the payment of partners in respect of their loans<br \/>\n(C) After making the payment to third party for their loans as well as partners loans<br \/>\n(D) None of the above.<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>7. On firm\u2019s dissolution, which one of the following account should be prepared at the last?<br \/>\n(A) Realisation Account<br \/>\n(B) Partner\u2019s Capital Accounts<br \/>\n(C) Cash Account<br \/>\n(D) Partner\u2019s Loan Account<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>8. In the event of dissolution of a partnership firm, the provision for doubtful debts is transferred to :<br \/>\n(A) Realisation Account<br \/>\n(B) Partners Capital Accounts<br \/>\n(C) Sundry Debtors Account<br \/>\n(D) None of the above<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: A<\/p>\n<\/details>\n<hr \/>\n<p>9. On dissolution, if a partner undertakes to make payment of a liability of the firm is debited)<br \/>\n(A) Profit &amp; Loss Account<br \/>\n(B) Realisation Account<br \/>\n(C) Partner\u2019s Capital Account<br \/>\n(D) Cash Account<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>10. Unrecorded liability, when paid on dissolution of a firm is debited to :<br \/>\n(A) Partner\u2019s Capital A\/\u2019cs<br \/>\n(B) Realisation A\/c<br \/>\n(C) Liabilities A\/c<br \/>\n(D) Asset A\/c<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>11. On dissolution of a partnership firm, profit or loss on realisation is distributed among the partners<br \/>\n(A) In capital ratio<br \/>\n(B) In Profit sharing ratio<br \/>\n(C) Equally<br \/>\n(D) None of the above<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>12. On dissolution of the firm, amount received from sale of unrecorded asset is credited to :<br \/>\n(A) Partner\u2019s Capital Accounts<br \/>\n(B) Profit and Loss Account<br \/>\n(C) Realisation Account<br \/>\n(D) Cash Account<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>13. Realisation A\/c is a :<br \/>\n(A) Nominal A\/c<br \/>\n(B) Real A\/c<br \/>\n(C) Personal A\/c<br \/>\n(D) Real A\/c as well as Personal A\/c<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: A<\/p>\n<\/details>\n<hr \/>\n<p>14. In the event of dissolution of firm, the partner\u2019s personal assets are first used for payment of the :<br \/>\n(A) Firm\u2019s liabilities<br \/>\n(B) The personal liabilites<br \/>\n(C) None of the two<br \/>\n(D) Any of the two<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>15. A partnership firm is compulsorily dissolved :<br \/>\n(A) When the business of the firm is declared illegal<br \/>\n(B) When a partner of the firm dies<br \/>\n(C) When a partner of the firm becomes insolvent<br \/>\n(D) When a partner transfers his share to some other person without the consent of other partners<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: A<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>16. At the time of firm\u2019s dissolution, Balance of General Reserve shown in the Balance Sheet is credited to :<br \/>\n(A) Realisation Account<br \/>\n(B) Creditor\u2019s Account<br \/>\n(C) Partner\u2019s Capital Account<br \/>\n(D) Profit &amp; Loss Account<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>17. On dissolution, goodwill account is transferred to):<br \/>\n(A) In the Capital Accounts of Partners<br \/>\n(B) On the credit of Cash Account<br \/>\n(C) On the Debit of Realisation Account<br \/>\n(D) On the Credit of Realisation Account<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>18. At the time of dissolution of partnership firm, fictitious assets are transferred to :<br \/>\n(A) Capital Accounts of Partners<br \/>\n(B) Realisation Account<br \/>\n(C) Cash Account<br \/>\n(D) Partners\u2019 Loan Account<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: A<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>19. At time of dissolution of partnership firm, the balance of profit and loss account shown in the assets side of Balance sheet of the firm is transferred to:<br \/>\n(A) Realisation Account<br \/>\n(B) Cash Account<br \/>\n(C) Capital Accounts of partners<br \/>\n(D) Loan Accounts of partners<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>20. At the time of dissolution of partnership firm, the amount of \u2018Bills Payable\u2019 shown in the liability side of Balance Sheet is transferred to :<br \/>\n(A) Capital Accounts of Partners<br \/>\n(B) Realisation Account<br \/>\n(C) Cash Account<br \/>\n(D) Loan Account of Partners<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>21. On