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Dissolution Of Partnership Firm Class 12 Accountancy MCQs Questions with Answers
Refer below for MCQ Class 12 Accountancy Chapter 5 Dissolution Of Partnership Firm with solutions. Solve questions and compare with the answers provided below
Question: At the time of dissolution of the firm , if goodwill appears in the balance sheet , it is transferred to
(a) Capital A/c
(b) Revaluation A/c
(c) Realisation A/c
(d) Current Account
Answer
C
Question: Section __ of the Indian Partnership Act provides that a new partner shall not be inducted into a firm without the consent of all existing partners
(a) 40
(b) 35
(c) 31
(d) 45
Answer
C
Question : At the time of dissolution of firm, at which stage the balance of partner’s capital accounts is paid?
(a) After making the payment to third party’s loans
(b) Before making the payment of partners in respect of their loans
(c) After making the payment to third party for their loans as well as partners loans
(d) None of the above.
Answer
C
Question : On dissolution, Goodwill Account is transferred to
(a) In the Capital Accounts of Partners.
(b) On the Credit of Cash Account.
(c) On the Debit of Realisation Account
(d) On the Credit of Realisation Account.
Answer
C
Question: Reason for preparing Profit and Loss suspense Account is to
(a) Adjust the profit of deceased partner
(b) Adjust the Revaluation profit
(c) Adjust the capital of deceased partner
(d) Adjust the Revaluation loss
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: W, X, Y and Z are equal partners, W, X and Z died together in plane crash, this accidents results in
(a) None of the options
(b) Dissolution of partnership
(c) Dissolution of firm
(d) Dissolution of partnership as well as firm
Answer
D
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. 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: Why is realisation account prepared
(a) Closing the accounts
(b) Opening the account
(c) For profit sharing
(d) None of the options
Answer
(a) Closing the accounts
Question: At the time of dissolution of the firm , the assets and liabilities appearing in the balance sheet are transferred to
(a) Realisation A/c
(b) Real Account
(c) Capital A/c
(d) None of the options
Answer
a) Realisation A/c
Question: Why a new partner is admitted in the firm?
(a) For Increase the Capital of the firm.
(b) For Increase the Number of partners
(c) For Increase the Profit sharing Ratio
(d) None of the options
Answer
For Increase the Capital of the firm.
Question: Section ____ of the Indian Partnership Act provides that a new partner shall not be inducted into a firm without the consent of all existing partners
(a) 31
(b) 35
(c) 40
(d) 45
Answer
a) 31
Question: At the time of increase in the value of assets which account should be debited while preparing Revaluation Account?
(a) Asset A/c
(b) Partners Capital A/c
(c) Revaluation Account
(d) None of the options
Answer
a) Asset A/c
Question: How sacrificing ratio is differ from gaining ratio on the basis of mode of calculation
(a) calculated by taking difference between old and new ratio
(b) calculated by taking difference between new and old ratio
(c) calculated by taking difference between old and gaining ratio
(d) None of the options
Answer
a) calculated by taking difference between old and new ratio
Question: At the time of dissolution of firm, at which stage the balance of partner’s capital accounts is paid?
(a) After making the payment to third party’s loans
(b) Before making the payment of partners in respect of their loans
(c) After making the payment to third party for their loans as well as partners loans
(d) None of the above.
Answer
(C) After making the payment to third party for their loans as well as partners loans
Question: If creditors are Rs.25,000, capital is X 1,50,000 and cash balance is X 10,000, what will be the amount of sundry assets?
(a) Rs. 1,75,000
(b) X 1,85,000
(c) X 1,65,000
(d) X 1,40,000
Answer
(C) X 1,65,000
Question: Amount received from sale of unrecorded asset at the time of dissolution ofthe firm is credited to
(a) Partners’ Capital Accounts.
(b) Profit and Loss Account.
(c) Realisation Account.
(d) Cash Account.
Answer
(c) Realisation Account.
