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
According to Indian Partnership Act 1932 [Section 39] Dissolution of firm means :
  • A
    End of the relationship among the partners
  • B
    Dissolution of Partnership between all the partners
    Correct
  • C
    None of these
  • D
    Dissolution of partnership between the main partners
2
Compulsory dissolution takes place when :
  • A
    Retirement of a Active partner
  • B
    When all partners become insolvent
    Correct
  • C
    Death of a partner takes place
  • D
    When there is loss in the current year
3
Realisation Account is :
  • A
    Nominal Account
    Correct
  • B
    Personal Account
  • C
    P/L Adjustment A/c
  • D
    Real Account
4
Deffered Revenue expenditure given in B/S will be :
  • A
    Credit to Realisation A/c
  • B
    Debit to partners capital A/c
    Correct
  • C
    Credit to partners capital A/c
  • D
    Debit to Realisation A/c
5
Goodwill given in the Balance Sheet will be shown in :
  • A
    Debit side of Partners capital A/c
  • B
    Will not be shown in any account
  • C
    Credit side of Partners capital A/c
  • D
    Debit side of Realisation A/c
    Correct
6
Asset taken over by partner will be shown in :
  • A
    Credit side of Cash A/c
  • B
    Debit side of Cash A/c
  • C
    Debit side of Realisation A/c
  • D
    Credit side of Realisation A/c
    Correct
7
Unrecorded liability will be shown in :
  • A
    Credit side of Realisation A/c
  • B
    Debit side of cash A/c
  • C
    Debit side of Realisation A/c
    Correct
  • D
    Debit side of partners capital A/c
8
When Asset is taken over by a creditor :
  • A
    Debit side of Realisation A/c
  • B
    No Entry in this case
    Correct
  • C
    Credit side of Realisation A/c
  • D
    Only in Cash A/c
9
After which account it is assumed that dissolution of firm stand closed?
  • A
    Partners Capital A/c
  • B
    Realisation A/c
  • C
    Cash A/c
    Correct
  • D
    Memorandum Balance Sheet
10
Unrecorded Asset taken over by the partner will not be shown in :
  • A
    Cash A/c
    Correct
  • B
    Partners Capital A/c
  • C
    None of these
  • D
    Realisation A/c
11
Section 48 of the Indian Partnership Act, 1932 deals with the settlement of accounts at the time of ______________
  • A
    Change in profit sharing ratio
  • B
    Retirement of a partner
  • C
    Dissolution
    Correct
  • D
    Death of a partner
12
Payment of firm?s debts and private debts are treated as per the ________
  • A
    Section 31
  • B
    Section 37
  • C
    Section 49
    Correct
  • D
    Section 4
13
Dissolution by court will take place only when ____________
  • A
    Death of a partner
  • B
    On completion of venture
  • C
    Partnership term is expired
  • D
    A partner becomes a person of unsound mind
    Correct
14
Compulsory dissolution will take place when _______
  • A
    A partner dies
  • B
    There is change in profit sharing ratio
  • C
    A partner retires
  • D
    Business of the firm becomes unlawful
    Correct
15
Money realised from the sale of unrecorded assets is debited to the _________
  • A
    Cash Account
    Correct
  • B
    Balance Sheet
  • C
    Revaluation Account
  • D
    Partners capital account