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MCQs for Dissolution of a Partnership
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MCQs for Dissolution of a Partnership
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25 Questions

1. In the event of dissolution of firm, the partner’s personal assets are first used for payment of the :
2. On firm’s dissolution, a partner undertook firm’s creditors at ? 17,000. In this case the account will be credited :
3. Unrecorded liability, when paid on dissolution of a firm is debited to :
4. On the basis of following data, final payment to a partner on firm’s dissolution ' will be made : Debit balance of Capital Account ₹14,000; Share of his profit on realisation ₹43,000; Firm’s asset taken over by him for ₹17,000.
5. At the time of dissolution of partnership firm, the amount of ‘Bills Payable’ shown in the liability side of Balance Sheet is transferred to :
6. On dissolution, when a partner takes over an unrecorded asset, is credited :
7. On dissolution of a firm, firm’s Balance Sheet total is ₹77,000. On the assets side of the Balance Sheet items were shown preliminary expenses ₹2,000; Profit & Loss Account (Debit) Balance ₹4,000 and Cash Balance ₹1,800. Loss on realisation was ₹6,300. Total assets (including cash balance) realised will be :
8. On taking responsibility of payment of realisation expenses by a partner, the account credited will be :
9. On dissolution, losses are first of all met:
10. If creditors are ?25,000, capital is ?1,50,000 and cash balance is ?10,000, what will be the amount of sundry assets?
11. In the Balance Sheet Total Debtors appear at ₹50,000 and Provision for Doubtful Debts appear at ₹1,500. How much amount will be realised from Debtors, if bad debts amount to ₹10,000 and remaining debtors are realised at a discount of 5%
12. On dissolution of a firm, a partner took-over the investments of ₹15,000 at ₹19,000. By how much amount the Realisation Account will be credited?
13. On dissolution, goodwill account is transferred to):
14. On dissolution of a firm, a partner took over ₹17,000 investments for ₹14,000. Which one of the following account will be debited/credited with how much amount?
15. A partnership firm is compulsorily dissolved :
16. At the time of firm’s dissolution, Balance of General Reserve shown in the Balance Sheet is credited to :
17. On firm’s dissolution, when a partner voluntarily gives his personal asset to firms’ creditor as payment, the account credited will be :
18. At the time of dissolution of a firm, Creditors are ₹70,000; Partners’ capital is ₹1,20,000; Cash Balance is ₹10,000. Other assets realised ₹1,50,000. Profit/Loss in the realisation account will be :
19. On payment of expenses of dissolution, account will be debited :
20. .......... is prepared at the time of dissolution :
21. 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 :
22. On dissolution, partner’s loan is transferred to :
23. On dissolution of a firm, realisation account is debited with
24. In case of dissolution, assets are transferred to Realisation Account:
25. On firm’s dissolution, on realisation of goodwill (which was shown in Balance Sheet) will be credited to :

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