[CUET] Assertion Reason MCQs of Dissolution of Partnership Firm Accountancy with Answers

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Looking for Assertion Reason MCQs of Dissolution of Partnership Firm of Accountancy for class 12, CUET for CBSE, ISC, and State Board.

Don’t worry, we have compiled all important Multiple Choice Questions of Dissolution of Partnership Firm with answers

Let’s Practice

Assertion (A): The partner’s Private Property can be applied to pay the firm’s debt.

Reason (R): In a partnership firm, partners have unlimited liability.

Options:

a) Assertion (A) and Reason (R) are correct but the reason (R) is not the correct explanation of Assertion (A)

b) Both, Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).

c) Only Assertion (A) is correct.

d) Assertion (A) is not correct but the Reason (R) is correct.

Ans – b)

Assertion (A): A loan from a partner is not transferred to Realisation Account.

Reason (R): A loan from a partner is not an external liability but is discharged before repayment of capital.

Options:

a) Assertion (A) and Reason (R) are correct but the reason (R) is not the correct explanation of Assertion (A)

b) Both, Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).

c) Only Assertion (A) is correct.

d) Both Assertion (A) and Reason (R) are not correct.

Ans – b)

Assertion (A): A loan from a relative of a partner is an external liability.

Reason (R): It is not transferred to the Realisation Account.

Options:

a) Assertion (A) and Reason (R) are correct but the reason (R) is not the correct explanation of Assertion (A)

b) Both, Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).

c) Assertion (A) is correct but the Reason (R) is not correct.

d) Both Assertion (A) and Reason (R) are not correct.

Ans – c)

Assertion (A): Balance at Banks is transferred to Realisation Account.

Reason (R): Balance at Bank is not to be realised but instead distributed in its present form.

Options:

a) Assertion (A) and Reason (R) are correct but the reason (R) is not the correct explanation of Assertion (A)

b) Both, Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).

c) Only Assertion (A) is correct.

d) Assertion (A) is not correct but the Reason (R) is correct.

Ans – d)

Assertion (A): Dissolution of the firm means the dissolution of the partnership between all the partners of the firm.

Reason (R): Dissolution of the firm means the closure of business and therefore means dissolution of partnership also.

Options:

a) Assertion (A) and Reason (R) are correct but the Reason (R) is not the correct explanation of Assertion (A)

b) Both, Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).

c) Only Assertion (A) is correct.

d) Both Assertion (A) and Reason (R) are not correct

Ans – b)

Assertion (A): Any amount paid to discharge an unrecorded liability is credited to the Realisation Account.

Reason (R): Payment made to discharge an unrecorded liability is a net loss to the firm and therefore is debited to Realisation Account.

Options:

a) Assertion (A) and Reason (R) are correct but the Reason (R) is not the correct explanation of Assertion (A)

b) Both, Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).

c) Both Assertion (A) and Reason (R) are not correct.

d) Assertion (A) is not correct but the Reason (R) is correct

Ans – d)

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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 and can download the Android & ios app for free lectures.

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