dissolution, the final balance of capital accounts are transferred to :<br \/>\n(A) Realisation Account<br \/>\n(B) Cash Account<br \/>\n(C) Profit &amp; Loss Account<br \/>\n(D) Loan Accounts of Partners<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>22. Change in the existing agreement between the partners is called :<br \/>\n(A) Dissolution of Firm<br \/>\n(B) Dissolution of Partnership<br \/>\n(C) Dissolution of Business<br \/>\n(D) All of the Above<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>23. On dissolution, the balance of \u2018Profit &amp; Loss Account\u2019 appearing on the assets side of a Balance Sheet is transferred to :<br \/>\n(A) On the debit of Realisation Account<br \/>\n(B) On the credit of Realisation Account<br \/>\n(C) On the debit of Partner\u2019s Capital Accounts<br \/>\n(D) On the credit of Partner\u2019s Capital Accounts<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>24. On dissolution of a firm, a partner paid \u20b9700 for firm\u2019s realisation expenses. Which account will be debited?<br \/>\n(A) Cash Account<br \/>\n(B) Realisation Account<br \/>\n(C) Capital Account of the Partner<br \/>\n(D) Profit &amp; Loss A\/c<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>25. On taking responsibility of payment of realisation expenses by a partner, the account credited will be :<br \/>\n(A) Realisation Account<br \/>\n(B) Cash Account<br \/>\n(C) Capital Account of the Partne<br \/>\n(D) None of the Above<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>26. On dissolution of firm, loss calculate in realisation account is debited\/credited to which account?<br \/>\n(A) Cash Account (Credit)<br \/>\n(B) Partners\u2019 Capital Accoimts (Debit)<br \/>\n(C) Partners\u2019 Capital Accounts (Credit)<br \/>\n(D) Realisation Account (Debit)<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>27. Profit or loss of realisation account is transferred to :<br \/>\n(A) Profit &amp; Loss Account<br \/>\n(B) Capital Accounts of Partners<br \/>\n(C) Balance Sheet<br \/>\n(D) None of the Above<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>28. Which of the following is transferred to Realisation Account:<br \/>\n(A) Balance of Cash Account<br \/>\n(B) Balance of Profit &amp; Loss Account<br \/>\n(C) Amount realised on sale of assets<br \/>\n(D) Reserves<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>29. Which of the following is not transferred to Realisation Account:<br \/>\n(A) Balance of Cash Account<br \/>\n(B) Balance of Reserves<br \/>\n(C) Balance of Profit &amp; Loss Account<br \/>\n(D) All of the Above<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: D<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>30. On taking responsibility of payment of a liability of \u20b950,000 by a partner, the account credited will be :<br \/>\n(A) Realisation Account<br \/>\n(B) Cash Account<br \/>\n(C) Capital Account of the Partner<br \/>\n(D) Liability Account<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>31. Cash balance shown in the Balance Sheet is shown on dissolution of firm in :<br \/>\n(A) Realisation Account<br \/>\n(B) Cash Account<br \/>\n(C) Capital Account<br \/>\n(D) None of the Account<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>32. On firm\u2019s dissolution, on realisation of goodwill (which was shown in Balance Sheet) will be credited to :<br \/>\n(A) Cash A\/c<br \/>\n(B) Realisation A\/c<br \/>\n(C) Profit &amp; Loss A\/<br \/>\n(D) None of the A\/c<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>33. On dissolution of a firm, its Balance Sheet revealed total creditors \u20b950,000; Total Capital \u20b948,000; Cash Balance \u20b93,000. Its assets were realised at 12% less. Loss on realisation will be :<br \/>\n(A) \u20b96,000<br \/>\n(B) \u20b911,760<br \/>\n(C) \u20b911,400<br \/>\n(D) \u20b93,600<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>34. On firm\u2019s dissolution, when a partner voluntarily gives his personal asset to firms\u2019 creditor as payment, the account credited will be :<br \/>\n(A) Realisation A\/c<br \/>\n(B) Partner\u2019s Capital A\/c<br \/>\n(C) Cash A\/c<br \/>\n(D) None of the A\/c<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>35. On dissolution, when a partner takes over an unrecorded asset, is credited :<br \/>\n(A) Capital Account of the Partner<br \/>\n(B) Cash Accoun<br \/>\n(C) Asset Account<br \/>\n(D) Realisation Account<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: D<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>36. On dissolution, when a