Question: Deceased partners share of profit is shown in:
(a) Credit side of his capital account
(b) Debit side of his capital account
(c) Both
(d) None of the options
Answer
a) Credit side of his capital account
Question: Deceased partner share of profit can be calculated on the basis of
(a) Time basis and Sale Basis
(b) Sales basis
(c) Time basis
(d) None of the options
Answer
a) Time basis and Sale Basis
Question: In case of change in profit sharing ratio among the existing partners who will compensate the existing partners:
(a) Gaining partner shall compensate
(b) Only one partner
(c) Sacrificing partner shall compensate
(d) None of the options
Answer
a) Gaining partner shall compensate
Question: Is admission of a new partner a reconstitution of partnership firm:
(a) Yes
(b) It is dissolution of firm
(c) It is called merger
(d) None of the options
Answer
A
Question: Revaluation Account is also known as ________
(a) Profit and Loss Adjustment Account
(b) Asset Account
(c) Profit and Loss Account
(d) None of the options
Answer
A
Question: At the time of increase in the value of assets which account should be debited while preparing Revaluation Account?
(a) Asset A/c
(b) Partners Capital A/c
(c) Revaluation Account
(d) None of the options
Answer
A
Question: Why is realisation account prepared
(a) Closing the accounts
(b) Opening the account
(c) For profit sharing
(d) None of the optionsa
Answer
A
Question: How will goodwill account appearing in the balance sheet be treated in case of dissolution of the firm
(a) By transferring to realisation A/c (Dr. Side)
(b) By transferring to realisation A/c (Cr. Side)
(c) Both Side
(d) None of the options
Answer
A
Question: How will you treat accumulated profit/losses at the time of dissolution of the firm
(a) Transferred to partners Capital A/C
(b) Transferred to partners Salary A/C
(c) Transferred to partners Capital A/C
(d) None of the options
Answer
C
Question: what will be the accounting treatment of balance of the realisation account
(a) Transferred to partners Capital A/C in their profit sharing ratio
(b) Transferred to partners Capital A/C in their old ratio
(c) Transferred to partners Capital A/C in their new ratio
(d) None of the options
Answer
A
Question: At the time of dissolution of the firm , if goodwill appears in the balance sheet , it is transferred to
(a) Realisation A/c
(b) Revaluation A/c
(c) Capital A/c
(d) Current Account
Answer
A
Question: The modes by which a firm may be dissolved are
(a) All of the options
(b) By Mutual agreement
(c) Compulsory Dissolution
(d) By Notice
Answer
A
Question: At the time of dissolution of the firm , the assets and liabilities appearing in the balance sheet are transferred to
(a) Real Account
(b) Realisation A/c
(c) Capital A/c
(d) None of the options
Answer
B
Question: Unrecorded assets when realised is credit to
(a) Partners capital A/c
(b) Current Account
(c) None of the options
(d) Realisation A/c
Answer
D
Question: Unrecorded Liabilities when paid are debited to
(a) Realisation A/c
(b) Partners capital A/c
(c) Current Account
(d) None of the options
Answer
A
Question: According to Section 30 of Partnership Act 1932:
(a) A Minor can be admitted as a partner by the consent of all partners for the time being.
(b) New partner will bring capital and goodwill in cash
(c) New partner will inspect the books of accounts
(d) New partner is allowed to share old profits
Answer
A
Question: Why a new partner is admitted in the firm?
(a) For Increase the Capital of the firm.
(b) For Increase the Number of partners
(c) For Increase the Profit sharing Ratio
(d) None of the options
Answer
A
Question: Which is the main right of a partner?
(a) Share the Profits of the firm.
