# 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 Memberâ€™s decision

3.On 1/2 Memberâ€™s decision

4. None of these

Posted Date:-2022-10-19 08:30:11

## 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 15:02:09

## 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

Posted Date:-2022-10-17 14:59:40

## 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 14:56:00

## 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 16:39:28

## 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 08:29:36

## 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

Posted Date:-2022-10-17 14:57:02

## 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

Posted Date:-2022-10-17 16:19:35

## 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 16:41:38

## 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.Partnersâ€™ Loan Account

Posted Date:-2022-10-17 16:20:45

## 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 15:00:17

## 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 16:36:00

## 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 08:28:37

## 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 16:15:50

## 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

Posted Date:-2022-10-17 16:15:04

## 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 15:01:42

## 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

Posted Date:-2022-10-17 16:18:10

## 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

Posted Date:-2022-10-17 16:33:53

## 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

Posted Date:-2022-10-17 16:41:09

## 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

Posted Date:-2022-10-17 16:31:10

## 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

Posted Date:-2022-10-19 08:30:42

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

1.Cash Account

2. Bank Account

3. Realisation Account

4.Partnersâ€™ Capital Account

Posted Date:-2022-10-17 16:37:01

## 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

Posted Date:-2022-10-17 16:37:49

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

1.Realisation Account

2.Drawings Account .

3.Bank Account

4.Loan Account

Posted Date:-2022-10-19 08:24:10

## 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 16:20:10

## 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.Partnerâ€™s Capital Account

4. Cash Account

Posted Date:-2022-10-17 16:19:01

## 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

Posted Date:-2022-10-17 16:38:59

## 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 16:16:32

## 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

Posted Date:-2022-10-17 16:17:23

## 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

Posted Date:-2022-10-17 16:35:27

## 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 16:31:54

## 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 16:13:30

## 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 15:01:14

## 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

Posted Date:-2022-10-17 16:40:37

## 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 14:57:34

## 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 08:31:11

## Question: ```Realisation Account is a : ```

1. Personal A/c

2. Nominal A/c

4.None of these

Posted Date:-2022-10-19 08:23:28

## 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 16:42:05

## 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

Posted Date:-2022-10-19 08:29:05

## 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 15:02:43

## 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 14:56:32

## 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

Posted Date:-2022-10-17 16:36:30

## 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 08:27:22

## 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 16:40:05

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

1.Realisation Account

2. Partnersâ€™ Capital Account

3. Partnerâ€™s Loan Account

4.None of these

Posted Date:-2022-10-17 16:32:27

## 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

Posted Date:-2022-10-19 08:31:40

## 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 16:34:49

## 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 16:33:06

## 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 14:58:07

## 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 14:58:50

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