Class 12 Accountancy - Chapter 5: Dissolution of a Partnership Firm MCQ Questions

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Your Class 12 Accountancy Study Path

Question 1

Revaluation account and reaLisation account are _______ accounts.

A real

B different

C opposite

D same

Question 2

At the time of dissolution of a partnership firm, all assets (except fictitious) are transferred to _______ account.

A loan.

B capital

C revaluation

D realisation

Question 3

At the time of dissolution of partnership firm, balance of cash and bank will be transferred to _____ account.

A capital

B bank

C revaluation

D realisation

Question 4

After settlement of dissolving firm, bank account may have _____ balance.

A nil.

B overdraft

C credit

D debit

Question 5

Realisation account can be prepared _______ in the life of firm.

A three

B two

C once

D many

Question 6

Goodwill already appearing in the balance sheet of the firm will be transferred on the ________ side of account.

A credit, bank

B debit, bank

C debit, realisation

D debit, capital

Question 7

At the time of dissolution, partnerâ€™s loan account is closed by _______.

A none of these.

B abolished

C payment

D transferring in realisation

Question 8

After the dissolution of firm, business of the firm will automatically ______.

A None of these

B extended

C closed

D continued

Question 9

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

A realised.

B cost

C market

D book

Question 10

At the time of dissolution of partnership firm _______ account is prepared.

A All of these

B bank

C partners capital

D realisation

Question 11

Realisation expenses are debited to ________.

A partnersâ€™ capital A/c

B revaluation A/c

C realisation A/c

D bankA/c

Question 12

Question 67.

A (iii) for the debts of the firm to the third parties; (CBSE Sample Paper 2019-20)

B (ii) to each partner proportionately what is due to him on account of capital; and

C (i) to each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partnerâ€™ loan);

D State the order of payment of the following, in case of dissolution of partnership firm.

Question 13

At the time of dissolution of firm, goodwill account is closed by transferring it to ________ account.

A bank

B partners capital

C partners loan

D realisation

Question 14

On dissolution of a partnership firm, over draft will be transferred to _______.

A either realisation account or bank account

B realisation A/c

C cashA/c

D bankA/c

Question 15

Revaluation account can be prepared ______ time(s) in the firm.

A three

B two

C one

D many

Question 16

Realisation account is a ________ account

A cash.

B nominal

C personal

D real

Question 17

On dissolution, balance of partnerâ€™s capital account will be transferred to _____ account.

A loan.

B bank

C revaluation

D realisation

Question 18

Anu, Bina and Charan are partners. The firm had given a loan of â‚¹ 20,000 to Bina. They decided to dissolve the firm. In the event of dissolution, the loan will be settled by

A Bina paying Anu and Charan privately.

B transferring it to debit side of Binaâ€™s capital account.

C transferring it to credit side of Realisation account.

D transferring it to debit side of Realisation account.

Question 19

Accumulated profits are transferred to credit of _______.

A bankA/c

B realisation Ac

C partnersâ€™capital A;c

D revaluation A/c

Question 20

Unrecorded assets taken over any creditor will ______.

A not be recorded anywhere.

B be credited to realisation account

C be debited and credited both to realisation account

D be debited to realisation account

Question 21

Accumulated losses and reserves are transferred to debit of ________ A/c.

A bank

B realisation

C partnersâ€™capital A/c

D revaluation

Question 22

When a partner agrees to receive the sum due to him in lump sum, ______ account is debited.

A none of the above

B bank

C concerned partnersâ€™ capital

D realisation

Question 23

Unrecorded liability will be ________ to realisation account when paid.

A paid

B credited

C debited and credited both

D debited

Question 24

At the time of dissolution of a partnership firm ___________ account is prepared.

A trading

B profit & loss

C realisation

D revaluation

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Class 12 Accountancy - Chapter 5: Dissolution of a Partnership Firm MCQ Questions

Your Class 12 Accountancy Study Path

Revaluation account and reaLisation account are _______ accounts.

At the time of dissolution of a partnership firm, all assets (except fictitious) are transferred to _______ account.

At the time of dissolution of partnership firm, balance of cash and bank will be transferred to _____ account.

After settlement of dissolving firm, bank account may have _____ balance.

Realisation account can be prepared _______ in the life of firm.

Goodwill already appearing in the balance sheet of the firm will be transferred on the ________ side of account.

At the time of dissolution, partnerâ€™s loan account is closed by _______.

After the dissolution of firm, business of the firm will automatically ______.

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

At the time of dissolution of partnership firm _______ account is prepared.

Realisation expenses are debited to ________.

Question 67.

At the time of dissolution of firm, goodwill account is closed by transferring it to ________ account.

On dissolution of a partnership firm, over draft will be transferred to _______.

Revaluation account can be prepared ______ time(s) in the firm.

Realisation account is a ________ account

On dissolution, balance of partnerâ€™s capital account will be transferred to _____ account.

Anu, Bina and Charan are partners. The firm had given a loan of â‚¹ 20,000 to Bina. They decided to dissolve the firm. In the event of dissolution, the loan will be settled by

Accumulated profits are transferred to credit of _______.

Unrecorded assets taken over any creditor will ______.

Accumulated losses and reserves are transferred to debit of ________ A/c.

When a partner agrees to receive the sum due to him in lump sum, ______ account is debited.

Unrecorded liability will be ________ to realisation account when paid.

At the time of dissolution of a partnership firm ___________ account is prepared.

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