Quiz 1 on DISSOLUTION OF PARTNERSHIP FIRMS, Class 12th, Accts, CBSE

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Q.1 On dissolution of partnership firms which account is not prepared *

1 point

a) Realisation A/c

b) Revaluation A/c

c) Partner’s capital A/c

d) Cash/Bank A/c

Q.2 In which of the cases firm doesn’t get dissolved *

1 point

a) By consent of all partners

b) On completion of venture

c) Change in profit sharing ratio

d) A partner is found guilty of misconduct

Q.3 Retirement and death of partner *

1 point

a) Is dissolution of partnership agreement

b) Is dissolution of firm

c) May or may not be dissolution of partnership firm

d) None of the above

Q.4 If all the partners but one are insolvent, it is *

1 point

a) Dissolution of an agreement

b) Dissolution of partnership firm

c) May or may not cause dissolution of firm

d) None of the above

Q.5 At the time of dissolution *

1 point

a) All assets are transferred to realisation A/c

b) Only current assets are transferred to realisation A/c

c) Non-cash assets are transferred to realisation A/c

d) Non-current assets are transferred to realisation A/c

Q.6 At the time of dissolution non-current assets are credited with *

1 point

a) Market value

b) Book value

c) On agreed amount among partners

d) Market value or book value which ever is higher

Q.7 If a partner takes over an assets of the firm his capital A/c *

1 point

a) Will be debited with the amount as agreed

b) Will be credited with the market value of assets

c) Will be debited with the book value of asset

d) Will be credited with the amount as agreed

Q.8 If a liability is settled at higher value then shown on the balance sheet and partner takes the liability to pay that *

1 point

a) it causes a loss in realisation

b) it causes a gain in realisation

c) it is a loss for the partner

d) none of the above

Q.9 Loss on realisation is distributed among the partners *

1 point

a) according to the profit sharing ratio

b) according to the capital ratio

c) as decided among them

d) sacrificing ratio

Q.10 Which liability will be paid first at the time of dissolution *

1 point

a) Partner’s capital

b) Partner’s loan

c) Partner’s wife’s loan

d) Partner’s personal debts

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