partner takes over an asset is debited<br \/>\n(A) Realisation Account<br \/>\n(B) Partner\u2019s Capital Account<br \/>\n(C) Cash Account<br \/>\n(D) Asset Account<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>37. In case of dissolution, assets are transferred to Realisation Account:<br \/>\n(A) At Book Value<br \/>\n(B) At Market Value<br \/>\n(C) Cost or Market Value, whichever is lower<br \/>\n(D) None of the Above<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: A<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>38. On dissolution, the balance of a partner\u2019s capital account appearing on the assets side of a balance sheet is transferred to :<br \/>\n(A) On the Debit of Realisation Account<br \/>\n(B) On the Credit of Realisation Account<br \/>\n(C) On the Debit of Partner\u2019s Capital Account<br \/>\n(D) On the Credit of Cash Account<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>39. On dissolution, partner\u2019s loan is transferred to :<br \/>\n(A) Partner\u2019s Capital Account<br \/>\n(B) Realisation Account<br \/>\n(C) Partner\u2019s Loan Account<br \/>\n(D) Revaluation Account<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>40. Sundry Creditors amounted to ?8,000. These were paid at a discount of 5%. Realisation account will be debited by<br \/>\n(A) \u20b98,000<br \/>\n(B) \u20b97,600<br \/>\n(C) \u20b9400<br \/>\n(D) \u20b98,400<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>41. There was an Unrecorded asset of ?2,000 which was taken over by a partner at ? 1,500. Partner\u2019s Capital Account will be debited by<br \/>\n(A) \u20b92,000<br \/>\n(B) \u20b91,500<br \/>\n(C) \u20b9500<br \/>\n(D) \u20b93,500<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>42. On dissolution of a firm, an unrecorded furniture of the value of \u20b95,000 was taken up by a partner for \u20b94,300. Which Account will be credited and by how much amount? :<br \/>\n(A) Cash Account by \u20b94,300<br \/>\n(B) Realisation Account by \u20b9700<br \/>\n(C) Partner\u2019s Capital Account by \u20b95,000<br \/>\n(D) Realisation Account by \u20b94,300<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: D<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>43. On the basis of following data, final payment to a partner on firm\u2019s dissolution \u2018 will be made : Debit balance of Capital Account \u20b914,000; Share of his profit on realisation \u20b943,000; Firm\u2019s asset taken over by him for \u20b917,000.<br \/>\n(A) \u20b931,000<br \/>\n(B) \u20b929,000<br \/>\n(C) \u20b912,000<br \/>\n(D) \u20b960,000<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>44. On payment of expenses of dissolution, account will be debited :<br \/>\n(A) Realisation Account<br \/>\n(B) Cash Account<br \/>\n(C) Profit &amp; Loss Account<br \/>\n(D) None of the Above<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: A<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>45. An unrecorded asset was valued at \u20b91,00,000. On firm\u2019s dissolution, it was sold for 52%. Realisation account will be credited with :<br \/>\n(A) \u20b952,000<br \/>\n(B) \u20b948,000<br \/>\n(C) \u20b91,00,000<br \/>\n(D) None of the Above<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: A<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>46. On firm\u2019s dissolution, a partner undertook firm\u2019s creditors at ? 17,000. In this case the account will be credited :<br \/>\n(A) Creditors A\/c<br \/>\n(B) Cash A\/c<br \/>\n(C) Realisation A\/c<br \/>\n(D) Partner\u2019s Capital A\/c<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: D<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>47. On dissolution, losses are first of all met:<br \/>\n(A) Out of Capital<br \/>\n(B) Out of Profits<br \/>\n(C) Out of private assets of partners<br \/>\n(D) Out of loan from Bank<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>48. \u2026\u2026\u2026\u2026\u2026 is prepared at the time of dissolution :<br \/>\n(A) Revaluation Account<br \/>\n(B) Profit &amp; Loss Account<br \/>\n(C) Profit and Loss Appropriation Account<br \/>\n(D) Realisation Account<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: D<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>49. While transferring assets to realisation account is omitted to be transferred :<br \/>\n(A) Patents<br \/>\n(B) Goodwill<br \/>\n(C) Cash<br \/>\n(D) Investments<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>50. If total assets are \u20b92,00,000; total liabilities are \u20b940,000; amount realised on sale of assets is \u20b91,75,000 and realisation expenses are \u20b93,000, the profit or loss on realisation will be :<br \/>\n(A) Profit \u20b912,000<br \/>\n(B) Loss \u20b968,000<br \/>\n(C) Loss \u20b928,000<br \/>\n(D) Loss \u20b925,000<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>51. On dissolution of a firm, debtors were \u20b917,000. Of these \u20b9500 became bad and the rest realised 60%. Which account will be debited and by how much amount?