MCQ Questions for Class 12 Accountancy set-5 ICSE XII MCQs | Multiple choice questions and answers | Mock Tests | Practice Papers

Question:

A firm can be voluntarily dissolved by the partners :

1.On Majority basis

2.On 3/4 Memberâ€™s decision

3.On 1/2 Memberâ€™s decision

4. None of these

Question:

A, B and C are partners with profit-sharing ratio as 5 :3 :2. A retires. Find the gaining ratio :

1.3 : 2

2.5 : 3

3.5 :2

4.None of these

Question:

A, B and C are partners. Their capitals are â‚¹ 1,00,000, â‚¹ 75,000 and â‚¹ 50,000 respectively. On Câ€™s retirement his share is acquired by A and B in the ratio of 6 : 4 Gaining ratio will be :

1.3 : 2

2.2 : 2

3. 2 : 3

4.None of these

Question:

Abhishek, Rajat and Vivek are partners sharing profits in the ratio of 5 : 3 : 2. If Vivek retires, the new profit sharing ratio between Abhishek and Rajat will be:

1. 3 : 2

2.5 : 3

3.5 : 2

4.None of these

Question:

After transferring liabilities like creditors and bills payable in the Realisation Account in the absence of any informations regarding their payment, such liabilities are treated as :

1. Never paid

2. Fully paid

3. Partly paid

4.None of these

Question:

Amount realised from sale of assets is recorded in :

1. Debit side of Realisation Account

2. Credit side of Realisation Account

3.Liabilities side of Balance Sheet

4. Assets side of Balance Sheet

Question:

Anand, Bahadur and Chander are partners sharing profit equally. On Chanderâ€™s retirement, his share is acquired by Anand and Bahadur in the ratio of 3: 2. The new profit-sharing ratio between Anand and Bahadur will be:

1.8 : 7

2. 4 : 5

3.3 : 2

4.2 : 3

Question:

At the dime of firmâ€™s dissolution, Balance of General Reserve shown in the Balance Sheet is credited to :

1. Realisation Account

2. Creditorsâ€™ Account

3.Partnersâ€™ Capital Accounts

4. Profit & Loss Account

Question:

At the time of dissolution of firm book value of assets is recorded in which side of the Realisation Account ?

1.Debit Side

2.Credit Side

3.All of the above

4. Liabilities Side

Question:

At the time of dissolution of partnership firm, fictitions assets are transferred to :

1.Capital Accounts of Partners

2.Realisation Account

3.Cash Account

4.Partnersâ€™ Loan Account

Question:

At the time of retirement of partner, firm gets from the insurance company against joint policy taken jointly for all the partners :

1.Policy Amount + Bonus

2. Surrender Value

3.Policy Amount

4. None of these

Question:

Cash balance shown in the Balance Sheet is shown on dissolution of firm in :

1.Realisation Account

2. Cash Account

3. Capital Account

4. None of the Account

Question:

Expenses on dissolution of firm is called :

1.Realisation Expenses

2.Legal Expenses

3. Loss Expenses

4. None of these

Question:

Goodwill is paid out of the retiring partner in :

1.Old Profit-sharing Ratio

2.Capital Ratio

3.Equal Ratio

4.None of these

Question:

Govind, Hari and Pratap are partners. On retirement of Govind, the goodwill already appears in the Balance Sheet at â‚¹ 24,000. The goodwill will be written off:

1. By debiting all Partnersâ€™ Capital Accounts in their old profit-sharing ratio

2.By debiting remaining Partnersâ€™ Capital Accounts in their new profit-sharing ratio

3.By debiting retiring Partnerâ€™s Capital Account from his share of goodwill

4.None of these

Question:

Heri, Roy and Prasad are partners and profit-sharing ratio is 3: 5:1. Roy now wants to retire and his share is taken by Prasad. Find the new ratio of Hari and Prasad:

1. 1 : 2

2. 2 : 1

3. 3 : 5

4.Equal

Question:

In the event of dissolution of partnership firm, the provision for doubtful debts is transferred to :

1.Realisation Account

2. Partnersâ€™ Capital Accounts

3.Sundry Debtors Account

4. None of the above

Question:

On disolution of firm, loss calculated in realisation account is debited/credited to which account ?

1.Cash Account

2. Partnersâ€™ Capital Accounts

3.Realisation Account

4.None of these

Question:

On dissolution of a firm Partnerâ€™s Loan A/c is transferred to:

1.Realisation A/c

2. Partnersâ€™ Capital A/cs

3. Suspense A/c

4.None of these

Question:

On dissolution of a firm, a partner paid 1,500 Rs. for firmâ€™s realisation expenses. Which account will be debited ?

