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Class - XII Accounts Test 2022

This document is a Class XII Accountancy test containing multiple-choice questions and journal entry tasks related to the dissolution of a partnership firm. It includes questions about the treatment of loans, assets, and liabilities during dissolution, as well as assertions and reasons regarding accounting principles. Students are required to demonstrate their understanding of these concepts through journal entries and selections from provided options.

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8 views2 pages

Class - XII Accounts Test 2022

This document is a Class XII Accountancy test containing multiple-choice questions and journal entry tasks related to the dissolution of a partnership firm. It includes questions about the treatment of loans, assets, and liabilities during dissolution, as well as assertions and reasons regarding accounting principles. Students are required to demonstrate their understanding of these concepts through journal entries and selections from provided options.

Uploaded by

sdvnpunhana
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Class – XII Subject – Accountancy

Class Test

Time Allowed: 45 Min Maximum Marks:


20
All questions are compulsory :
Q.1 Rohan, Mohan and Soh,in were pa, In, sharing profits equally. At the time of dissolution of
the partnership firm, Rohan's loan to the firm will he 1
(a) Credited to Rohan's Capital Account.
(b) Debited to Realisation Account.
(c) Credited to Realisation Account.
(d) Credited to Bank Account.
Q.2 Which of the following Is transferred to Realisation Account? 1
(a) Balance of Cash Account
(b) Balance of Reserves
(c) Balance of Profit & Loss Account
(d) Patents Account
Q.3 On firm's Dissolution, Patents realised at 40,000. State which account will he credited. 1
(a) Cash A/c
(b) Realisation A/c
(c) Profit & Loss A/c
(d) Patents A/c
Q.4 Assertion (A): Loan from a relative of a partner is an external liability. 1
Reason (R): it is not transferred to the Realisation Account.
In the context of above two statements, which of the following Is correct?
(a) Assertion (A) and Reason (R) are correct but the Reason (R) is not the correct explanation
of Assertion (A)
(b) Both, Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of
Assertion (A).
(c) Assertion (A) is correct but the Reason (R) is not correct.
(d) Both Assertion (A) and Reason (R) are not correct.
Q.5 Assertion (A): Balance at Bank is transferred to Realisation Account. Reason (R): Balance
at Bank is not to be realised but instead distributed in its present form. 1
In the context of above two statements, which of the following is correct?
(a) Assertion (A) and Reason (R) are correct but the Reason (R) is not the correct explanation
of Assertion (A)
(b) Both, Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of
Assertion (A).
(c) Only Assertion (A) is correct.
(d) Assertion (A) is not correct but the Reason (R) is correct.
Q.6. Assertion (A): Dissolution of the firm means the dissolution of the partnership between all
the partners of the firm. Reason (R): Dissolution of the firm means closure of business and
therefore means dissolution of partnership also. 1
In the context of above two statements, which of the following is correct?
(a) Assertion (A) and Reason (R) are correct but the Reason (R) is not the correct explanation
of Assertion (A)
(b) Both, Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of
Assertion (A).
(c) Only Assertion (A) is correct.
(d) Both Assertion (A) and Reason (R) are not correct.
Q.7 Angad, Raman and Harshit were partners in a firm. They decided to dissolve their firm.
Pass necessary journal entries for the following after various assets (other than cash bank)
and the third party liabilities have been transferred to Realisation Account : 6
(i) There was a stock of Rs. 90,000. Raman took over 50% of the stock at 10% discount and
remaining stock was sold at 40% Gain on book value.
(ii) Gain and Loss A/c was showing a debit balance of Rs. 15,000 which was distributed
among the partners.
(iii) A machinery which was not recorded in the books was sold for Rs. 2,000.
(iv) Angad was paid only Rs. 5,000 (in full settlement) for his loan to the firm which amounted
to Rs. 5,500.
(v) Realisation expenses amounting to Rs. 5,000 paid by Harshit.
(vi) There were 100 shares of Rs. 10 each in DCM Ltd. acquired at a cost of Rs. 1,200 which
had been written off completely from the books. These shares are valued at Rs. 9 each and
divided among the partners in their Gain sharing ratio.
(vi) Debit Partner's Capital A/cs by Rs. 300 each and Credit Realisation A/c by Rs. 900.]
Q.8. Hema and Garima were partners in a firm sharing Gains in the rain 3:2. On 31st March,
2015, their Balance Sheet was as follows: 8

On the above date the firm was dissolved. The various assets were realised and liabilities
were settled as under:
(i) Garima agreed to pay her husband's loan.
(ii) Leasehold Premises realised Rs. 1,50,000 and Debtors Rs. 2,000 less.
(iii) Half the creditors agreed to accept furniture of the firm in full settlement of their claim
and remaining half agreed to accept 5% less.
(iv) 50% Stock was taken over by Hema on cash payment of Rs. 90,000 and remaining stock
was sold for Rs. 94,000. (v) Realisation expenses Rs. 10,000 were paid by Garima on behalf of
firm. Pass necessary Journal entries for the dissolution of the firm.

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