16. In case of dissolution, total creditors of the firm were ₹30,000; creditors worth ₹10000 were given a piece of furniture costing ₹7000 in full and final settlement. Remaining creditors allowed a discount of 10%. What will be the amount with which cash will be credited in the realisation account for payment to creditors:
a) ₹28,000
b) ₹27,000
c) ₹18,000
d) ₹25,000
17. On dissolution of a firm, its Balance Sheet revealed total creditors ₹50,000; Total Capital ₹48,000; Cash Balance ₹5,000. Its assets were realised at 10% less. Loss on realisation will be:
a) ₹6,000
b) ₹11,760
c) ₹11,400
d) ₹9,300
18. X and Y are partners in a partnership firm sharing profit and losses in the ratio of 3:2. On 31st March 2024 the firm was dissolved. On the date, Furniture of book value of ₹80,000 was sold for ₹74,000 by auction and auctioneer's Commission was ₹2,000, then bank account will be debited with:
a) ₹66,000
b) ₹68,000
c) ₹72,000
d) ₹70,000
19. Mitesh is a Partner, who has given a loan of ₹1,09,000 to the firm. At the time of dissolution of the firm he accepted ₹1,00,000 in full settlement of his loan. What will be the journal entry?
a) Mitesh's Loan A/c Dr. 1,09,000
To Bank A/c 1,00,000
To Realisation A/c 9,000
b) Mitesh's Loan A/c Dr. 1,00,000
To Bank A/c 1,00,000
c) Mitesh's Loan A/c Dr. 1,09,000
To Bank A/c 9,000
To Realisation A/c 1,00,000
d) Mitesh's Loan A/c Dr. 1,09,000
To Bank A/c 1,00,000
To Mitesh's Capital A/c 9,000
20. At the time of dissolution of partnership firm, if the realizable value of intangible asset is not given, the realised value will be taken as:
a) market value
b) book value
c) nil
d) none of these
More questions will be added from time to time...
Class 12 Accountancy MCQs Dissolution of Partnership Firm -
Answers
- d) dissolution of partnership firm
- c) debit side of partners’ capital account
- b) Realisation account credit side
- b) compulsory dissolution
- d) section 48
- d) Profit ₹54,000
- b) ₹48,000
- d) ₹1,50,000
- c) When there is a change in profit sharing ratio between existing partners.
- d) Credited to Bank Account.
- d) B,C,A
- b) ₹1,03,000
- d) ₹1,50,000 (Loss)
- d) ₹1,50,000
- c) transfer it to the debit side of Varun's capital account
- c) ₹18,000
- d) ₹9,300
- c) ₹72,000
- a) Mitesh's Loan A/c Dr. 1,09,000To Bank A/c 1,00,000To Realisation A/c 9,000
- c) nil
MCQs on Company Accounts Class 12