1. Cash Account

2.Realisation Account

3. Capital Account of the Partner

4. Profit & Loss A/c

Question:

On dissolution of a firm, amount realised from an unrecorded asset is credited to:

1.partnersâ€™ Capital Accounts

2.Cash Account

3.Realisation Account

4.Revaluation Account

Question:

On dissolution of a firm, Bank overdraft is transferred to:

1.Cash Account

2. Bank Account

3. Realisation Account

4.Partnersâ€™ Capital Account

Question:

On dissolution of a firm, Partnerâ€™s Loan Account is transferred to:

1.Realisation Account

2. Partnerâ€™s Capital Account

3.Partnerâ€™s Current Account

4. None of these

Question:

On dissolution of the firm, Partnersâ€™ Capital Accounts are closed through :

1.Realisation Account

2.Drawings Account .

3.Bank Account

4.Loan Account

Question:

On dissolution, goodwill account is transferred to :

1.In the Capital Accounts of Partners

2. In the Credit of Cash Accounts

3.In the Debit of Realisation Account

4. In the Credit of Realisation Account

Question:

On dissolution, if a partner undertakes to make payment of a liability of the firm, the account to be debited is:

1. profit & Loss Account

2.Realisation Account

3.Partnerâ€™s Capital Account

4. Cash Account

Question:

On dissolution, when a partner takes over an assetâ€¦â€¦â€¦.is debited :

1.Realisation Account

2. Partnerâ€™s Capital Account

3.Cash Account

4.Asset Account

Question:

On retirement of a partner, his share of goodwill is written off among continuing partners in there :

1.New Profit-sharing Ratio

2.New Capital Ratio

3.Gaining Ratio

4.None of these

Question:

On retirement of a partner, the retiring partnerâ€™s capital account will be credited with :

1.His/her share of goodwill

2.Goodwill of the firm

3.Shares of goodwill of remaining partners

4.None of these

Question:

On taking responsibility of payment of a liability of â‚¹ 20,000 by a partner, the account credited will be :

1.Realisation Account

2. Cash Account

3. Capital Account of the Partner

4.Liability Account

Question:

On taking responsibility of payment of realisation expenses by a partner, the account credited will be :

1. Realisastion Account

2.Cash Account

3.Capital Account of the Partner

4. None of the above

Question:

P, Q and R are partners and share profit in the ratio of 5:3:2. R retires and surrenders 3/5th of his share in favour of P and 2/5th of the share to Q. Find new profit sharing ratio:

1. 7 : 3

2. 1 : 2

3. 31 : 19

4. None of these

Question:

Partnership Act provides that interest on amount of capital balance left by the retired partner be paid at:

1.5%

2. 6%

3.Bank Rate

4. 8%

Question:

Payment of credit balance of Partnersâ€™ Capital Accounts at the time of dissolution of a firm is made to:

1.Partners

2. Firm

3.Wife

4.None of these

Question:

Profit and loss on revaluation at the time of retirement is shared by:

1. Remaining Partners

2. All Partners

3.New Partner

4.None of these

Question:

Profit/loss on Realisation Account is distributed among partners:

1. In Profit-sharing Ratio

2. In Capital Ratio

3.Equally

4. None of these

Question:

Realisation Account is a :

1. Personal A/c

2. Nominal A/c

3.Read A/c

4.None of these

Question:

Realisation expenses are recorded in which side of Realisation A/c:

1. Liabilities

2.Assets

3. Credit

4. Debit

Question:

Sundry creditors amounted to â‚¹ 8,000. They were paid at a discount of 5 %. Realisation A/c will be debited by :

1.â‚¹ 8,000

2. â‚¹ 7,600

3. â‚¹ 400

4.â‚¹ 8,400

Question:

Surrender value of an insurance policy means that value:

1.Which is received an death of a partner

2.Which is received when a policy matures

3. Which can be received before the due date of the policy

4.None of the above

Question:

The balance of Joint Life Policy Account and Joint Life Policy Reserve A/c is:

1.Always Equal

2.Always Unequal

3. Not Necessary

4.None of these

Question:

There was an Unrecorded asset of â‚¹ 12,000 which was taken over by a partner at â‚¹ 10,500. Partnerâ€™s Capital Account will be debited byâ€¦â€¦.