(b) Stop other partners for drawings
(c) Share the old profits of the firm
(d) All of the options
Answer
A
Question: at the time of dissolution of firm, loan from partner is
(a) Not transferred to realisation A/c
(b) Transferred to realisation A/transferred to partners capital A/c
(c) None of the options
Answer
A
Question: Where it is agreed that a partner will be paid a lump sum amount for dissolution, if the payment is made by the firm, the payment is debited to
(a) Concerned partners capital Account
(b) Realisation Account
(c) All the partners capital Account
(d) None of the options
Answer
A
Question: Sacrifice ratio is used only for
(a) Revaluation profit
(b) Distribution of Premium for goodwill
(c) Distribution of Reserve
(d) Revaluation of Assets
Answer
B
Question: Section ____ of the Indian Partnership Act provides that a new partner shall not be inducted into a firm without the consent of all existing partners
(a) 31
(b) 35
(c) 40
(d) 45
Answer
A
Question: When a new partner is admitted he acquires his share of profits from the old partners , this will ____ the old partners shares in profits:
(a) Reduce
(b) Remain same
(c) No change
(d) Decrease
Answer
A
Question: Is admission of a new partner a reconstitution of partnership firm:
(a) It is dissolution of firm
(b) Yes
(c) It is called merger
(d) None of the options
Answer
B
Question: The incoming partner cannot acquire his share of profits :
(a) From the old partners in their old profit sharing ratio
(b From one or more partners (not from all partners)
(c) From the old partners in some agreed ratio
(d) From the old partners in their new profit sharing ratio
Answer
D
Question: At the time of admission of a new partner, the new partner acquires his share from the old partners in the:
(a) Sacrificing ratio
(b) New Ratio
(c) New Ratio
(d) Old ratio
Answer
A
Question: Revaluation Account is also known as ________
(a) Profit and Loss Adjustment Account
(b) Asset Account
(c) Profit and Loss Account
(d) None of the options
Answer
A
Question: Gaining ratio is the ratio in which continuing partners have ______ the share from the outgoing partner
(a) Sacrificed
(b) Both Acquired and Sacrificed
(c) None of the options
(d) Acquired
Answer
D
Question: At the time of increase in the value of assets which account should be debited while preparing Revaluation Account?
(a) Partners Capital A/c
(b) Revaluation Account
(c) Asset A/c
(d) None of the options
Answer
C
Question: Revaluation account is not prepared at the time of _________________
(a) Dissolution
(b) Admission
(c) Retirement
(d) All of the options
Answer
A
Question: Why new profit ratio is determined even for old partners?
(a) Change in the agreement among all partners
(b) No change in agreement
(c) Due to change in external environment
(d) All of the options
Answer
A
Question: Sacrificing ratio is calculated for
(a) old partners
(b) new partners
(c) all partners (including new)
(d) None of the options
Answer
A
Question: Gaining Ratio is Applicable for:
(a) Retiring partners share of goodwill only
(b) For the distribution of Reserves and profits
(c) For the Calculation of profit
(d) For Revaluation
Answer
A
Question: Why there is need to calculate New profit share ratio
(a) After retirement of a partner, there will be change in the continuing partners ratio.
(b) After retirement of a partner, there is no change in the continuing partners ratio.
(c) To settle the loan amount due to outgoing partner
(d) All of the options
Answer
A
Question: Except outgoing partner, which other partner can be credited at the time of settlement of goodwill amount?
(a) Sacrificing partner
(b) Gaining partner
(c) All the partners
(d) None of the options
Answer
A
Question: Retirement or death of a partner will create a situation for the continuing partners, which is known as:
(a) Dissolution of firm
(b) Amalgamation
(c) Reconstitution of Firm
(d) None of the options
Answer
C
Question: Which of the following is calculated at the time of Retirement of a Partner?
(a) Gaining Ratio
(b) Old Ratio
(c) Profit Sharing ratio
(d) All of the options
Answer
A
Question: When the New ratio is deducted with Old Ratio we get:
(a) Sacrifice only
(b) Profit Sharing ratio
(c) None of the options
(d) Gaining Ratio
Answer
D
Question: New Ratio Old Ratio is called
(a) Gaining Ratio
(b) Profit Sharing ratio
(c) Sacrificing ratio
(d) None of the options
Answer
A
Question: How sacrificing ratio is differ from gaining ratio on the basis of mode of calculation
(a) calculated by taking difference between old and new ratio
(b) calculated by taking difference between new and old ratio
(c) calculated by taking difference between old and gaining ratio
(d) None of the options
Answer
A
Question: Which of the following is effect of the retirement of a partner?
