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

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

1.On Majority basis

2.On 3/4 Member’s decision

3.On 1/2 Member’s decision

4. None of these

Posted Date:-2022-10-19 01:30:11


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

Posted Date:-2022-10-17 08:02:09


Question:
A, B and C are partners. Their capitals are ₹ 1,00,000, ₹ 75,000 and ₹ 50,000 respectively. On C’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

Posted Date:-2022-10-17 07:59:40


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

Posted Date:-2022-10-17 07:56:00


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

Posted Date:-2022-10-17 09:39:28


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

Posted Date:-2022-10-19 01:29:36


Question:
Anand, Bahadur and Chander are partners sharing profit equally. On Chander’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

Posted Date:-2022-10-17 07:57:02


Question:
At the dime of firm’s dissolution, Balance of General Reserve shown in the Balance Sheet is credited to :

1. Realisation Account

2. Creditors’ Account

3.Partners’ Capital Accounts

4. Profit & Loss Account

Posted Date:-2022-10-17 09:19:35


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

Posted Date:-2022-10-17 09:41:38


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.Partners’ Loan Account

Posted Date:-2022-10-17 09:20:45


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

Posted Date:-2022-10-17 08:00:17


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

Posted Date:-2022-10-17 09:36:00


Question:
Expenses on dissolution of firm is called :

1.Realisation Expenses

2.Legal Expenses

3. Loss Expenses

4. None of these

Posted Date:-2022-10-19 01:28:37


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

Posted Date:-2022-10-17 09:15:50


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

1. By debiting all Partners’ Capital Accounts in their old profit-sharing ratio

2.By debiting remaining Partners’ Capital Accounts in their new profit-sharing ratio

3.By debiting retiring Partner’s Capital Account from his share of goodwill

4.None of these

Posted Date:-2022-10-17 09:15:04


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

Posted Date:-2022-10-17 08:01:42


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

1.Realisation Account

2. Partners’ Capital Accounts

3.Sundry Debtors Account

4. None of the above

Posted Date:-2022-10-17 09:18:10


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

1.Cash Account

2. Partners’ Capital Accounts

3.Realisation Account

4.None of these

Posted Date:-2022-10-17 09:33:53


Question:
On dissolution of a firm Partner’s Loan A/c is transferred to:

1.Realisation A/c

2. Partners’ Capital A/cs

3. Suspense A/c

4.None of these

Posted Date:-2022-10-17 09:41:09


Question:
On dissolution of a firm, a partner paid 1,500 Rs. for firm’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

Posted Date:-2022-10-17 09:31:10


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

1.partners’ Capital Accounts

2.Cash Account

3.Realisation Account

4.Revaluation Account

Posted Date:-2022-10-19 01:30:42


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

1.Cash Account

2. Bank Account

3. Realisation Account

4.Partners’ Capital Account

Posted Date:-2022-10-17 09:37:01


Question:
On dissolution of a firm, Partner’s Loan Account is transferred to:

1.Realisation Account

2. Partner’s Capital Account

3.Partner’s Current Account

4. None of these

Posted Date:-2022-10-17 09:37:49


Question:
On dissolution of the firm, Partners’ Capital Accounts are closed through :

1.Realisation Account

2.Drawings Account .

3.Bank Account

4.Loan Account

Posted Date:-2022-10-19 01:24:10


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

Posted Date:-2022-10-17 09:20:10


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.Partner’s Capital Account

4. Cash Account

Posted Date:-2022-10-17 09:19:01


Question:
On dissolution, when a partner takes over an asset……….is debited :

1.Realisation Account

2. Partner’s Capital Account

3.Cash Account

4.Asset Account

Posted Date:-2022-10-17 09:38:59


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

Posted Date:-2022-10-17 09:16:32


Question:
On retirement of a partner, the retiring partner’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

Posted Date:-2022-10-17 09:17:23


Question:
On taking responsibility of payment of a liability of ₹ 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

Posted Date:-2022-10-17 09:35:27


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

Posted Date:-2022-10-17 09:31:54


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

Posted Date:-2022-10-17 09:13:30


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%

Posted Date:-2022-10-17 08:01:14


Question:
Payment of credit balance of Partners’ Capital Accounts at the time of dissolution of a firm is made to:

1.Partners

2. Firm

3.Wife

4.None of these

Posted Date:-2022-10-17 09:40:37


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

Posted Date:-2022-10-17 07:57:34


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

Posted Date:-2022-10-19 01:31:11


Question:
Realisation Account is a :

1. Personal A/c

2. Nominal A/c

3.Read A/c

4.None of these

Posted Date:-2022-10-19 01:23:28


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

1. Liabilities

2.Assets

3. Credit

4. Debit

Posted Date:-2022-10-17 09:42:05


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

1.₹ 8,000

2. ₹ 7,600

3. ₹ 400

4.₹ 8,400

Posted Date:-2022-10-19 01:29:05


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

Posted Date:-2022-10-17 08:02:43


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

Posted Date:-2022-10-17 07:56:32


Question:
There was an Unrecorded asset of ₹ 12,000 which was taken over by a partner at ₹ 10,500. Partner’s Capital Account will be debited by…….

1. ₹ 12,000

2. ₹ 10,500

3. ₹ 1,500

4. ₹ 32,500

Posted Date:-2022-10-17 09:36:30


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

Posted Date:-2022-10-19 01:27:22


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

Posted Date:-2022-10-17 09:40:05


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

1.Realisation Account

2. Partners’ Capital Account

3. Partner’s Loan Account

4.None of these

Posted Date:-2022-10-17 09:32:27


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

1.₹ 12,000 Loss

2.₹ 32,000 Profit

3. ₹ 30,000 Loss

4.₹ 12,000 Profit

Posted Date:-2022-10-19 01:31:40


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

Posted Date:-2022-10-17 09:34:49


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

Posted Date:-2022-10-17 09:33:06


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

Posted Date:-2022-10-17 07:58:07


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 Date:-2022-10-17 07:58:50


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