1. â‚¹ 12,000

2. â‚¹ 10,500

3. â‚¹ 1,500

4. â‚¹ 32,500

Question:

Unrecorded assets when taken over by a partner are shown in:

1.Debit side of Realisation A/c

2. Debit side of Bank A/c

3. Credit side of Realisation A/c

4.Credit side of Bank A/c

Question:

Unrecorded liabilities when paid are shown in :

1.Debit side of Realisation Account

2. Debit side of Bank Account

3.Credit side of Realisation Account

4. Credit side of Bank Account

Question:

When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to :

1.Realisation Account

2. Partnersâ€™ Capital Account

3. Partnerâ€™s Loan Account

4.None of these

Question:

Which of the following is correct profit or loss in case the amount received from the sale of assets is â‚¹ 50,000, total assets is â‚¹ 60,000, total liabilities â‚¹ 20,000 and realisation expenses â‚¹ 2,000 ?

1.â‚¹ 12,000 Loss

2.â‚¹ 32,000 Profit

3. â‚¹ 30,000 Loss

4.â‚¹ 12,000 Profit

Question:

Which of the following is not transferred to Realisatsion Account ?

1. Balance of Cash Account

2.Balance of Reserves

3. Balance of Profit & Loss Account

4. All of the above

Question:

Which of the following is transferred to Realisation Account ?

1.Balance of Profit Account

2. Balance of Profit & Loss Account

3.Amount realised on sale of assets

4. Reserves

Question:

X, Y, Z are equal partners in a firm. Z retires from the firm. The new profit-sharing ratio between X and Y is 1:2. The gaining ratio will be:

1. 3 : 2

2.2 : 1

3.4 : 1

4.Only Y gains by 1/3

Question:

X, Y, Z are partners sharing profits in the ratio of 3 : 4 : 4. Y retires and X and Z share their profits in equal ratio. New ratio of X and Z will be :

1. 1 : 2

2. 2 : 1

3.3 : 1

4.1 : 1

Posted on by R4R Team

More MCQS

Learn MCQ Questions for Class 12 Accountancy set-5,Learn ICSE XII Objetive choice questions and answers,ICSE XII Multiple choice questions and answers,ICSE XII objective, ICSE XII questions , ICSE XII answers,ICSE XII MCQs questions and answer

R4R Team

R4Rin Top Tutorials are Core Java,Hibernate ,Spring,Sturts.The content on R4R.in website is done by expert team not only with the help of books but along with the strong professional knowledge in all context like coding,designing, marketing,etc!

ICSE XII/MCQ Questions for Class 12 Accountancy set-5 Sample Test,Sample questions

Question: A firm can be voluntarily dissolved by the partners :

Question: A, B and C are partners with profit-sharing ratio as 5 :3 :2. A retires. Find the gaining ratio :

Question: A, B and C are partners. Their capitals are â‚¹ 1,00,000, â‚¹ 75,000 and â‚¹ 50,000 respectively. On Câ€™s retirement his share is acquired by A and B in the ratio of 6 : 4 Gaining ratio will be :

Question: Abhishek, Rajat and Vivek are partners sharing profits in the ratio of 5 : 3 : 2. If Vivek retires, the new profit sharing ratio between Abhishek and Rajat will be:

Question: After transferring liabilities like creditors and bills payable in the Realisation Account in the absence of any informations regarding their payment, such liabilities are treated as :

Question: Amount realised from sale of assets is recorded in :

Question: Anand, Bahadur and Chander are partners sharing profit equally. On Chanderâ€™s retirement, his share is acquired by Anand and Bahadur in the ratio of 3: 2. The new profit-sharing ratio between Anand and Bahadur will be:

Question: At the dime of firmâ€™s dissolution, Balance of General Reserve shown in the Balance Sheet is credited to :

Question: At the time of dissolution of firm book value of assets is recorded in which side of the Realisation Account ?

Question: At the time of dissolution of partnership firm, fictitions assets are transferred to :

Question: At the time of retirement of partner, firm gets from the insurance company against joint policy taken jointly for all the partners :

Question: Cash balance shown in the Balance Sheet is shown on dissolution of firm in :

Question: Expenses on dissolution of firm is called :

Question: Goodwill is paid out of the retiring partner in :

Question: Govind, Hari and Pratap are partners. On retirement of Govind, the goodwill already appears in the Balance Sheet at â‚¹ 24,000. The goodwill will be written off:

Question: Heri, Roy and Prasad are partners and profit-sharing ratio is 3: 5:1. Roy now wants to retire and his share is taken by Prasad. Find the new ratio of Hari and Prasad:

Question: In the event of dissolution of partnership firm, the provision for doubtful debts is transferred to :

Question: On disolution of firm, loss calculated in realisation account is debited/credited to which account ?

