Dissolution of a Partnership Firm

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20 Que, 20 Marks

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1- On dissolution, Goodwill Account is transferred to- *

1 point

In the Capital Accounts of Partners

On the Credit side of Cash Account

On the Debit side of Realisation Account

On the Credit side of Realisation Account

2- At the time of dissolution of partnership firm, fictitious assets are transferred to- *

1 point

Capital Accounts of Partners

Realisation Account

Cash Account

Partner's Loan Account

3- On dissolution of a firm, a partner paid rs.1,500 for firm's realisation expenses. Which account will be debited? *

1 point

Cash Account

Realisation Account

Capital Account of the partner

Profit & Loss Account

4- On taking responsibility of payment of realisation expenses by a partner, the account credited will be- *

1 point

Realisation Account

Cash Account

Capital Account of the partner

None of these

5- When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to- *

1 point

Realisation Account

Partner's Capital Account

Partner's Loan Account

None of these

6- Which of the following is transferred to Realisation Account? *

1 point

Balance of Cash Account

Balance of Profit & Loss Account

Amount realised on sale of assets

Reserves

7- On dissolution of firm, loss calculate in realisation account is debited/ credited to which account? *

1 point

Cash Account (credit)

Partner's Capital Account (Debit)

Partner's Capital Account (Credit)

Realisation Account (Debit)

8- Which of the following is not transferred to Realisation Account? *

1 point

Balance of Cash Account

Balance of Reserves

Balance of Profit & Loss Account

All of the above

9- On taking responsibility of payment of a liability of Rs. 20,000 by a partner, the account credited will be- *

1 point

Realisation Account

Cash Account

Capital Account of the partner

Liability Account

10- Cash balance shown in the Balance Sheet is shown on dissolution of firm in- *

1 point

Realisation Account

Cash Account

Capital Account

None of the Account

11- There was an unrecorded asset of Rs.12,000 which was taken over by a partner at Rs.10,500. Partner's Capital Account will be debited by................- *

1 point

Rs.12,000

Rs.10,500

Rs.1,500

Rs.32,500

12- On dissolution, When a partner takes over an asset........is debited- *

1 point

Realisation Account

Partner's Capital Account

Cash Account

Asset Account

13- On dissolution of a firm, Bank overdraft is transferred to- *

1 point

Cash Account

Bank Account

Realisation Account

Partner's Capital Account

14- On dissolution of a firm, Partner's Loan Account is transferred to- *

1 point

Realisation Account

Partner's Capital Account

Partner's Current Account

None of these

15- After transferring liabilities like creditors and bills payable in the Realisation Account in the absence of any information regarding their payment, Such liabilities are treated as- *

1 point

Never Paid

Fully Paid

Partly Paid

None of these

16- When Realisation Expenses are paid by the firm on behalf of a partner, such expenses are debited to- *

1 point

Realisation Account

Partner's Capital Account

Partner's Loan Account

None of these

17- Unrecorded assets when taken over by a partner are shown in- *

1 point

Debit side of Realisation Account

Debit side of Bank Account

Credit side of Realisation Account

Credit side of Bank Account

18- Unrecorded liabilities when paid are shown in- *

1 point

Debit side of Realisation Account

Debit side of Bank Account

Credit side of Realisation Account

Credit side of Bank Account

19- The accumulated profits and reserves are transferred to- *

1 point

Realisation Account

Partner's Capital Accounts

Bank Account

None of these

20- On dissolution of the firm, Partner's Capital Accounts are closed through- *

1 point

Realisation Account

Drawings Account

Bank Account

Loan Account

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