CBSE Class 12 Accountancy Dissoultion of Partnership Firm Worksheet Set B

Download printable Accountancy Class 12 Worksheets in pdf format, CBSE Class 12 Accountancy Dissoultion of Partnership Firm Worksheet Set B has been prepared as per the latest syllabus and exam pattern issued by CBSE, NCERT and KVS. Also download free pdf Accountancy Class 12 Assignments and practice them daily to get better marks in tests and exams for Grade 12. Free chapter wise worksheets with answers have been designed by Standard 12 teachers as per latest examination pattern

Worksheet for Class 12 Accountancy Part 1 Chapter 5 Dissolution of Partnership Firm

Class 12 Accountancy students should refer to the following printable worksheet in Pdf for Part 1 Chapter 5 Dissolution of Partnership Firm in Grade 12. This test paper with questions and solutions for Standard 12 Accountancy will be very useful for tests and exams and help you to score better marks

Part 1 Chapter 5 Dissolution of Partnership Firm Class 12 Accountancy Worksheet Pdf

Dissolution of a Partnership Firm
1 Multiple Choice Questions:
At the time of dissolution, all assets are transferred to Realisation Account at their:
(a) Realised Value      (b) Market Value
(c) Book Value           (d) Cost or Market Price whichever is less
2 The firm paid realization expenses of ₹ 20,000 on behalf of Rahul, a partner with whom it was agreed at ₹ 50,000. Realisation Expenses came to ₹ 70,000. Realisation will be debited by:
(a) ₹ 20,000             (a) ₹ 70,000
(c) ₹ 50,000             (d) 1,40,000
3 Accumulated profits and losses are transferred to which account at the time of dissolution?
(a) Partners’ Capital Account    (b) Realisation Account
(c) Bank Account                     (d) All of the above
4 Profit or loss on realization is shared by partners in:
(a) Capital Ratio                                                    (b) Equal Ratio
(c) Ratio laid down in Garner vs Murray                   (d) Profit-sharing Ratio
5 State True/False
An unrecorded computer system was sold for ₹ 20,000. Realisation Account will be credited by ₹ 20,000. __________.
6 Dissolution of firm means the dissolution of the partnership _________.
7 Fill in the blanks :
When the firm is dissolved, General Reserve is transferred to _______ in the profitsharing ratio.
8 At the time of dissolution, Suhana, a partner agreed to pay creditors ₹ 8,000 and _________ Account will be credited by ₹ 8,000.
9 Give Journal Entry for the treatment of Unrecorded Liability at the time of Dissolution.
10 The amount of Sundry Assets transferred to Realisation Account is ₹ 80,000. Assets realized 96% of their book value. What amount should be credited to Realisation Account?
11 A, B and C are partners in a firm sharing profits and losses in the ratio 2:2:1. The firm was dissolved on 31 Jan. 2016. On that date the profit and loss account showed a debit balance of ₹ 10000, and General Reserve a balance of ₹ 15,000. Pass necessary journal entries.
12 A and B were partners sharing profits and losses in the Capital ratio, which was 3:2. They agreed to dissolve the firm on 31st March 2012. Following information were available; Creditors ₹ 18,000; Sundry Assets ₹77,000; Cash ₹.13,000 ; B’s Loan ₹12,000. Find the value of Capital of A and B.
13 All the partners want to dissolve the firm. Y, a partner wants that his loan of ₹ 20,000 must be paid off before the payment of capitals to the partners. But X another partner wants that capitals must be paid before the payment of Y’s loan State who is correct?
14 O and P were partners in a firm sharing profits and losses equally. Their firm was dissolved on 15th March, 2012, which resulted in a loss of ₹ 50,000. On that date the capital account of O showed a credit balance of ₹ 40,000 and capital account of P showed a credit balance of ₹ 50,000.There was a cash balance of ₹ 40,000 on the date of dissolution. You are required to pass the necessary journal entries for the (i) transfer of loss to the capital accounts of the partners and (ii) making final payment to the partners.
15 A and B were partners from 1.1.2011 with capitals of ₹ 60,000 and ₹ 40,000 respectively. They shared profits in the ratio of 3:2. They carried on business for two years. In the first year ending on 31.12.2011, they made a profit of ₹ 50,000 but in the second year ending on 31.12.2012. A loss of ₹ 20,000 was incurred. As the business was no longer profitable, they dissolved the firm on 31.12.2012. Creditors on that date were ₹ 20,000 .Each partner withdrew for personal use, ₹ 8,000 per year . The expenses of realization were ₹ 3,000. The assets realized ₹ 1,00,000 . Prepare Realization Account, Partners Capital Accounts and Cash Account.
16 A and B were partners sharing profits as 3:2. They dissolved their firm on December 31, 2003. On that date their capitals were ₹1, 50,000 and ₹.2, 00,000 respectively. Creditors were ₹ 50,000. General reserve of ₹ 30,000 and cash at bank ₹ 80,000. All the assets realized ₹ 2, 20,000. The expenses of realization came to be ₹ 500. Close the books of the firm.
17 What journal entries would be passed for the following transactions on the dissolution of a firm, after various assets (other than cash) and third party liabilities have been transferred to Realization account.
(i) Bank loan ₹ 12,000 is paid.
(ii) Stock worth ₹ 6,000 is taken over by partner B
(iii) Expenses on dissolution amounted to ₹ 1,500 and were paid by partner A.
(iv) A typewriter completely written off in the books of accounts was sold for ₹ 200.
(v) Loss on realization ₹ 14,000 was to be distributed between A and B in the ratio 5:2.
(vi) An unrecorded asset taken over by Partner A worth ₹ 4,000.
(vii) Dissolution expenses amount to ₹ 700.
(viii) Creditors of ₹ 30,000 are discharged by paying ₹ 27,000.
(ix) Profit on realization amounting ₹ 6,000 is to be distributed between the partners A and B In the ratio 7:5.
(x) There was a joint life policy for ₹ 60,000. The policy was surrendered for ₹15,000.
(xi) Total creditors in the books ₹ 40,000. Office equipment was accepted by a creditor for ₹ 7,000 in full settlement and remaining creditors were paid in full by cheque.
(xii) During the course of realization a liability under action for damages was settled at ₹ 12,000 against ₹ 10,000 included in creditors. Total Creditors ₹ 20,000.
(xiii) Investment worth ₹ 10,000 taken over by partner A against his loan in full settlement.
(xiv) Partner B had taken a loan from insurers for ₹ 5,000 on the security of the joint life policy. The policy was surrendered and insurers paid a sum of ₹6,200 after deducting ₹ 5000 for B’s loan and ₹ 300 interest thereon.
(xv) Partner A promised to pay off Mrs. A’s loan of ₹9,000.
(xvi) Partner B agreed to bear all realization expenses. For this service B is paid ₹ 1,100. Actual expenses amounted to ₹ 1,800.
(xvii) Out of the total Creditors ₹40,000, one of the creditors agreed to accept Debtors amounting ₹ 20,000 at ₹ 17,900 and balance paid in cheque.
(xviii) Partner A’s loan ₹ 3,000 paid in cash.
(xix) Mrs. A’ s loan ₹ 5,000 paid in cheque.
(xx) Furniture worth ₹ 15,000 taken over by Creditors.
18 The following is the Balance sheet of X and Y on 30th June 2020.