Question: On dissolution of a firm Partnerâ€™s Loan A/c is transferred to:

Question: On dissolution of a firm, a partner paid 1,500 Rs. for firmâ€™s realisation expenses. Which account will be debited ?

Question: On dissolution of a firm, amount realised from an unrecorded asset is credited to:

Question: On dissolution of a firm, Bank overdraft is transferred to:

Question: On dissolution of a firm, Partnerâ€™s Loan Account is transferred to:

Question: On dissolution of the firm, Partnersâ€™ Capital Accounts are closed through :

Question: On dissolution, goodwill account is transferred to :

Question: On dissolution, if a partner undertakes to make payment of a liability of the firm, the account to be debited is:

Question: On dissolution, when a partner takes over an assetâ€¦â€¦â€¦.is debited :

Question: On retirement of a partner, his share of goodwill is written off among continuing partners in there :

Question: On retirement of a partner, the retiring partnerâ€™s capital account will be credited with :

Question: On taking responsibility of payment of a liability of â‚¹ 20,000 by a partner, the account credited will be :

Question: On taking responsibility of payment of realisation expenses by a partner, the account credited will be :

Question: P, Q and R are partners and share profit in the ratio of 5:3:2. R retires and surrenders 3/5th of his share in favour of P and 2/5th of the share to Q. Find new profit sharing ratio:

Question: Partnership Act provides that interest on amount of capital balance left by the retired partner be paid at:

Question: Payment of credit balance of Partnersâ€™ Capital Accounts at the time of dissolution of a firm is made to:

Question: Profit and loss on revaluation at the time of retirement is shared by:

Question: Profit/loss on Realisation Account is distributed among partners:

Question: Realisation Account is a :

Question: Realisation expenses are recorded in which side of Realisation A/c:

Question: Sundry creditors amounted to â‚¹ 8,000. They were paid at a discount of 5 %. Realisation A/c will be debited by :

Question: Surrender value of an insurance policy means that value:

Question: The balance of Joint Life Policy Account and Joint Life Policy Reserve A/c is:

Question: There was an Unrecorded asset of â‚¹ 12,000 which was taken over by a partner at â‚¹ 10,500. Partnerâ€™s Capital Account will be debited byâ€¦â€¦.

Question: Unrecorded assets when taken over by a partner are shown in:

Question: Unrecorded liabilities when paid are shown in :

Question: When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to :

Question: Which of the following is correct profit or loss in case the amount received from the sale of assets is â‚¹ 50,000, total assets is â‚¹ 60,000, total liabilities â‚¹ 20,000 and realisation expenses â‚¹ 2,000 ?

Question: Which of the following is not transferred to Realisatsion Account ?

Question: Which of the following is transferred to Realisation Account ?

Question: X, Y, Z are equal partners in a firm. Z retires from the firm. The new profit-sharing ratio between X and Y is 1:2. The gaining ratio will be:

Question: X, Y, Z are partners sharing profits in the ratio of 3 : 4 : 4. Y retires and X and Z share their profits in equal ratio. New ratio of X and Z will be :

More MCQS

Learn MCQ Questions for Class 12 Accountancy set-5,Learn ICSE XII Objetive choice questions and answers,ICSE XII Multiple choice questions and answers,ICSE XII objective, ICSE XII questions , ICSE XII answers,ICSE XII MCQs questions and answer

R4R Team

Question:
A firm can be voluntarily dissolved by the partners :

Question:
A, B and C are partners with profit-sharing ratio as 5 :3 :2. A retires. Find the gaining ratio :

Question:
A, B and C are partners. Their capitals are â‚¹ 1,00,000, â‚¹ 75,000 and â‚¹ 50,000 respectively. On Câ€™s retirement his share is acquired by A and B in the ratio of 6 : 4 Gaining ratio will be :

Question:
Abhishek, Rajat and Vivek are partners sharing profits in the ratio of 5 : 3 : 2. If Vivek retires, the new profit sharing ratio between Abhishek and Rajat will be:

Question:
After transferring liabilities like creditors and bills payable in the Realisation Account in the absence of any informations regarding their payment, such liabilities are treated as :

Question:
Amount realised from sale of assets is recorded in :

Question:
Anand, Bahadur and Chander are partners sharing profit equally. On Chanderâ€™s retirement, his share is acquired by Anand and Bahadur in the ratio of 3: 2. The new profit-sharing ratio between Anand and Bahadur will be:

Question:
At the dime of firmâ€™s dissolution, Balance of General Reserve shown in the Balance Sheet is credited to :

Question:
At the time of dissolution of firm book value of assets is recorded in which side of the Realisation Account ?

