Dissolution of partnership firm MCQs | Class 12 Accountancy Chapter 5 (Part 2) MCQ Question and Answers

by | Jan 10, 2025 | General | 0 comments

 

Dissolution of partnership firm MCQ Question Answers suitable for CUET 2025 from Class 12 Accountancy Chapter 5 (Part 2)

To score full marks in the CUET 2025 Accountancy exam, Practice Class 12 Accountancy Chapter 5 (Part 2) Dissolution of partnership firm MCQ Test any number of times free on our website. These questions have been created by our experts from the latest Class 12 Accountancy Syllabus and as per latest exam pattern. Multiple Choice Questions (MCQs) are a type of objective assessment in which a person is asked to choose one or more correct answers from a list of available options. An MCQ presents a question along with several possible answers. Most of the exams in India including the CUET exam conduct an online test to check your knowledge.

Class 12 Accountancy Chapter 5 (Part 2) MCQs

1. At the time of dissolution of partnership firm, the amount of ‘Bills Payable’ shown in the liability side of Balance Sheet is transferred to:
a.
b.
c.
d.

2. On payment of liabilities which Account is Credited?
a.
b.
c.
d.

3. Reason for which a dissolution is undertaken by court
a.
b.
c.
d.

4. On dissolution of a firm, a partner paid 1,500 Rs. for firm’s realisation expenses. Which account will be Credited?
a.
b.
c.
d.

5. On settlement of capital accounts., Which account will be Credited?
a.
b.
c.
d.

6. On sale of assets Which account is debited?
a.
b.
c.
d.

7. On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all
a.
b.
c.
d.

8. If total assets are Rs. 2,00,000; total liabilities are Rs. 40,000; amount realised on sale of assets is Rs. 1,75,000 and realisation expenses are Rs. 3,000, the profit or loss on realisation will be:
a.
b.
c.
d.

9. A firm is dissolved compulsorily in the following cases
a.
b.
c.
d.

10. On dissolution of the firm, partner’s capital accounts are closed through
a.
b.
c.
d.

11. On dissolution of a firm, partner’s loan account is transferred to
a.
b.
c.
d.

12. On dissolution of a firm, bank overdraft is transferred to
a.
b.
c.
d.

13. On expenses of realisation when actual expenses are paid by the partner on behalf of the firm. Which Account is Debited?
a.
b.
c.
d.

14. On dissolution, when a partner takes over an asset is debited
a.
b.
c.
d.

15. ________ Means End of the existence of firm, and no business is transacted after It except the activities related to closing of the firm as the affairs of the firm are to be wound up by selling firm’s assets and paying its liabilities and discharging the claims of the partners.
a.
b.
c.
d.

16. At the time Dissolution, all the assets of the firm are transferred to the Realisation account At ______ Values
a.
b.
c.
d.

17. Sundry Creditors amounted to Rs. 10000. These were paid at a discount of 5%. Realisation account will be debited by
a.
b.
c.
d.

18. When the firm has agreed to pay the partner a fixed amount for realisation work irrespective of the actual amount spent, such fixed amount is debited to _________Account and Credited to __________Account
a.
b.
c.
d.

19. The _________Account is prepared to record the transactions relating to sale and realisation of assets and settlement of creditors
a.
b.
c.
d.

20. The accumulated profits reserves are transferred to
a.
b.
c.
d.


 

 

To summarize, revising for free using our MCQs on Class 12 Accountancy Chapter 5 (Part 2) Dissolution of partnership firm is highly beneficial for scoring full marks on the CUET 2025 Accountancy exam. We provide a sophisticated online test platform tailored for unlimited practice through proficiently crafted questions built on the most recent syllabus and exam pattern. Practicing MCQs regularly will boost conceptual understanding as they are significant for objective assessments. Start practicing now to succeed in your CUET 2025 Accountancy exam!

Also See : 

Class 12 Accountancy Part 1

Accounting for share capital MCQs Class 12 Accountancy Chapter 1 (Part 1)

Accounting for partnership: basic concepts MCQs Class 12 Accountancy Chapter 2 (Part 1)

Financial statements of a company MCQs Class 12 Accountancy Chapter 3 (Part 1)

Analysis of financial statements MCQs Class 12 Accountancy Chapter 4 (Part 1)

Accounting ratios MCQs Class 12 Accountancy Chapter 5 (Part 1)

Cash flow statement MCQs Class 12 Accountancy Chapter 6 (Part 1)

Class 12 Accountancy Part 2

Accounting for not for profit organisation MCQs Class 12 Accountancy Chapter 1 (Part 2)

Issue and redemption of debentures MCQs Class 12 Accountancy Chapter 2 (Part 2)

Reconstitution of a partnership firm – admission of a partner MCQs Class 12 Accountancy Chapter 3 (Part 2)

Retirement/death of a partner MCQs Class 12 Accountancy Chapter 4 (Part 2)

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