CBSE Class 12 Accountancy Dissolution Of Partnership Firm Worksheet Set B

Question. A partnership firm is compulsorily dissolved) :
(a) When the business of the firm is declared illegal
(b) When a partner of the firm dies
(c) When a partner of the firm becomes insolvent
(d) When a partner transfers his share to some other person without the consent of other partners

Answer: A

Question. Sundry Creditors amounted to Rs.8,000. These were paid at a discount of 5%.
Realisation account will be debited by
(a) Rs.8,000
(b) Rs.7,600
(c) Rs.400
(d) Rs. 8,400

Answer: B

Question. On dissolution of a firm, its Balance Sheet revealed total creditors Rs.50,000; Total Capital Rs.48,000; Cash Balance Rs.3,000. Its assets were realised at 12% less. Loss on realisation will be :
(a) Rs.6,000
(b) Rs. 11,760
(c) Rs. 11,400
(d) Rs.3,600

Answer: C

Question. When a Partner dies, amount due to him will be paid to:
(a) Gainer partner
(b) His Executor
(c) Remaining Partners
(d) None of the options

Answer: B

Question. 30.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: B

Question. P, a partner, is to bear all expenses of realisation for which he is to be paid Rs.2,000. P had to pay realisation expenses of Rs.2,500. How much amount will be debited to Realisation Account?
(a) Rs.500
(b) Rs.2,500
(c) Rs.4,500
(d) Rs.2,000

Answer: D

Question. On dissolution of the firm, amount received from sale of unrecorded asset is credited to :
(a) Partner’s Capital Accounts
(b) Profit and Loss Account
(c) Realisation Account
(d) Cash Account

Answer: C

Question. At the time of dissolution^ partner gives his personal asset to firm's creditor in settlement, the account credited will be
(a) Realisation A/c.
(b) Partner's Capital A/c.
(c) Cash A/c.
(d) Creditor's A/c.

Answer: B

Question. In case of dissolution, assets are transferred to Realisation Account:
(a) At Market Value
(b) Cost or Market Value, whichever is lower
(c) At Book Value
(d) None of the Above

Answer: C

Question. After transferring liabilities like creditors and bills payables in the realisation account, in the absence of any information regarding then payment, such liabilities are treated as
(a) Fully paid
(b) Partly paid
(c) Never Paid
(d) None of the options

Answer: A

Question. On dissolution of the firm, partners capital accounts are closed through
(a) Bank account
(b) Drawings account
(c) Realisation account
(d) Partners capital account

Answer: A

Question. W, X, Y and Z are equal partners, W, X and Z died together in plane crash, this accidents results in
(a) Dissolution of partnership
(b) Dissolution of partnership as well as firm
(c) Dissolution of firm
(d) None of the options

Answer: B

Question. Anukalp and Karan are partners with the capital of Rs. 25000 and 15000 respectively, Interest payable on capital is 10% P.A, find the Interest on capital for both the partners when the profits earned by the firm is Rs 2400
(a) 1500 and 900
(b) 2500 and 1500
(c) 1200 and 1500
(d) None of the options

Answer: A

Question. Calculate on interest on drawing @ 12% p.a for Abhishek if he withdraw Rs. 2000 once in month
(a) 1220
(b) 1320
(c) 1440
(d) 1300

Answer: C

Question. On firm’s dissolution, a partner undertook firm’s creditors at Rs. 17,000. In this case the account will be credited :
(a) Creditors A/c
(b) Cash A/c
(c) Realisation A/c
(d) Partner’s Capital A/c

Answer: D

Question. Change in the existing agreement between the partners is called :
(a) Dissolution of Firm
(b) Dissolution of Partnership
(c) Dissolution of Business
(d) All of the Above

Answer: B

Question. There was an Unrecorded asset of Rs.2,000 which was taken over by a partner at Rs. 1,500. Partner’s Capital Account will be debited by ............
(a) Rs.2,000
(b) Rs. 1,500
(c) Rs.500
(d) Rs.3,500

Answer: B

Question. On dissolution of a firm, a partner’s capital account has a credit balance of Rs.42,000. His share of profit in realisation account is Rs. 9,000. He has paid firm’s realisation expenses Rs.3,000. He will finally get a payment of:
(a) Rs.39,000
(b) Rs.42,000
(c) Rs.54,000
(d) Rs.48,000

Answer: C

Question. On dissolution, if a partner pays firm's liability which ofthe following account is debited?
(a) Profit and Loss Account
(b) Realisation Account.
(c) Partner's Capital Account
(d) Cash Account

Answer: B

Question. Investments of Rs. 2,00,000 were not shown in the books. One of the creditors took these investments in settlement of his debt of Rs. 2,20,000. How much amount will be payable to that creditor?
(a) Rs. 20,000
(b) Rs. 2,20,000
(c) Rs. 4,20,000
(d) Nil

Answer: D

Question. Which of the following is transferred to Realisation Account :
(a) Balance of Cash Account
(b) Balance of Profit & Loss Account
(c) Amount realised on sale of assets
(d) Reserves

Answer: C

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