Matching Type MCQs of Dissolution of Partnership Firm Class 12 with answers
Matching Type MCQs of Dissolution of Partnership Firm Class 12 with answers
On dissolution of a partnership firm:
| (i) Credit Balance of Bank Account is transferred to | (A) Realisation Account and Partner’s Capital Account |
| (ii) Wife’s Loan is transferred to | (B) Bank Account |
| (iii) Goodwill appearing on assets side is transferred to | (C) Realisation Account |
Options
(a) i – C; ii – C; iii – C
(b) i – C; ii – A; iii – B
(c) i – A; ii – C; iii – C
(d) i – C; ii – B; iii – C
Ans:- a)
In case of dissolution:
| (i) Death of the partner | (A) Compulsory Dissolution |
| (ii) Unlawful business | (B) happening of an event |
| (iii) Person of unsound mind | (C) Mutual Agreement |
| (iv) Dissolution with the consent of the partners | (D) Dissolution by court |
Options
(a) i – A; ii – B; iii – D; iv – C
(b) i – B; ii – A; iii – D; iv – C
(c) i – C; ii – A; iii – D; iv – B
(d) i – D; ii – A; iii – B; iv – C
Ans:- b)
Q. 3.
| (i) Revaluation Account | (A) All assets and Liabilities are recorded |
| (ii) Realisation Account | (B) Only changes in assets and liabilities are recorded |
(a) i – b; ii – a
(b) i – a; ii – b
Ans:- a)
On dissolution of a partnership firm:
| (i) Unrecorded asset sold for cash | (A) No entry |
| (ii) Unrecorded asset taken by a partner | (B) Bank A/c Dr. To Realisation A/c |
| (iii) Unrecorded asset given to a creditor | (C) Partner’s Capital A/c Dr. To Realisation A/c |
(A) i – A; ii – B; iii – A
(B) i – C; ii – B; iii – A
(c) i – B; ii – C; iii – A
Ans:- c)
Q. 5.
| (i) Partner’s Loan to the firm | (A) Is asset for firm |
| (ii) Firm loan to the partner | (B) Is liability for the firm |
(a) i – A; ii – B
(b) i – B; ii – A
Ans:- b)
On dissolution of a partnership firm:
| (i) When goodwill appearing in the Balance Sheet is transferred to Realisation A/c | (A) Partner Capital A/c Dr. To Realisation A/c |
| (ii) When goodwill is realised in cash | (B) Realisation A/c Dr. To Goodwill A/c |
| (iii) When any asset is taken by any partner | (C) Bank A/c Dr. To Realisation A/c |
(a) i – A; ii – C; iii – B
(b) i – C; ii – B; iii – A
(c) i – B; ii – C; iii – A
(d) i – C; ii – C; iii – A
Ans:- c)
Q.
| (i) All the partners are liable jointly and severally for | (A) Private debts |
| (ii) If partner has taken loan by mortgaging his Private property then his private property can’t be applied first for payment of | (B) Firms debts |
(a) i – a; ii – b
(b) i – b; ii – b
(c) i – a; ii – a
(d) i – b; ii – a
Ans:- b)
On dissolution of a partnership firm:
| (i) Realisation expenses paid by partner and was to be borne by him only | (A) Partner capital will be credited |
| (ii) Realisation expenses paid by firm but it was to be borne by a partner | (B) No effect on partner capital |
| (C) Partner capital will debited | |
| (D) Realisation will be debited |
(a) i – A; ii – c
(b) i – D; ii – c
(C) i – b; ii – c
(d) i – C; ii – c
Ans:- c)
On dissolution of a partnership firm:
| (i) Realisation expenses ₹ 25,000 paid by firm, out of which ₹ 15,000 was to be borne by a partner | (A) Partner’s capital will be credited by ₹ 15,000 |
| (ii) Realisation expenses paid ₹ 25,000 paid by partner, out of which ₹ 10,000 was to be borne by the firm | (B) Partner’s capital will be debited by ₹ 15,000 |
