CBSE Class 12 Accountancy Dissolution Of Partnership Firm Worksheet Set A

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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 Class 12. This test paper with questions and answers for Class 12 will be very useful for exams and help you to score good marks

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

MCQ Questions for NCERT Class 12 Accountancy Dissolution Of Partnership Firm 

Question: Anu, Bina and Charan are partners. The firm had given a loan of Rs 20,000 to Bina. They decided to dissolve the firm. In the event of dissolution, the loan will be settled by:
(a)Transferring it to debit side of Realisation A/c
(b) Transferring it to credit side of Realisation A/c
(c) Transferring it to debit side of Bina’s capital account
(d) Bina paying Anu and Charan privately 

Answer: C

Question: After settlement of dissolving firm, bank account may have_________ balance.
(a) Debit
(b) credit
(c) overdraft
(d) nil   

Answer: D

Question: At the time of dissolution of firm, at which stage the balance of partner’s capital accounts is paid?
(a) After making payment to third party loan
(b) Before making payment of partners in respect of their loans
(c) After making the payment to third party for their loans as well as partners loans
(d) None of the above 

Answer: C

Question: Goodwill already appearing in the balance sheet of the firm will be transferred on the ______ side of _________ account
(a) Debit, capital
(b) debit, realization
(c) debit, bank
(d) credit , bank 

Answer: B

Question: On dissolution of the firm, partner’s capital accounts are closed through
(a) Realisation a/c
(b) Drawings a/c
(c) bank a/c
(d) loan a/c 

Answer: C

Question:  On firm’s dissolution , when a partner voluntarily gives his personal asset to firm’s creditor as payment, the account credited will be
(a) Realization A/c
(b) Partner’s Capital A/c
(c) Cash A/c
(d) None of the A/c 

Answer: D

Question: Investments valued Rs. 2,00,000 were not shown in the books. One of the creditors took over these investments in full satisfaction of his debt of Rs. 2,20,000. How much amount will be deducted from creditors?
(a) Rs. 20,000
(b) Rs. 2,20,000
(c) Rs. 4,20,000
(d) Rs. 2,00,000 

Answer: B

Question: At the time of dissolution of firm,’ loan of partners’(loans given by partners to the firm) is paid out of the amount realized on sale of assets:
(a) After making the payment of loans given by third party
(b) After making payment of balance of Capital Accounts of partners
(c) After making the payment of above (a) and (b)
(d) Before the payment of loans given by third party 

Answer: A

Question: On dissolution of a firm, Realisation A/c is debited with
(a) All the liabilities of the firm
(b) cash received on the sale of assets
(c ) Any asset taken over by one of the partners
(d) All assets to be realized 

Answer: D

Question: If opening capitals of partners are A Rs. 3,00,000, B Rs.2,00,000 and C Rs. 1,00,000 and their drawings during the year are A Rs. 50,000, B Rs. 40,000 and C Rs. 30,000 and creditors are Rs. 60,000, what will be the amount of assets of the firm?
(a) Rs 5,40,000
(b) Rs 4,20,000
(c) Rs 4,80,000
(d) Rs 6,60,000 

Answer: A

 Fill in the blanks:

Question: No entry is required when any __________ accepts fixed assets in lieu of his balance(due).
Answer: creditor

Question: Provision for doubtful debts is transferred on the __________ side of _________ account, in case of dissolution.
Answer: Credit, realisation

Question: Partner’s loan on the asset side is transferred on the _______ side of ______account.
Answer: Debit, capital

Question: Under partnership at __________, any partner may ask for dissolution of the firm.
Answer: will

Question: _____ debts are paid by the firm through firm’s _________ at the time of dissolution.
Answer: Firm’s, assets

Question: At the time of dissolution, after settling all the accounts ________ account automatically closed.
Answer: Cash/Bank

Question: At the time of dissolution, loan from partner’s relative is transferred to ______ account.
Answer: Realisation

Question: If the question is silent about settlement of any liability, it is assumed that amount _________ to ___________ is paid.
Answer:Equal, book value

Question: Workmen Compensation Reserve was nil and liability was Rs. 15000. In such a situation _________ account is debited and _________ account is credited.
Answer:  Realisation , Bank

Question: Debtors Rs. 2,64,000, Provision for Doubtful Debts Rs. 24,000, Rs. 48000 of the book debts proved bad. The amount realized from debtors is ___________.
Answer: 21,600

Match the column :

1. Dissolution of a firm which, on any ground, is regarded to be just and equitable                            A. Dissolution on the happening of certain contingencies
2. Dissolution of a firm by the death of a partner, subject to contract between the partners.               B. Dissolution by court
3. Dissolution of a firm when some event has taken place which makes it unlawful for the partners.    C. Compulsory Dissolution
4. Dissolution of a firm in accordance with a contract between the partner                                         D. Dissolution by Agreement                                                                                                                                                                                                                                            
Answer: 1- B, 2- A , 3-C , 4-D

Question: Why is ‘Realisation Account’ prepared? 
Answer: Realisation Account is prepared to calculate the gain or loss on realisation of assets and repayment of third party liabilities on the dissolution’ of a partnership firm. 
 
