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
Accumulated losses are transfer to ______ in ________ ratio
  • A
    Realisation account , Profit sharing ratio
  • B
    Capital account , Profit sharing ratio
    Correct
  • C
    Realisation account, Gaining sharing ratio
  • D
    Capital account , Gaining sharing ratio
2
If a liability is assumed by a partner such partner capital account is ___
  • A
    Debited
  • B
    Both
  • C
    Credited
    Correct
  • D
    None of these
3
If a partner takeover an assets such partner s account is ___
  • A
    Credited
  • B
    Not to be entered
  • C
    Debited
    Correct
  • D
    Both debited on one side credited on other side
4
No entry is recorded when a __ accepts a fixed assets in a payment of his dues
  • A
    Creditors
    Correct
  • B
    Debtor
  • C
    Executor’s
  • D
    Owner
5
If a partner agreed to pay the unrecorded liability then ______
  • A
    Concerned partner's account is debited
  • B
    Realisation account is credited and concerned partner’s account debited
  • C
    Realisation account is debited and concerned partner’s capital account is credited.
    Correct
  • D
    On realisation account is credited
6
When a firm has agreed to pay the partner a fixed amount for realization work irrespective of the actual amount spent such fixed amount is debited to ____ a account and credited to ___
  • A
    Capital, Realisation
  • B
    Realisation, Cash
  • C
    Realisation, Capital
    Correct
  • D
    Realisation, Loan
7
Partner’s loan is ________ in the ___-account
  • A
    Not recorded , realization
    Correct
  • B
    Not recorded , capital
  • C
    recorded , realization
  • D
    recorded , revaluation
8
Partner s current account is transferred to respective __ partners account
  • A
    Drawings
  • B
    Loan
  • C
    Profit
  • D
    Capital
    Correct
9
Advertisement suspense is a ______
  • A
    Fixed assets
  • B
    Fictitious assets
    Correct
  • C
    Creditor
  • D
    Fixed liability
10
Firm’s debt are
  • A
    Both
  • B
    None
  • C
    Partners owes in his personal capacity
  • D
    Firm owes to outsiders
    Correct
11
For Realisation Expenses When expenses are paid by firm (on behalf of any partner) and borne by any partner. Journal entry be
  • A
    Option A
  • B
    Option B
  • C
    Option C
  • D
    Option D
    Correct
12
Realisation Account is differ from Revaluation Account as
  • A
    prepared at a number of times during the life of a firm
  • B
    prepared at three times during the life of a firm
  • C
    Prepared only once during the life of a firm
    Correct
  • D
    Prepared only twice during the life of a firm
13
When realised value of goodwill is given in adjustment, it indicates that ________
  • A
    Goodwill is written off by the old partners
  • B
    Goodwill is purchased
  • C
    Goodwill is sold
    Correct
  • D
    Goodwill is taken over by creditors
14
Transfer all the reserves, provisions For example provision for doubtful debt account, provision for depreciation account, investment fluctuation fund account and joint life policy reserve account in Realisation Account on
  • A
    Debit side
  • B
    Not to be mentioned
  • C
    Both side
  • D
    credit side
    Correct
15
Following account will be shown on debit side of Realisation Account except
  • A
    All the expenses of realisation
  • B
    Cash Received from Sale of Assets
    Correct
  • C
    If any partner has taken over any liability,
  • D
    Cash Payments of Liabilities