(a) share of remaining partners increases
(b) share of remaining partners remains same
(c) share of remaining partners decreases
(d) All of the options
Answer
A
Question: Only in Balance Sheet At the time of retirement of a partner, general reserve given in the balance sheet should be credited to all the partners (including outgoing partner) in their old profit sharing ratio.
(a) Debit side of Capital account of all the partners
(b) Credit side of Capital account of all the partners
(c) Both
(d) None of the options
Answer
B
Question: Revaluation account is not prepared at the time of _________________
(a) Dissolution
(b) Admission
(c) Retirement
(d) All of the options
Answer
A
Question: Which of the following is calculated at the time of Retirement of a Partner?
(a) Old Ratio
(b) Profit Sharing ratio
(c) Gaining Ratio
(d) All of the options
Answer
C
Question: When the New ratio is deducted with Old Ratio we get:
(a) Gaining Ratio
(b) Sacrifice only
(c) Profit Sharing ratio
(d) None of the options
Answer
A
Question: Why new profit ratio is determined even for old partners?
(a) Change in the agreement among all partners
(b) No change in agreement
(c) Due to change in external environment
(d) All of the options
Answer
A
Question: Sacrificing ratio is calculated for
(a) new partners
(b) old partners
(c) all partners (including new)
(d) None of the options
Answer
B
Question: Gaining ratio is the ratio in which continuing partners have ______ the share from the outgoing partner
(a) Acquired
(b) Sacrificed
(c) Both Acquired and Sacrificed
(d) None of the options
Answer
A
Question: Why there is need to calculate New profit share ratio
(a) After retirement of a partner, there is no change in the continuing partners ratio.
(b) To settle the loan amount due to outgoing partner
(c) After retirement of a partner, there will be change in the continuing partners ratio.
(d) All of the options
Answer
C
Question: Gaining Ratio is Applicable for:
(a) Retiring partners share of goodwill only
(b) For the distribution of Reserves and profits
(c) For the Calculation of profit
(d) For Revaluation
Answer
A
Question: Except outgoing partner, which other partner can be credited at the time of settlement of goodwill amount?
(a) Sacrificing partner
(b) Gaining partner
(c) All the partners
(d) None of the options
Answer
A
Question: Retirement or death of a partner will create a situation for the continuing partners, which is known as:
(a) Reconstitution of Firm
(b) Dissolution of firm
(c) Amalgamation
(d) None of the options
Answer
A
Question: New Ratio Old Ratio is called
(a) Profit Sharing ratio
(b) Gaining Ratio
(c) Sacrificing ratio
(d) None of the options
Answer
B
Question: How sacrificing ratio is differ from gaining ratio on the basis of mode of calculation
(a) calculated by taking difference between new and old ratio
(b) calculated by taking difference between old and gaining ratio
(c) calculated by taking difference between old and new ratio
(d) None of the options
Answer
C
Question: Which of the following is prepared at the time of retirement of a partner?
(a) Revaluation Account
(b) Profit and Loss Suspense Account
(c) Both
(d) None of the options
Answer
A
Question: Which of the following item is not shown in the credit side of deceased partners capital account?
(a) Share of loss
(b) Share of profit
(c) Revaluation profit
(d) All of the options
Answer
A
Question: Bad debts recovered will be recorded in:
(a) Dr. Side of revaluation account
(b) Both
(c) None of the options
(d) Cr. Side of revaluation account
Answer
D
Question: At the time of dissolution of firm, “Loan of partners” (Loans given by partners to the firm) is paid out of the amount realised on sale of assets :
(a) After making the payment of loans given by third party
(b) After making the payment of balance of Capital Accounts of partners
(c) After making the payment of above (a) and (b)
(d) Before the payment of loans given by third party
Answer
A
Question: At the time of dissolution of firm, at which stage the balance of partner’s capital accounts is paid?
(a) After making the payment to third party’s loans
(b) Before making the payment of partners in respect of their loans
(c) After making the payment to third party for their loans as well as partners loans
(d) None of the above.