Question: On Realisation of unrecorded asset in cash, what will be the treatment at A the time of dissolution of the firm ?  
Answer: Cash and Bank account will be debited and Realisation Account will be credited with the amount realized from unrecorded asset.
 
Question: A’s Capital Account has a credit balance of Rs.1,00,000; Bank Balance is Rs.4,50,000. A’s Loan Account is showing a debit balance of Rs.36,000. Show the treatment for A’s Loan A/c. (1) 
Answer: A’s Capital A/c               Dr.              36,000
To A’s Loan A/c                                       36,000
(Being A’s Loan transferred to A’s Capital A/c)
 
Question: Cheena, Beena and Teena are partners sharing profits in the ratio of 2:2:1. Their firm was dissolved on 31.3.2015. The dissolution expenses were Rs.10,000; Rs.4,000 were to be borne by the firm and the balance by Beena. Rs.10,000 were paid by firm. (1) 
Answer: Realisation A/c                            Dr.                              4,000
Beena’s Capital A/c                             Dr.                              6,000 
To Cash/Bank A/c                                                                 10,000
(Being the dissolution expenses paid by the firm; firm’s share of expenses debited To Realisation Account and the balance to Beena’s Capital Account)

MCQ Questions for NCERT Class 12 Accountancy Dissolution Of Partnership Firm

Question. On firm’s dissolution, when a partner voluntarily gives his personal asset to firm’s creditor payment, the account credited will be
(a) Realization a/c 
(b) Partner’s Capital a/c
(c) bank a/c
(d) none of these

Answer: B

Question. At the time of dissolution, partner’s loan account is closed by
(a) Transferring in realization
(b) payment
(c) abolished
(d) none of these

Answer: B

Question. Accumulated losses and reserves are transferred to the debit of ______ a/c
(a) Revaluation
(b) partner’s capital
(c) realization
(d) bank

Answer: B

Question. Realization account is a ___________ account
(a) Real
(b) personal
(c) nominal
(d) cash

Answer: C

Question. Unrecorded liabilities when paid are debited to
(a) Realisation a/c
(b) Partner’s Capital a/c
(c) bank a/c
(d) none of these

Answer: A

Question. At the time of dissolution, goodwill of the firm is closed by transferring it to ___________ account
(a) Realization
(b) partners loan
(c) partner’s capital
(d) bank

Answer: A

Question. Realisation expenses are debited to
(a) Bank a/c
(b) realization a/c
(c) revaluation a/c
(d) either realization or bank a/c

Answer: B

Question. Unrecorded assets taken over by any creditor will ___________
(a) Be debited to realization account
(b) be debited and credited to realization account
(c) be credited to realization account
(d) not be recorded anywhere

Answer: D

Question. Accumulated profits and losses are transferred to credit of
(a) Revaluation A/c
(b) Partner’s Capital A/c
(c) Realisation A/c
(d) Bank A/c

Answer: B

Question. At the time of dissolution of a firm, ___________ account is prepared.
(a) Revaluation
(b) Realisation
(c) Profit and Loss
(d) Trading

Answer: B

 

Question. Which Section of the Indian Partnership Act,1932 allows partners to dissolve the firm by notice given by a partner
a) Sec 45
b) Sec 49
c) Sec 43
d) Sec 48

Answer: B

Question. Which Section the Indian Partnership Act,1932 deals with settlement of accounts in dissolution of firm.
A) sec 41
b) sec 56
c) sec 40
d) sec 49

Answer: D

Question. How much amount will be paid to creditors for ₹ 25000 if ₹ 5000 creditors are not to be paid and remaining at the discount of 5%.
a) ₹ 3000
b) ₹9100
c) ₹ 19000
d) ₹3400

Answer: B

Question. How much amount will be paid to partner A , if his opening capital is ₹ 200000 ,his share in realisation profit is ₹ 10000 and he has taken over assets worth ₹ 25000.
a) ₹1000000
b) ₹185000
c) ₹158000
d) ₹56000

