Class 12 Accountancy: Dissolution of Partnership Firm — Chapter Test 1

Class 12 • Accountancy • Dissolution of Partnership Firm • Chapter Test

MediumFREE

Questions

20 min

Duration

Marks (1 each)

Negative marking

Original practice questions with full solutions by ExamPortal.

Instructions

• Read each question carefully and pick the correct answer.
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SYLLABUS & QUESTION BLUEPRINT

Sample Practice Questions

Preview 5 sample questions from this 15-question test. Test your knowledge below or take the full exam in timed CBT mode.

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Question 1 of 15

On dissolution, assets and outside liabilities are transferred to the:

Revaluation Account

Realisation Account

Capital Account

Goodwill Account

View Correct Answer & Step-by-Step Solution

Correct Option:(B)Realisation Account

Detailed explanation is available inside the official test attempt review.

Question 2 of 15

Profit or loss on realisation is shared by partners in their:

capital ratio

profit-sharing ratio

equal ratio

sacrificing ratio

View Correct Answer & Step-by-Step Solution

Correct Option:(B)profit-sharing ratio

Detailed explanation is available inside the official test attempt review.

Question 3 of 15

Cash and bank balances on dissolution are:

transferred to Realisation Account

not transferred to Realisation Account

credited to capital

written off

View Correct Answer & Step-by-Step Solution

Correct Option:(B)not transferred to Realisation Account

Detailed explanation is available inside the official test attempt review.

Question 4 of 15

Realisation expenses paid by the firm are:

credited to Realisation Account

debited to Realisation Account

debited to capital

ignored

View Correct Answer & Step-by-Step Solution

Correct Option:(B)debited to Realisation Account

Detailed explanation is available inside the official test attempt review.

Question 5 of 15

If a partner takes over an asset on dissolution, his capital account is:

credited

debited

unchanged

closed

View Correct Answer & Step-by-Step Solution

Correct Option:(B)debited

Detailed explanation is available inside the official test attempt review.

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Frequently asked questions

How many questions are there in Class 12 Accountancy: Dissolution of Partnership Firm — Chapter Test 1?

There are 15 questions to answer in 20 min. Each correct answer gives 1 mark, for a total of 15 marks.

Is there negative marking?

No. Wrong answers do not lose marks, so attempt every question.

Is this mock test free?

Yes, it is completely free. Just log in with your email to start.

What does this test cover?

It covers the chapter "Dissolution of Partnership Firm" of Class 12 Accountancy. All questions are original, with a full solution for each.

Will I see my result and the solutions?

Yes. Right after you submit you get your score, accuracy, rank and percentile, and you can review every question with the correct answer and a step-by-step explanation.

Can I take this test again?

Yes, you can retake it as many times as you like and compare your scores.