CBSE Class 12 Accountancy Dissolution of a Partnership Firm Quiz 2

1. Which of the following is not transferred to Realisatsion Account ?

A Balance of Cash Account B Balance of Reserves C Balance of Profit & Loss Account D All of the above

2. On taking responsibility of payment of a liability of ₹ 20,000 by a partner, the account credited will be :

A Realisation Account B Cash Account C Capital Account of the Partner D Liability Account

3. Cash balance shown in the Balance Sheet is shown on dissolution of firm in :

A Realisation Account B Cash Account C Capital Account D None of the Account

4. There was an Unrecorded asset of ₹ 12,000 which was taken over by a partner at ₹ 10,500. Partner’s Capital Account will be debited by…….

A ₹ 12,000 B ₹ 10,500 C ₹ 1,500 D ₹ 32,500

5. On dissolution of a firm, Bank overdraft is transferred to:

A Cash Account B Bank Account C Realisation Account D Partners’ Capital Account

6. On dissolution of a firm, Partner’s Loan Account is transferred to:

A Realisation Account B Partner’s Capital Account C Partner’s Current Account D None of these

7. The accumulated profits and reserves are transferred to:

A Realisation Accounts B Partners’ Capital Accounts C Bank Account D None of these

8. On dissolution, Goodwill Account is transferred to :

A In the Capital Accounts of Partners B On the Credit side of Cash Account C On the Debit side of Realisation Account D On the Credit side of Realisation Account

9. On dissolution, when a partner takes over an asset……….is debited :

A Realisation Account B Partner’s Capital Account C Cash Account D Asset Account

10. After transferring liabilities like creditors and bills payable in the Realisation Account in the absence of any informations regarding their payment, such liabilities are treated as :

A Never paid B Fully paid C Partly paid D None of these