| (C) Partner’s capital will be credited by ₹ 10,000 | |
| (D) Partner’s capital will be debited by ₹ 10,000 |
(a) i – A; ii – C
(b) i – D; ii – C
(c) i – C; ii – C
(d) i – B; ii – C
Ans:- d)
On dissolution of a partnership firm:
| (i) Payment of Employees Provident Fund is recorded in | (A) Realisation and Bank Account |
| (ii) Asset taken by the Partner is recorded in | (B) Realisation Account |
| (iii) Liability taken by the partner is recorded in | (C) Partner’s Capital Account |
| (D) Realisation and Partner’s Capital Account |
(a) i – A; ii – D; iii – D
(b) i – B; ii – D; iii – D
(c) i – C; ii – D; iii – D
(d) i – A; ii – B; iii – D
Ans:- a)
At the time of dissolution of a partnership firm:
| (i) Cash realised from sale of asset is transferred to | (A) Revaluation Account |
| (ii) Payment of Partner’s capital is transferred to | (B) Bank Account and Realisation Account |
| (iii) General Reserve is transferred to | (C) Partner’s Capital Account and Bank Account |
| (D) Partner’s Capital Accounts |
(d) i – A; ii – C; iii – D
(d) i – B; ii – B; iii – D
(d) i – B; ii – C; iii – A
(d) i – B; ii – C; iii – D
Ans:- d)
On dissolution of a partnership firm:
| (i) Debt already written off and now received at the time of dissolution is recorded | (A) Partner’s Capital A/c Dr. To Realisation A/c |
| (ii) Asset taken by partner | (B) Realisation A/c Dr. To Partner’s Capital A/c |
| (iii) Partner paid his wife loan | (C) No entry |
| (iv) Creditors taken investments | (D) Bank A/c Dr. To Realisation A/c |
(a) i – A; ii – A; iii – B; iv – D
(b) i – D; ii – A; iii – B; iv – C
(c) i – A; ii – A; iii – B; iv – C
(d) i – B; ii – A; iii – B; iv – C
Ans:- b)
At the time of dissolution of a partnership firm:
| (i) Unrecorded liability taken by partner | (A) No entry |
| (ii) Unrecorded liability paid in cash | (B) Realisation A/c Dr. To Cash A/c |
| (iii) Unrecorded liability settled by giving an unrecorded asset | (C) Realisation A/c Dr. To Partner’s Capital A/c |
(a) i – A; ii – B; iii – A
(b) i – C; ii – B; iii – C
(c) i – C; ii – B; iii – A
(d) i – C; ii – A; iii – A
Ans:- c)
At the time of dissolution of a partnership firm:
| (i) A’s wife loan taken over by A | (A) Realisation Account |
| (ii) Provision for doubtful debts | (B) Realisation Account and Partner’s Capital Account |
| (iii) Bank Overdraft will be transferred to | (C) Realisation Account and Bank Account |
| (iv) Payment of Partner’s Loan | (D) Partner’s Loan Account and Bank Account |
(a) i – B; ii – A; iii – A; iv – D
(b) i – B; ii – A; iii – C; iv – D
(c) i – B; ii – B; iii – A; iv – D
(d) i – C; ii – A; iii – A; iv – D
Ans:- a)
On dissolution of a partnership firm:
| (i) Dissolution of Partnership which account is prepared | (A) Profit and Loss Account |
| (ii) Dissolution of Partnership firm which account is prepared | (B) Realisation Account |
| (iii) Retirement of a partner which account is prepared | (C) Revaluation Account |
| (D) Profit & Loss Appropriation Account |
(a) i – A; ii – B; iii – C
(b) i – C; ii – A; iii – C
(c) i – C; ii – B; iii – C
(d) i – D; ii – B; iii – C
Ans:- c)
At the time of dissolution of a partnership firm:
| (i) Bank overdraft will be transferred to: | (A) Partner’s Capital Accounts |