CBSE Class 12 Accountancy Dissoultion of Partnership Firm Worksheet Set B 1

The firm was dissolved on 30th June 2020 and the following arrangement was decided upon:
(a) X agreed to pay off his Brother’s loan.
(b) Debtors of ₹ 5,000 proved bad.
(c) Other assets realized as follows: Plant 20% less, Building 100% more, Goodwill 60%
(d) Sundry creditors were settled at 5% discount.
(e) Y accepted stock at ₹ 8,000 and all investments at ₹ 12,000 and X took over Bills Receivable at 20% discount.
(f) Realization Expenses amounted to ₹ 2,000. Prepare necessary ledger accounts.
19 The following is the Balance sheet of X and Y on 31st Dec. 2019

CBSE Class 12 Accountancy Dissoultion of Partnership Firm Worksheet Set B 2

CBSE Class 12 Accountancy Dissoultion of Partnership Firm Worksheet Set B 3

The firm was dissolved on 31st December 2019 and following was found:
(a) X promised to pay off Mrs. X’s loan and took away the stock at 20% discount.
(b) Y took away half the investments at 10% discount.
(c) Debtors falling due on 1st Nov 2012 were realized at a discount of 6% p.a.
(d) Creditors falling due on 31st January, 2012 were paid at@ 6% discount p.a.
(e) Fixed assets realized at ₹ 71,000 and remaining investments realized at ₹.4,500.
(f) There was old furniture which has been written off completely from the books. Y agreed to take away the same at the price of ₹ 300.
(g) Realization expenses were ₹ 1,000. Prepare necessary ledger A/cs.

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