Accountancy MCQ Class 12 Chapter 5: Check the below NCERT MCQ Questions for Accountancy MCQ Class 12 Chapter 5 with Answers Pdf free download. Accountancy MCQ Class 12 Chapter 5 Questions for Accountancy with Answers were prepared based on the latest exam pattern. We have provided Accountancy MCQ Class 12 Chapter 5 with Answers to help students understand the concept very well.

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Accountancy MCQ Class 12 Chapter 5

1. On dissolution, if a partner undertakes to make payment of a liability of the firm, the account to be debited is:
(a) profit & Loss Account
(b) Realisation Account
(c) Partner’s Capital Account
(d) Cash Account

2. The amount realised from an unrecorded asset is credited to ___________ on the dissolution of a firm.
(a) Partners’ capital accounts
(b) Cash account
(c) Realisation account
(d) Revaluation account

3. At the time of dissolution of partnership firm, fictitions assets are transferred to :
(a) Capital Accounts of Partners
(b) Realisation Account
(c) Cash Account
(d) Partners’ Loan Account

4. The realisation account is debited with _______ on the dissolution of a firm.
(a) All assets that are to be realised
(b) All external liabilities of the firm
(c) Cash received on sale of assets
(d) Any assets were taken over by one of the partners

5. 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 _______.
(a) Never paid
(b) Fully paid
(c) Partly paid
(d) None of the above

6. On taking responsibility of payment of realisation expenses by a partner, the account credited will be :
(a) Realisastion Account
(b) Cash Account
(c) Capital Account of the Partner
(d) None of the above

7. Cash balance shown in the Balance Sheet is shown on the dissolution of the firm in ________.
(a) Realisation account
(b) Cash account
(c) Capital account
(d) None of the above

8. Which of the following is not transferred to Realisatsion Account ?
(a) Balance of Cash Account
(b) Balance of Reserves
(c) Balance of Profit & Loss Account
(d) All of the above

9. Unrecorded liabilities, when paid, are shown in ______.
(a) Debit side of realisation account
(b) Debit side of bank account
(c) Credit side of realisation account
(d) Credit side of bank account

10. On dissolution of a firm, a partner paid 1,500 Rs. for firm’s realisation expenses. Which account will be debited ?
(a) Cash Account
(b) Realisation Account
(c) Capital Account of the Partner
(d) Profit & Loss A/c

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