MCQs on Dissolution of Partnership Firm (Part-2) From Q-21 to Q - 40, MCQs on Dissolution of Partnership Firm
MCQS On Dissolution of partnership
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21. On firm's dissolution, when a partner voluntarily gives his personal assets to firms creditor as payment, the account credited will be:
A. Realisation account
B. Partners capital account
C. Cash account
D. None of the account
22. On dissolution of a firm, its Balance sheet revealed total creditors 50,000; Total capital 48,000; Cash balance 3,000. Its assets were realised at 12% less. Loss on
realisation will be:
A. 6,000
B. 11,760
C. 11,400
D. 3,600
23. At the time of dissolution of firm, "loan of partners" (loans given by partners to the firm) is paid out of the amount realised on sale of assets
A. After making the payment of loans given by third party
B. After making the payments of balance of capital accounts of partners
C. After making the payments of above (a) and (b)
D. Before the payment of loans given by third party
24. On dissolution of a firm, realisation account is debited with
A. All assets to be realised
B. All outside liabilities of the firm
C. Cash received on sale of asset
D. Any asset taken over by one of the partner
25. In which condition a partnership firm is Deemed to be dissolved
A. On a partners admission
B. On retirement of a partner
C. On expiry of the period of partnership
D. On loss in partnership
26. At the time of dissolution all the assets of firm are transferred to the realization A/e:
(a) Market value. (c) Cost value
(b) Book value (d) Bale value
27. If all the partners, but one are insolvent it is:
(a) Dissolution of an agreement (b) Dissolution of firm
(c) May or may not cause dissolution (d) None of above
28. Upon the sale of an established business its goodwill:
(a) Marketable value (b) Not marketable value. (c) both (b) and (c)
29.At the time of dissolution non-cash assets are credited with:
(a) Market vαluє
(b) Book value
(c) αt the agreed amount among the partners
(d) Cost or market which ever is lσw
30. Upon the sale of an established its goodwill
A. Marketable value B. Not marketable value. C. Both a and b
21. D 22. C 23. A 24. B 25. C
26. B 27. B 28. A 29. B 30. A
31. If all the partners , but one insolvent are
A. Dissolution of agreement B. Dissolution of firm
C. May or may not cause dissolution D. None of the above
32. If all the partner, but one , are solvent it us
A. Dissolution of agreement B. Dissolution of firm
C. May or may not cause dissolution D. None of the above
33. When all partners are insolvent then creditors will be
A. Paid fully B. Paid rate ably
C. Taken over by partners D. Paid by government
34. If no provision is made in agreement regarding the durations of the partnership
A. Limited partnership B. Partnership at will
C. Particular partnership D. None of these
35. The first step in dissolution is:
a.Prepare balance sheet on date of dissolution
b.Distribute cash to partners
c.None of these
36. Realization made in part is called:
a.Distribution of capital b.Piece meal distribution
c.Equal share d.All of the above
37. Profit or loss on realization should be divided among partners in the:
a.Profit sharing ratio b.Capital ratio c.equally d.None of these
38. Provision for doubtful debts at the time of dissolution ins transferred to :
a.Debtors account b.Realization account c.Cash account D. Capital a/c
39. When realization expenses are borne by partner, it is credited to:
a.Partners capital account b.Cash account
c.Profit and loss account d.Profit and loss appropriation account
40. General reserve account at the time of dissolution is transferred to:
a.Bank account b.Realization account c.Capital account d.drawings account
31. B 32. B 33. B 34. B 35. B
36. A 37. A 38. B 39. A 40. C
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