CBSE Class 12 Accountancy Dissolution of a Partnership Firm Quiz 4

1. Amount realised from sale of assets is recorded in :

A Debit side of Realisation Account B Credit side of Realisation Account C Liabilities side of Balance Sheet D Assets side of Balance Sheet

2. A firm can be voluntarily dissolved by the partners :

A On Majority basis B On 3/4 Member’s decision C On 1/2 Member’s decision D None of these

3. On dissolution of a firm, amount realised from an unrecorded asset is credited to:

A partners’ Capital Accounts B Cash Account C Realisation Account D Revaluation Account

4. Profit/loss on Realisation Account is distributed among partners:

A In Profit-sharing Ratio B In Capital Ratio C Equally D None of these

5. Which of the following is correct profit or loss in case the amount received from the sale of assets is ₹ 50,000, total assets is ₹ 60,000, total liabilities ₹ 20,000 and realisation expenses ₹ 2,000 ?

A ₹ 12,000 Loss B ₹ 32,000 Profit C ₹ 30,000 Loss D ₹ 12,000 Profit

6. What will be the total assets (except cash) of the firm from the following: if Creditor ₹ 15,000, Partner’s loan ₹ 10,000, Partners’ capital ₹ 40,000. Cash in hand ₹ 5,000

A ₹ 60,000 B ₹ 65,000 C ₹ 70,000 D ₹ 55,000

7. If the total assets are ₹ 3,25,000 and the total outside liabilities ₹ 45,000 then the amount of all partner’s capital will be:

A ₹ 3,70,000 B ₹ 2,80,000 C ₹ 3,00,000 D None of these

8. Insolvency of a partner will come under what type of dissolution of a firm ?

A Dissolutiuon by Court B Compulsory Dissolution C On happening of certain contingencies D None of these

9. On firm’s dissolution, which one of the following account should be prepared at the last ?

A Realisation Account B Partner’s Capital Accounts C Cash/Bank Account D Partner’s Loan Account

10. On dissolution of a firm, realisation account is debited with:

A All assets to be realised B All outside liabilities of the firm C Cash received on sale of assets D Any assets taken over by one of the partners