Scribd
Upload
9 views2 pages

Accountancy Answer Key PT2

Uploaded by

neethu rajeev
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
9 views2 pages

Accountancy Answer Key PT2

Uploaded by

neethu rajeev
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 2

ANSWER KEY

Class XII – Accountancy (055)

Periodic Examination – II (2025–2026)


Maximum Marks: 80
Time: 3 Hours

Part A – Accounting for Partnership Firms and Companies


1. 1. On dissolution of a firm, out of the proceeds received from the sale of
assets .................will be paid first of all
Answer: D) Outside Creditors
2. 2. Court can make an order to dissolve the firm when:
Answer: A) Some partner has become fully mad
3. 3. On taking responsibility of payment of a liability of Rs.30,000 by a partner, the
account Credited will be:
Answer: C) Capital Account of the Partner
4. 4. Unrecorded asset of Rs.3,000 taken over by a partner at 2,500. Partner's Capital
Account debited by:
Answer: B) Rs.2,500
5. 5. Debtors ₹50,000, Provision ₹1,500, Bad debts ₹10,000, 5% discount:
Answer: C) Rs.36,575
6. 6. Realisation expenses ₹3,500 borne by P, paid ₹3,000:
Answer: A) Rs.500
7. 7. Investments not in books ₹5,00,000 taken by creditor in satisfaction of ₹5,20,000:
Answer: B) Rs.5,20,000
8. 8. Partner took over investments ₹15,000 at ₹20,000:
Answer: B) Rs.20,000
9. 9. Partner paid ₹5,000 for loan of ₹5,500. ₹500 recorded in:
Answer: A) Realisation account credit side
10. 10. New ratio is not to be calculated on:
Answer: D) Dissolution of a partnership
11. 11. Unrecorded asset taken by X a partner is debited to:
Answer: A) X capital account
12. 12. Realisation expenses borne by a partner, actual expense is credited to:
Answer: A) Partners capital a/c
13. 13. Assets worth ₹3,00,000 realised 120%, liabilities ₹1,20,000, expenses ₹4,000:
Answer: D) Profit Rs.56,000
14. 14. Goodwill on dissolution is transferred to:
Answer: C) On the Debit of Realisation Account
15. 15. Debtors ₹30,000 at 70%, assets ₹1,20,000 at 80%, creditors ₹40,000:
Answer: D) Loss ₹21,000
16. 16. Dissolution expenses borne by partner, recorded as:
Answer: C) Debit partners’ capital account and credit bank account

You might also like