12th Standard CBSE - Accountancy - Accounting for Partnership - Dissolution of Firm

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Question - 1

Retirement or death of a partner.

  • A  Is dissolution of partnership agreement
  • B Is dissolution of a firm
  • C May or may not be a dissolution of partnership agreement
  • D None of above

Question - 2

If all the partners, but one, are solvent it is:

  • A Dissolution of partnership agreement
  • B Dissolution of firm
  • C May or may not cause dissolution
  • D None of above

Question - 3

At the time of dissolution:

  • A All the assets are transferred to realization A/c
  • B  Only current assets are transferred to realization A/c
  • C on cash assets are transferred to realization A/c 
  • D Only liquid and current asset are transferred to realization A/c

Question - 4

If a partner takes over an asset of the firm, his capital account:

  • A Will be debited with the amount as agreed
  • B Will be credited with the market value of the asset
  • C Will be debited with book value of the asset
  • D  None of above

Question - 5

Loss on realization is distributed among partners:

  • A  According to profit and loss ratio
  • B According to capital ratio
  • C  As decided among them
  • D None of above

Question - 6

Loss on realization is:

  • A Debited to partners capital A/c
  • B Credited to partners capital A/c
  • C Will be debited with book value of the asset
  • D  None of above

Question - 7

Loss on realization is distributed among partners:

  • A According to profit and loss ratio
  • B According to capital ratio
  • C  As decided among them
  • D None of above

Question - 8

Loss on realization is:

  • A Debited to partners capital A/c 
  • B Credited to partners capital A/c
  • C Debited to realization A/c
  • D Credited to realization A/c

Question - 9

When all partners are insolvent creditors will be:

  • A Paid fully
  • B Paid rate ably
  • C Taken over by the partners
  • D Paid by government

Question - 10

The persons who have entered into a partnership business are individually called

  • A Realization A/c 
  • B Partners capital A/c
  • C Sundry debtors
  • D Provision for bad debts A/c
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