Answer: B

Question. On dissolution of a firm , its Balance Sheets revealed capital of ₹500000, General Reserve of ₹200000; creditors of ₹100000, cash balance ₹20000. Assets realised 60%.
What is the loss on realisation?

a) ₹35666
b) ₹345000
c) ₹312000
d) ₹456000

Answer: B

Fill in the blanks: 

Question. At the time of dissolution, partner’s current account balance will be transferred to ________ account.
Answer: Partner’s Capital

Question. Provision for doubtful debts is transferred to _______ side of Realisation A/c.
Answer: Credit

Question. If any partner takes any asset, then such partner’s capital account will be ____
Answer: Debited

Question. At the time of dissolution of firm assets are ___________ and liabilities are ____________.
Answer: sold, paid off

Question. Under partnership at ______, any partner may ask for the dissolution of the firm.
Answer: Will


Match the following:

1. Change in existing relationship of partners              A. Dissolution of firm
2. Partner’s Loan                                                       B. Realisation A/c
3. Dissolution Expenses borne by partner                    C. paid after outside liabilities
4. Discontinuance of relationship between all partners D. debit partner’s capital a/c
5. Unrecorded assets                                                 E. Dissolution of partnership
Answer: 1-E, 2-C ,3-D, 4-E, 5-B

Q 1 Distinguish between Realisation account & Revaluation account.

Q 2 Why is the balance of cash or bank not transferred to realisation account?

Q 3 Pass the necessary journal entries in the following cases:

(i) An unrecorded asset taken over by a partner

(ii) An unrecorded asset given to our creditor

(iii) Payment to creditors worth Rs 3000 if they accept stock of the same value

(iv) partner A takes over the liability of Mrs A’s loan of Rs 10000.

Q 4 Mention two internal liabilities whose payment does not require cash payment at\ the time of dissolution of the firm.

Q 5 Explain the provisions of sec 48 of partnership act.

Q 6 Distinguish between firms debts & private debts.

Q 7 Give the circumstances under which partnership firm can be dissolved.

Q 8 Are provisions against assets to be paid? Give reason.

Q 9 How do we deal with the following at the time of dissolution of the firm:

(i) Undistributed profits / losses

(ii) Fictitious assets

(iii) Partners loan account

(iv) If the question is silent regarding realisation of intangible asset

(v) If the question is silent regarding realisation of tangible asset

(vi) If the question is silent regarding payment of liability.

Q 10 Pass the journal entries in the following cases:

(i) Expenses of realisation Rs 7000 were to be borne by Ram, a partner. Ram used firms cash for paying these expenses.

(ii) Expenses of realisation Rs 8000 were to be borne by Ritu, a partner.

(iii) Realisation expenses paid by the firm amounted to Rs 3000. B had to bear these expenses.

(iv) An asset which had already been written off fetched Rs 8000.

(v) The firm had a JLP of Rs 50000 on which the premium paid was regarded as a business expense. The surrender value of the policy was Rs 15000. The Insurance co. Also paid a special bonus of Rs 6000.

(vi) Hari was to be given a commission of 3% on the net cash realised on dissolution & he was to meet all realisation expenses.The cash realised from sale of assets was Rs 76000& cash paid for liabilities amounted to Rs 16000. Actual expenses were Rs 7400.

(vii) L , a creditor to whom Rs 16000 were due to be paid took over machinery at Rs 20000. Balance was paid by him in cash.

(viii) Expenses of realisation were Rs 2000.

(ix) An unrecorded liability 0f Rs 5500 settled at a discount of 20%.

(x) Realisation expenses Rs 2000 were paid by Kishore.

(xi) Dissolution expenses were 9000. Out of the said expense Rs 4000 were to be borne by the firm and the balance by a partner.

(xii) Dissolution expenses were 9000. Out of the said expense Rs 4000 were to be borne by the firm and the balance by a partner. The expenses were paid by a partner.

Part 1 Chapter 01 Accounting for Not-for-Profit Organisation
CBSE Class 12 Accountancy Accounting for Not-for-Profit Organisation Worksheet
Part 2 Chapter 02 Issue and Redemption of Debentures
CBSE Class 12 Accountancy Debentures Worksheet
Part 2 Chapter 03 Financial Statements of a Company
CBSE Class 12 Accountancy Financial Statements Of Company Worksheet
Part 2 Chapter 05 Accounting Ratios
CBSE Class 12 Accountancy Ratio Analysis Worksheet

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