Dissolution Of Partnership CBSE Questions & Answers

Dissolution Of Partnership

This is Accountancy Class 12 Dissolution of Partnership CBSE Questions & Answers. There are 15 questions in this test with each question having around four answer choices.

Questions & Answers

1
All the assets of the firm are _____ and all outsiders’ liabilities and partners’ loan and partners capitals are ___ at the time of dissolution of firm.
  • A
    Disposed Off, Paid
    Correct
  • B
    Paid, Disposed Off
  • C
    Acquired , Paid
  • D
    Disposed Off, Acquired
2
When a partnership firm can be dissolved
  • A
    When all partners agree to dissolve the firm
  • B
    All
    Correct
  • C
    By Notice
  • D
    When business of the firm become unlawful.
3
Section ____ of Partnership Act a court on application by a partner may order the dissolution of the firm
  • A
    43
  • B
    42
  • C
    41
  • D
    44.0
    Correct
4
Realisation Account is which type of account
  • A
    Personal
  • B
    Nominal
    Correct
  • C
    None of these
  • D
    Real
5
Provident Fund is a ______ on the firm towards employees
  • A
    None
  • B
    Liabilities
    Correct
  • C
    Assets
  • D
    Both
6
If nothing is stated regarding the realisation of any tangible assets then such assets should be assumed to be realized at
  • A
    Both
  • B
    Market Value
  • C
    None
  • D
    Book Value
    Correct
7
If nothing is stated regarding the realisation of any intangible assets like goodwill, patents, trade marks etc. then it is assumed that
  • A
    All
  • B
    Realized at Market value
  • C
    assets have not realized any amount
    Correct
  • D
    Realized at book value
8
What entry you will record for transferring an asset to the creditor for the settlement of his account?
  • A
    Debit side of Realisation Account
  • B
    Credit side of Realisation Account
  • C
    None of these
  • D
    NO ENTRY at all
    Correct
9
If a partner has given any loan to firm, his loan will be paid ____ payment of all the outside liabilities : but _____making any payment to partners on account of capital
  • A
    After, Before
    Correct
  • B
    Before, After
  • C
    at the time of, Before
  • D
    After, at the time of
10
Name the Account which is prepared for finding the profit or loss on getting amount from selling of all assets and paying amount of liabilities.
  • A
    Profit and Loss
  • B
    Profit and Loss adjustment
  • C
    Realisation
    Correct
  • D
    Revaluation
11
When partnership dissolve, we close all the accounts of assets by sending them to the ___ side of realisation account
  • A
    Debit
    Correct
  • B
    Credit
  • C
    None
  • D
    Both
12
In the balance sheet, debit balance of profit and loss which is shown in the asset side, will transfer to
  • A
    capital account's debit side
    Correct
  • B
    Credit side of realisation account
  • C
    capital account's credit side
  • D
    Debit side of realisation account
13
Unrecorded asst when realised (in cash) will be _______
  • A
    Credited to Realisation Account
    Correct
  • B
    Credited to partners capital account
  • C
    Debited to Partners capital account
  • D
    Debited to Realisation Account
14
The Assets of the firm and the amount contributed by the partners to make up the deficiency of capital shall be applied for
  • A
    First to pay shall be distributed among the partners in their profit sharing Ratio
  • B
    First to pay partners capitals
  • C
    First to pay the debts of the firm to the third parties
    Correct
  • D
    First to pay partners Loan
15
All _____ liabilities are transferred to the ____ side of Realisation account
  • A
    External , Credit
    Correct
  • B
    Internal , Debit
  • C
    External , Credit
  • D
    Internal , Debit