Question:
At the time of dissolution of partnership firm, fictitions assets are transferred to :

Question:
At the time of retirement of partner, firm gets from the insurance company against joint policy taken jointly for all the partners :

Question:
Cash balance shown in the Balance Sheet is shown on dissolution of firm in :

Question:
Expenses on dissolution of firm is called :

Question:
Goodwill is paid out of the retiring partner in :

Question:
Govind, Hari and Pratap are partners. On retirement of Govind, the goodwill already appears in the Balance Sheet at â‚¹ 24,000. The goodwill will be written off:

Question:
Heri, Roy and Prasad are partners and profit-sharing ratio is 3: 5:1. Roy now wants to retire and his share is taken by Prasad. Find the new ratio of Hari and Prasad:

Question:
In the event of dissolution of partnership firm, the provision for doubtful debts is transferred to :

Question:
On disolution of firm, loss calculated in realisation account is debited/credited to which account ?

Question:
On dissolution of a firm Partnerâ€™s Loan A/c is transferred to:

Question:
On dissolution of a firm, a partner paid 1,500 Rs. for firmâ€™s realisation expenses. Which account will be debited ?

Question:
On dissolution of a firm, amount realised from an unrecorded asset is credited to:

Question:
On dissolution of a firm, Bank overdraft is transferred to:

Question:
On dissolution of a firm, Partnerâ€™s Loan Account is transferred to:

Question:
On dissolution of the firm, Partnersâ€™ Capital Accounts are closed through :

Question:
On dissolution, goodwill account is transferred to :

Question:
On dissolution, if a partner undertakes to make payment of a liability of the firm, the account to be debited is:

Question:
On dissolution, when a partner takes over an assetâ€¦â€¦â€¦.is debited :

Question:
On retirement of a partner, his share of goodwill is written off among continuing partners in there :

Question:
On retirement of a partner, the retiring partnerâ€™s capital account will be credited with :

Question:
On taking responsibility of payment of a liability of â‚¹ 20,000 by a partner, the account credited will be :

Question:
On taking responsibility of payment of realisation expenses by a partner, the account credited will be :

Question:
P, Q and R are partners and share profit in the ratio of 5:3:2. R retires and surrenders 3/5th of his share in favour of P and 2/5th of the share to Q. Find new profit sharing ratio:

Question:
Partnership Act provides that interest on amount of capital balance left by the retired partner be paid at:

Question:
Payment of credit balance of Partnersâ€™ Capital Accounts at the time of dissolution of a firm is made to:

Question:
Profit and loss on revaluation at the time of retirement is shared by:

Question:
Profit/loss on Realisation Account is distributed among partners:

Question:
Realisation Account is a :

Question:
Realisation expenses are recorded in which side of Realisation A/c:

Question:
Sundry creditors amounted to â‚¹ 8,000. They were paid at a discount of 5 %. Realisation A/c will be debited by :

Question:
Surrender value of an insurance policy means that value:

Question:
The balance of Joint Life Policy Account and Joint Life Policy Reserve A/c is:

Question:
There was an Unrecorded asset of â‚¹ 12,000 which was taken over by a partner at â‚¹ 10,500. Partnerâ€™s Capital Account will be debited byâ€¦â€¦.

Question:
Unrecorded assets when taken over by a partner are shown in:

Question:
Unrecorded liabilities when paid are shown in :

Question:
When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to :

Question:
Which of the following is correct profit or loss in case the amount received from the sale of assets is â‚¹ 50,000, total assets is â‚¹ 60,000, total liabilities â‚¹ 20,000 and realisation expenses â‚¹ 2,000 ?

Question:
Which of the following is not transferred to Realisatsion Account ?

Question:
Which of the following is transferred to Realisation Account ?

Question:
X, Y, Z are equal partners in a firm. Z retires from the firm. The new profit-sharing ratio between X and Y is 1:2. The gaining ratio will be:

Question:
X, Y, Z are partners sharing profits in the ratio of 3 : 4 : 4. Y retires and X and Z share their profits in equal ratio. New ratio of X and Z will be :