Matching Type MCQs of Dissolution of Partnership Firm Class 12 with answers

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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)

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Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his Youtube channel for free lectures

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