Free Accountancy Multiple Choice Questions for Class 12 CBSE along with the answers Chapter 5: Dissolution of Partnership Firm. Accountancy MCQs for Class 12 chapter-wise with the answers are prepared based on the current exam pattern. Students will be able to tackle the MCQs with these answers to realise their spadework level.
1. The realisation account is debited with _______ on the dissolution of a firm.
(a) All assets that are to be realised
(b) All external liabilities of the firm
(c) Cash received on sale of assets
(d) Any assets were taken over by one of the partners
Answer: (a) All assets that are to be realised
2. If the total assets are Rupees 3,35,000 and the total outside/external liabilities is Rupees 35,000, then the amount of all partner’s capital will be _________.
(a) Rupees 3,70,000
(b) Rupees 2,80,000
(c) Rupees 3,00,000
(d) None of the above
Answer: (c) Rupees 3,00,000
3. The amount realised from an unrecorded asset is credited to ___________ on the dissolution of a firm.
(a) Partners’ capital accounts
(b) Cash account
(c) Realisation account
(d) Revaluation account
Answer: (c) Realisation account
4. A firm can be voluntarily dissolved by the partners ______.
(a) On 3/4 member’s decision
(b) On 1/2 member’s decision
(c) On a majority basis
(d) None of the above
Answer: (d) None of the above
5. When the unrecorded assets are taken over by a partner, they are shown in ________.
(a) Debit side of realisation A/c
(b) Debit side of bank A/c
(c) Credit side of realisation A/c
(d) Credit side of bank A/c
Answer: (c) Credit side of realisation A/c
6. Realisation account is a ______.
(a) Personal A/c
(b) Nominal A/c
(c) Read A/c
(d) None of the above
Answer: (b) Nominal A/c
7. Unrecorded liabilities, when paid, are shown in ______.
(a) Debit side of realisation account
(b) Debit side of bank account
(c) Credit side of realisation account
(d) Credit side of bank account
Answer: (a) Debit side of realisation account
8. 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 the above
Answer: (b) Fully paid
9. On dissolution, Goodwill Account is transferred to ______.
(a) In the capital accounts of partners
(b) On the credit side of the cash account
(c) On the debit side of the realisation account
(d) On the Credit side of the realisation account
Answer: (c) On the debit side of the realisation account
10. Cash balance shown in the Balance Sheet is shown on the dissolution of the firm in ________.
(a) Realisation account
(b) Cash account
(c) Capital account
(d) None of the above
Answer: (b) Cash Account
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