Answer
C
Question: Why is Profit and Loss Adjustment Account prepared
(a) To record those transaction and errors which were left while preparing the final accounts
(b) To record those transaction which were left while preparing the revaluation A/c
(c) To record those transaction which were left while preparing the Capital A/c
(d) None of the options
Answer
a) To record those transaction and errors which were left while preparing the final accounts
Question: If total assets are Rs.2,00,000; total liabilities are Rs.40,000; amount realised on sale of assets is Rs. 1,75,000 and realisation expenses are Rs.3,000, the profit or loss on realisation will be :
(a) Profit Rs. 12,000
(b) Loss Rs.68,000
(c) Loss Rs.28,000
(d) Loss Rs.25,000
Answer
(C) Loss Rs.28,000
Question: Profit and loss appropriation A/c is prepared to
(a) Find out divisible profit
(b) Create reverse fund
(c) Find out net profit
(d) None of the options
Answer
Find out divisible profit
Question. On firm’s dissolution which of the following account is prepared at the last?
(a) Realisation account
(b) partners capital account
(c) cash account partners
(d) loan account
Answer
C
Question. On dissolution of a firm fictitious assets are transferred to:
(a) credit side of partners capital account
(b) debit side of realisation account
(c) debit side of partners capital account
(d) credit side of realisation account
Answer
C
Question.On dissolution of the firm amount received from sale of unrecorded asset is credited to :
(a) partner’s capital account:
(b) profit and loss account
(c) cash account
(d) realisation account
Answer
D
Question.New ratio is not to be calculated on:
(a) Admission of a partner
(b) retirement of a partner
(c) death of a partner
(d) dissolution of a partnership
Answer
D
Question.At the time of dissolution of partnership an unrecorded asset taken by X a partner is debited to:
(a) X capital account
(b) realisation account
(c) cash account
(d) none of the above
Answer
A
Question. Realisation account is a :
(a) personal account
(b) real account
(c) nominal account
(d) none of the above.
Answer
C
Question. On dissolution of a firm in which ratio profit and loss on realisation is distributed among the partners:
(a) capital ratio
(b) profit sharing ratio
(c) equally
(d) in the ratio of amount due to each partner.
Answer
B
Question. On dissolution the balance of partners capital account appearing on the credit side of the balance sheet is transferred to :
(a) debit side of realisation account
(b) credit side of realisation account
(c) debit side of partners capital account
(d) credit side of partners capital account.
Answer
D
Question. AB and C are partners. The firm had given a loan of Rs20,000 to (b) They decided to dissolve the firm. In the event of dissolution the loan will be settled by transferring it to the:
(a) debit side of realisation account
(b) transferring it to the credit side of realisation account
(c) transfer it to the debit side of B’s capital account
(d) B paying A and C privately.
Answer
C
Question. At the time of firm’s dissolution credit balance of profit and loss account is credited to :
(a) realisation account
(b) partners capital account
(c) cash account
(d) profit and loss account.
Answer
B
Question.In case of dissolution, total creditors of the firm were Rs40,000; creditors worth Rs10000 were given a piece of furniture costing Rs8000 in full and final settlement. Remaining creditors allowed a discount of 10%. What will be the the amount with which cash will be credited in the realisation account for payment to creditors:
(a) 28,000
(b) 27,000correct.
(c) 20,000
(d) 25,000
Answer
B
Question. Section 41 of partnership act 1932 deals with dissolution of a firm
(a) by mutual agreement
(b) compulsory dissolution correct
(c) by notice
(d) by order of court.
Answer
B
Question. On dissolution of a firm Goodwill appearing in the balance sheet is transferred to:
(a) capital account of partners
(b) cash account
(c) debit side of realisation account
(d) credit side of realisation account.
Answer
C
Question.In case of dissolution A one of the partner was paid only RS5000 for his loan to the firm which amounted to Rs5500. Rs 500 will be recorded in which account and on which side:
(a) Realisation account credit side correct
(b) Realisation account debit side
(c) loan account debit side
(d) A’s capital account credit side.
Answer
A
Question. In case of dissolution of partnership there was no workmen compensation fund and firm had to pay Rs3000 as compensation to workers where will be this Rs3000 recorded in the books of accounts?