<br \/>\n(A) Realisation Account by \u20b916,500<br \/>\n(B) Profit &amp; Loss Account by \u20b9500<br \/>\n(C) Cash Account by \u20b99,900<br \/>\n(D) Debtors Account by \u20b97,100<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>52. In the Balance Sheet Total Debtors appear at \u20b950,000 and Provision for Doubtful Debts appear at \u20b91,500. How much amount will be realised from Debtors, if bad debts amount to \u20b910,000 and remaining debtors are realised at a discount of 5%<br \/>\n(A) \u20b938,000<br \/>\n(B) \u20b936,500<br \/>\n(C) \u20b936,575<br \/>\n(D) \u20b939,500<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: A<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>53. How much amount will be paid to Creditors for \u20b925,000 if \u20b95,000 of the creditors are not to be paid and the remaining creditors agreed to accept 5% less amount?<br \/>\n(A) \u20b918,750<br \/>\n(B) \u20b919,000<br \/>\n(C) \u20b919,750<br \/>\n(D) \u20b920,000<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>54. P, a partner, is to bear all expenses of realisation for which he is to be paid \u20b92,000. P had to pay realisation expenses of \u20b92,500. How much amount will be debited to Realisation Account?<br \/>\n(A) \u20b9500<br \/>\n(B) \u20b92,500<br \/>\n(C) \u20b94,500<br \/>\n(D) \u20b92,000<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: D<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>55. How much amount will be paid to A, if his opening capital is \u20b92,00,000 and his share of realisation profit amounts to \u20b910,000 and he has taken over assets valuing \u20b925,000 from the firm?<br \/>\n(A) \u20b92,35,000<br \/>\n(B) \u20b91,65,000<br \/>\n(C) \u20b92,15,000<br \/>\n(D) \u20b91,85,000<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: D<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>56. Investments valued \u20b92,00,000 were not shown in the books. One of the creditors took over these investments in full satisfaction of his debt of \u20b92,20,000. How much amount will be deducted from creditors?<br \/>\n(A) \u20b920,000<br \/>\n(B) \u20b92,20,000<br \/>\n(C) \u20b94,20,000<br \/>\n(D) \u20b92,00,000<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>57. If creditors are ?25,000, capital is ?1,50,000 and cash balance is ?10,000, what will be the amount of sundry assets?<br \/>\n(A) \u20b91,75,000<br \/>\n(B) \u20b91,85,000<br \/>\n(C) \u20b91,65,000<br \/>\n(D) \u20b91,40,000<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>58. If opening capitals of partners are A \u20b93,00,000, B \u20b92,00,000 and C \u20b91,00,000 and their drawings during the year are A \u20b950,000, B \u20b940,000 and C \u20b930,000 and creditors are \u20b960,000, what will be the amount of assets of the firm?<br \/>\n(A) \u20b95,40,000<br \/>\n(B) \u20b94,20,000<br \/>\n(C) \u20b94,80,000<br \/>\n(D) \u20b96,60,000<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: A<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>59. If total assets of a firm are \u20b912,00,000 and total liabilities are \u20b92,40,000, what will be the capitals of P, Q and R if they share profits in the ratio of their capitals and profit sharing ratio is 1 : 2 : 3 :<br \/>\n(A) P \u20b94,80,000; Q \u20b93,20,000; R \u20b91,60,000<br \/>\n(B) P \u20b91,60,000; Q \u20b93,20,000; R \u20b94,80,000<br \/>\n(C) P \u20b92,00,000; Q \u20b94,00,000; R \u20b96,00,000<br \/>\n(D) P \u20b96,00,000; Q \u20b94,00,000; R \u20b92,00,000<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>60. On dissolution of a firm, a partner\u2019s capital account has a credit balance of \u20b942,000. His share of profit in realisation account is ?9,000. He has paid firm\u2019s realisation expenses \u20b93,000. He will finally get a payment of:<br \/>\n(A) \u20b939,000<br \/>\n(B) \u20b942,000<br \/>\n(C) \u20b954,000<br \/>\n(D) \u20b948,000<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>61. On dissolution of a firm, a partner took over \u20b917,000 investments for \u20b914,000. Which one of the following account will be debited\/credited with how much amount?