All Courses
Get the App Signup / Login
Sign in Open App
Commerce Exam  >  Commerce Tests  >  Accountancy Class 12  >  Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions - Commerce MCQ

Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions - Commerce MCQ


Test Description

4 Questions MCQ Test Accountancy Class 12 - Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions

Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions for Commerce 2024 is part of Accountancy Class 12 preparation. The Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions questions and answers have been prepared according to the Commerce exam syllabus.The Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions below.
Solutions of Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions questions in English are available as part of our Accountancy Class 12 for Commerce & Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions solutions in Hindi for Accountancy Class 12 course. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free. Attempt Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions | 4 questions in 8 minutes | Mock test for Commerce preparation | Free important questions MCQ to study Accountancy Class 12 for Commerce Exam | Download free PDF with solutions
Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions - Question 1
Save

Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:

Assertion (A): Realisation account is prepared in the dissolution of the firm.

Reason (R): Dissolution of partnership involves the partners selling the assets and settling the liabilities. Thus, various amounts are recovered or paid to partners.

Detailed Solution for Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions - Question 1
In dissolution of the partnership firm, a realisation account is prepared as the liabilities are to be settled as against the assets of the firm and to find the surplus that the partners get or the deficit they need to bring in order for the process of dissolution.
Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions - Question 2
Save

Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:

Assertion (A): Partner ’s loan account is prepared before partners’ capital accounts.

Reason (R): At the time of dissolution, capitals are paid off, only if any balance is left after payment of the partner ’s loan.

Detailed Solution for Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions - Question 2
Capital is the investment done by the partner’s themselves and thus at the time of dissolution of the partner the firm pays off the capital to the partners only after the settlement of the other liabilities including the loan given by any partner in proportion to their capital.
1 Crore+ students have signed up on EduRev. Have you? Download the App
Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions - Question 3
Save

Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:

Assertion (A): Dissolution of partnership is different from the dissolution of the Partnership firm.

Reason (R): Dissolution of partnership doesn’t dissolve the firm but the firm is dissolved in the partnership firm.

Detailed Solution for Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions - Question 3
Dissolution of partnership means reconstitution of the firm due to change in the profit sharing ratio among existing partners, admission of a new partner, retirement of a partner, death of a partner, insolvency of a partner and the firm continues as before. However, the dissolution of partnership does not lead to the dissolution of the firm.
Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions - Question 4
Save

Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:

Assertion (A): Rajiv and Vinod, who share the profit and losses in the ratio 2:3, are dissolving the firm. There is a general reserve in the balance of Rs.60,000 in the balance sheet. The accountant transferred Rs.24,000 in Rajiv’s Capital and Rs.36,000 in Vinod’s Capital Accounts.

Reason (R): The undistributed profits and losses and reserves are always transferred to partners’ capital accounts in their profit sharing ratio and not to the realisation account.
Detailed Solution for Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions - Question 4
These undistributed profits belong to old partners. Therefore, these undistributed profits are transferred to the old partners' account in their old profit sharing ratio before the admission of a new partner. After these adjustments, the general reserve or undistributed losses do not appear in the Balance Sheet.
47 videos|180 docs|56 tests
Join Course
Information about Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions Page
In this test you can find the Exam questions for Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions solved & explained in the simplest way possible. Besides giving Questions and answers for Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions, EduRev gives you an ample number of Online tests for practice

Top Courses for Commerce

47 videos|180 docs|56 tests
Join Course
Download as PDF

Top Courses for Commerce

Important Questions for Dissolution of a Partnership Firm- Assertion & Reason Type Questions

Find all the important questions for Dissolution of a Partnership Firm- Assertion & Reason Type Questions at EduRev.Get fully prepared for Dissolution of a Partnership Firm- Assertion & Reason Type Questions with EduRev's comprehensive question bank and test resources. Our platform offers a diverse range of question papers covering various topics within the Dissolution of a Partnership Firm- Assertion & Reason Type Questions syllabus. Whether you need to review specific subjects or assess your overall readiness, EduRev has you covered. The questions are designed to challenge you and help you gain confidence in tackling the actual exam. Maximize your chances of success by utilizing EduRev's extensive collection of Dissolution of a Partnership Firm- Assertion & Reason Type Questions resources.

Dissolution of a Partnership Firm- Assertion & Reason Type Questions MCQs with Answers

Prepare for the Dissolution of a Partnership Firm- Assertion & Reason Type Questions within the Commerce exam with comprehensive MCQs and answers at EduRev. Our platform offers a wide range of practice papers, question papers, and mock tests to familiarize you with the exam pattern and syllabus. Access the best books, study materials, and notes curated by toppers to enhance your preparation. Stay updated with the exam date and receive expert preparation tips and paper analysis. Visit EduRev's official website today and access a wealth of videos and coaching resources to excel in your exam.

Online Tests for Dissolution of a Partnership Firm- Assertion & Reason Type Questions Accountancy Class 12

Practice with a wide array of question papers that follow the exam pattern and syllabus. Our platform offers a user-friendly interface, allowing you to track your progress and identify areas for improvement. Access detailed solutions and explanations for each test to enhance your understanding of concepts. With EduRev's Online Tests, you can build confidence, boost your performance, and ace Dissolution of a Partnership Firm- Assertion & Reason Type Questions with ease. Join thousands of successful students who have benefited from our trusted online resources.
© EduRev
Education Revolution
Follow Us
Signup to see your scores go up
within 7 days!
Takes less than 10 seconds to signup