(a) debit side of realisation account
(b) credit side of realisation account
(c) debit side of partners capital account
(d) credit side of partners capital account.
Answer
A
Question.Which of the following is paid first in case of dissolution of partnership firm?
(a) Realisation expenses
(b) External liabilities
(c) Secured loan
(d) Partner’s loan
Answer
A
Question.At the time of dissolution total assets are worth Rs3,00,000 and external liabilities are worth Rs1,20,000. If assets realised 120% and realisation expenses paid were Rs4,000, then profit/loss on realisation will be:
(a) Profit Rs60,000
(b) Loss Rs60,000
(c) Loss Rs56,000
(d) Profit Rs56,000
Answer
D
Question. Court may order dissolution of partnership firm
(a) when a partner has become of unsound mind
(b) when a partner is permanently incapacitated
(c) when a partner is found guilty of misconduct
(d) all of the above.
Answer
D
Question.Settlement of accounts in case of dissolution of partnership is dealt with which section of partnership act 1932?
(a) Section 45
(b) section 46
(c) section 47
(d) section 48
Answer
D
Question.When realisation expenses are to be borne by a partner, actual realisation expense is credited to:
(a) Partners capital a/c
(b) Cash a/c
(c) Realisation a/c
(d) None of the above
Answer
D
FILL IN THE BLANKS:
Question.First of all____________ of the firms will be settled out of sources of the business.
Answer
Liabilities
Question.Partners are liable to settle the account of accounts payable even from their ___________sources, if they are solvent.
Answer
personal
Question.If all partners mutually decide for the dissolution, it will be dissolution of the__________ .
Answer
Firm
Question.At the time of admission partnership firm is dissolved if business is.
Answer
Discontinued
Question.Admission of a partner is termination of _____________and not a dissolution of ____________
Answer
Agreement,firm
Question.All the accounts are settled among partners and creditors at the time of ______________of a business.
Answer
Dissolution
Question.______________of partner will be paid off, before the settlement of partner’s capital.
Answer
Loan
Question.Court may also dissolve a firm, if a partner ______________a suit, that one of the partners is of___________ mind.
Answer
files, unsound
| 1) Unrecorded asset sold for cash | a) No entry |
| b) Cash Account Dr. | |
| To Realisation A/c |
| 1) Unrecorded asset sold for cash | a) No entry |
| b) Cash Account Dr. To Realisation A/c |
Answer
[ 1-b ]
| 1) Debt already written off is now received at the time of dissolution is recorded in | a) Partners Capital A/c …Dr. To Realisation A/c |
| 2) Asset taken by partner | b) Realisation A/c …Dr. To Partners Capital A/c |
| 3) Partner paid his wife loan | c) No entry |
| 4)Creditors taken investments | d) Bank A/c …Dr. To Realisation A/c |
Answer
[ 1-d, 2-a, 3-b, 4-c ]
| 1 Realisation expenses paid by partner and was to be borne by him only | a) Partner capital will be credited |
| 2 Realisation expenses paid by firm but it was to borne by a partner | b) No effect on partner capital |
| c) Partner capital will debited | |
| d) Realisation will be debited |
Answer
[ 1 – b; 2- c ]
| 1 Realisation expenses Rs 20,000 paid by firm , out of which Rs 12,000 was to be borne by a partner : | a) Partners Capital will be credited Rs 12,000 |
| 2 Realisation expenses paid Rs 20,000 paid by partner , out of which Rs 8,000 was to borne by the firm | b) Partner capital will be debited Rs12,000 |
| c) Partner capital will be credited Rs8,000 | |
| d) Partners Capital will be debited Rs 8,000 |
Answer
[ 1 – b; 2- c ]
| 1 If one of a partner takes sundry Assets for Rs99,000 which is 10 % less than book value . Find Book value of Sundry Assets | a) Rs1,00,000 |
| 2 If one of a partner takes sundry Assets for Rs 99,000 which is 10% more than book value . Find Book value of Sundry Assets | b)Rs1,10,000 |
| c) Rs 1,11,000 | |
| d) Rs 90,000 |
Answer
[ 1- b; 2 d ]
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