<br \/>\n(A) Partner\u2019s Capital Account Debit with \u20b914,000<br \/>\n(B) Partner\u2019s Capital Account Credit with \u20b917,000<br \/>\n(C) Realisation Account Credit with \u20b917,000<br \/>\n(D) Realisation Account Credit with \u20b93,000<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: A<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>62. On dissolution of firm, which item is debited to the realisation account?:<br \/>\n(A) Realisation expenses paid by partnert<br \/>\n(B) Balance of reserve fund<br \/>\n(C) Amount of unrecorded asset<br \/>\n(D) Creditor\u2019s balance shown in the Balance Sheet<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: A<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>63. At the time of dissolution of a firm, Creditors are \u20b970,000; Partners\u2019 capital is \u20b91,20,000; Cash Balance is \u20b910,000. Other assets realised \u20b91,50,000. Profit\/Loss in the realisation account will be :<br \/>\n(A) \u20b960,000 (Loss)<br \/>\n(B) \u20b980,000 (Profit)<br \/>\n(C) \u20b940,000 (Loss)<br \/>\n(D) \u20b930,000 (Loss)<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: D<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>64. On dissolution of a firm, debtors \u20b917,000 were shown in the Balance Sheet. Out of this \u20b92,000 became bad. One debtor became insolvent. 70% were recovered from him out of \u20b95,000. Full amount was recovered from the balance debtors. On account of this item, loss in realisation account will be :<br \/>\n(A) \u20b95,100<br \/>\n(B) \u20b91,500<br \/>\n(C) \u20b93,500<br \/>\n(D) \u20b92,000<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>65. X, Yand Z are partners in a firm in the ratio of 4 : 3 : 2. On firm\u2019s dissolution, firm\u2019s total assets are 7\u20b970,000, creditors are \u20b915,000. Realisation expenses are \u20b92,100. Assets realised 15% more than the book-value. Creditors were . paid 2% more. For profit\/loss on realisation, Fs capital account will be debited\/credited with :<br \/>\n(A) Credit \u20b98,100<br \/>\n(B) Credit \u20b92,700<br \/>\n(C) Debit \u20b92,700<br \/>\n(D) Debit \u20b92,400<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>66. On dissolution of a firm, firm\u2019s Balance Sheet total is \u20b977,000. On the assets side of the Balance Sheet items were shown preliminary expenses \u20b92,000; Profit &amp; Loss Account (Debit) Balance \u20b94,000 and Cash Balance \u20b91,800. Loss on realisation was \u20b96,300. Total assets (including cash balance) realised will be :<br \/>\n(A) \u20b969,200<br \/>\n(B) \u20b971,000<br \/>\n(C) \u20b964,700<br \/>\n(D) \u20b962,900<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>67. On dissolution of a firm, partners\u2019 capital accounts balance was \u20b963,000; creditors balance was \u20b912,000 and profit &amp; loss account debit balance was \u20b96,000. Profit on realisation of assets was \u20b97,800. Total amount realised from assets was:<br \/>\n(A) \u20b981,000<br \/>\n(B) \u20b976,800<br \/>\n(C) \u20b970,800<br \/>\n(D) \u20b9None<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>68. On dissolution of a firm, a partner took-over the investments of \u20b915,000 at \u20b919,000. By how much amount the Realisation Account will be credited?<br \/>\n(A) \u20b94,000<br \/>\n(B) \u20b919,000<br \/>\n(C) Nil<br \/>\n(D) \u20b923,000<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: B<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>69. Anu, Bina and Charan are partners. The firm had given a loan of \u20b920,000 to Bina. On the event of dissolution, the loan will be settled by : (C.B.S.E. Sample Paper, 2015)<br \/>\n(A) Transferring it to debit side of Realization Account.<br \/>\n(B) Transferring it to credit side of Realization Account.<br \/>\n(C) Transferring it to debit side of Bina\u2019s Capital Account.<br \/>\n(D) Bina paying Anu and Charan privately.<\/p>\n<details>\n<summary><span style=\"color: #ff00ff;\"><strong>Answer<\/strong><\/span><\/summary>\n<p>Answer: C<\/p>\n<\/details>\n<hr \/>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Accountancy MCQs Get Multiple Choice Questions for Class 12 Accountancy on Infinity Learn for free. Dissolution of a Partnership Firm [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_focuskw":"at the time of dissolution of a firm creditors are 70000","_yoast_wpseo_title":"Accountancy MCQs with Answers - Class 12 Dissolution of a Partnership Firm","_yoast_wpseo_metadesc":"Get Multiple Choice Questions for Class 12 Accountancy. 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