| (ii) Bank loan will be transferred to | (B) Bank Account |
| (iii) Balance of P & L will be transferred to | (C) Realisation Account |
| (iv) Advertisement Exp. shown in assets will be transferred to |
(a) i – A; ii – C; iii – A; iv – A
(b) i – C; ii – B; iii – A; iv – A
(c) i – C; ii – C; iii – C; iv – A
(d) i – C; ii – C; iii – A; iv – A
Ans:- d)
On dissolution of a partnership firm:
| (i) Creditor of ₹ 80,000 took over the stock of ₹ 70,000 in full settlement of his debt | (A) Cash A/c Dr. 10,000 To Realisation A/c 10,000 |
| (ii) Creditor of ₹ 80,000 took over the stock of ₹ 70,000 | (B) No Entry |
| (iii) Creditor of ₹ 80,000 took over the stock of ₹ 90,000 and paid the balance to the firm | (C) Realisation A/c Dr. 10,000 To Cash A/c 10,000 |
(a) i – B; ii – C; iii – A
(b) i – A; ii – C; iii – A
(c) i – B; ii – B; iii – A
(d) i – B; ii – C; iii – C
Ans:- a)
On dissolution of a partnership firm:
| (i) Partner’s Capital Accounts will be closed by: | (A) Realisation Account |
| (ii) Partner’s loan amount will be closed by: | (B) Partner’s Current Accounts |
| (iii) Goodwill Account appearing in assets will be closed by: | (C) Partner’s Capital Accounts |
| (D) Bank Account |
(a) i – A; ii – D; iii – A
(b) i – D; ii – D; iii – A
(c) i – B; ii – D; iii – A
(d) i – D; ii – C; iii – A
Ans:- b)
On dissolution of a partnership firm:
| (i) Assets of the firm will be used | (A) At first, for payment of firm’s liabilities |
| (ii) Dissolution of firm | (B) Revaluation Account |
| (iii) Change in Profit Sharing Ratio | (C) At first, for payment of personal loan |
| (iv) Personal Assets of a Partner will be used | (D) Realisation Account |
(a) i – B; ii – D; iii – B; iv – C
(b) i – A; ii – C; iii – B; iv – C
(c) i – A; ii – D; iii – D; iv – C
(d) i – A; ii – D; iii – B; iv – C
Ans:- d)
On dissolution of a partnership firm:
| (i) One of the partners takes Sundry Assets for ₹ 3,96,000 which is 10% less than book value. Find Book value of Sundry Assets | (A) ₹ 4,00,000 |
| (ii) One of the partners takes Sundry Assets for ₹ 3,96,000 which is 10% more than book value. Find Book value of Sundry Assets | (B) ₹ 4,40,000 |
| (C) ₹ 4,44,000 | |
| (D) ₹ 3,60,000 |
(a) i – A; ii – D
(b) i – B; ii – D
(c) i – C; ii – D
(d) i – B; ii – A
Ans:- b)
On dissolution of a partnership firm:
| (i) Workmen Compensation Reserve appears in the Balance Sheet at ₹ 40,000 | (A) Workmen Compensation Reserve A/c Dr. 40,000 To Realisation A/c 24,000 To Partner’s Capital A/cs 16,000 |
| (ii) Workmen Compensation Reserve appears in the Balance Sheet at ₹ 40,000 and liability arise at ₹ 24,000 | (B) (i) Workmen Compensation Reserve A/c Dr. 40,000 To Realisation A/c 40,000 (ii) Realisation A/c Dr. 50,000 To Bank A/c 50,000 |
| (iii) Workmen Compensation Reserve appears in the Balance Sheet at ₹ 40,000 and liability arise at ₹ 50,000 | (C) Realisation A/c Dr. 40,000 To Bank A/c 40,000 |
| (iv) Workmen Compensation Reserve does not appear in the Balance Sheet and liability arise at ₹ 40,000 | (D) Workmen Compensation Reserve A/c Dr. 40,000 To Partner’s Capital A/cs 40,000 |
(a) i – D; ii – A; iii – B; iv – C
(b) i – A; ii – A; iii – B; iv – C
(c) i – D; ii – B; iii – B; iv – C
(d) i – D; ii – A; iii – C; iv – C
Ans:- a)
