MCQs on Dissolution of Partnership Firm (Part-4) From Q-61 to Q - 80, MCQs on Dissolution of Partnership Firm
MCQs on Dissolution of Partnership Firm
MCQs on Dissolution of Partnership firm (Video) 👈👈
61. A partnership firm is compulsorily dissolved where
(a) Firm's business has become unlawful
(b) All partners have become insolvent
(c) The fixed term has expired
(d) In cases (a) & (b) only.
62.At the time of dissoultion, unrecorded investments are Rs.12,000. It has been paid to unrecorded creditors and account is closed. what will be the accounting effect?
(a) Realization A/c Dr.
(b) Realisation A/c Cr.
(c) No Effect.
(d) Cash A/c Dr.
63. On dissolution, assets and liabilities are transferred to Realization account at their _______ values.
(a) market
(b) book
(c) original
(d) realised
64. To which account are the dissolution expenses debited?
(a) Profit and Loss A/c
(b) Profit and Loss Adjustment A/c
(c) Profit and Loss Appropriation A/c
(d) Realisation A/c
65. Normlly the realisation expense is paid by the _______
(a) court
(b) all partners
(c) solvent partner
(d) firm
66. Which type of partner can take over an asset or a liability at the time of dissolution of the firm?
(a) Solvent partner (b) Insolvent partner (c) Silent partner (d) Working partner
67. ________ means winding up of partnership firm.
(a) Reconstruction of partnership
(b) Admission of a new partner
(c) Retirement or Death of a partner
(d) Dissolution of partnership
68.books of account shows the balance of Rs. 10,000 for intangible asset (e.g. Goodwill, copyright) If instruction is not given regarding its disposal then which effect would be passed ?
(a) No account effect is to be passed
(b) Realise amt. credited to Partners Capital A/c
(c) Realised amt. credited to Realisation Account
(d) Realised amt. debited to Partners Capital A/c
69.At the time of dissolution, In Balance Sheet, Debtors A/c was Rs. 8,000 and Bad Debts Reserve A/c was Rs. 800. What will be written on the credit side of Realisation A/c?
(a) Rs.800 (b) Rs.7,200 (c) Rs.8,000 (d) Rs.8,800
70. It was decided to pay Rs.1,200 to Mr. Modi for dissoultion expense, but actual dissolution expense was Rs.800. What amount will be written on the Dr. side of Realisation A/c?
(a) Rs.1,200. (b) Rs.800 (c) Rs.400. (d) Rs.2,000
(a) Partners are declared insolvent by agreement
(b) Compulsory dissolution
(c) Without the intervention of court
(d) All the above
72.For closing realization a/c the profit or loss is distributed among partners in ratio.
(a) Capital ratio
(b) Capital ratio profit sharing ratio
(c) Profit sharing ratio
(d) none of the above
73. If capitals are fixed in insolvency of a partner, then the loss on insolvent partner will be borne by solvent partner in
(a) Profit sharing ratio (b) Capital ratio
(c) Sales ratio (d) None of the above
74. Which of the following is not the reconstitution of partnership?
a) Admission of a partner
b) Dissolution of Partnership
c) Change in Profit Sharing Ratio
d)Retirement of a partner
75. On dissolution of a firm fictitious assets are transferred to:
a. credit side of partners capital account
b. debit side of realisation account
c. debit side of partners capital account
d. credit side of realisation account
76. On firm's dissolution which of the following account is prepared at the last?
a. Realisation account b. partners capital account
c. cash account partners d. loan account
77. New ratio is not to be calculated on
a. Admission of a partner b. retirement of a partner
c. death of a partner d. dissolution of a partnership
78. Section 41 of partnership act 1932 deals with dissolution of a firm
a. by mutual agreement b. compulsory dissolution correct
c. by notice d. by order of court.
79. Settlement of accounts in case of dissolution of partnership is dealt with which section of partnership act 1932?
a. Section 45 b. section 46 c. section 47 d. section 48
80. AB and C are partners. The firm had given a loan of Rs20,000 to B. They decided to dissolve the
firm. In the event of dissolution the loan will be settled by transferring it to the:
a. debit side of realisation account
b. transferring it to the credit side of realisation account
c. transfer it to the debit side of B's capital account
d. B paying A and C privately.
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