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Dada, Yuvi and… (Class 12 Accountancy SQP 2024-25, Q8b)

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AccountancyCBSE Class 12 · Sample paper, session 2024-25 · 1 mark · MCQ

CBSE Class 12 Accountancy sample paper 2024-25: question 8(b)

From the official CBSE sample question paper for 2024-25, section A, question 8(b), for 1 mark. Try it first; the hints and our step-by-step solution are below.

Q8(b) · 1 mark · MCQDissolution of Partnership Firm

Dada, Yuvi and Viru were partners sharing profits and losses in the ratio 3:2:1. Their books showed Workmen Compensation Reserve of ₹ 1,00,000. Workmen Claim amounted to ₹ 60,000. How it will affect the books of Accounts at the time of dissolution of firm?

  1. (A)Only ₹ 40,000 will be distributed amongst partner’s capital account
  2. (B)₹ 1,00,000 will be credited to Realisation Account and ₹ 60,000 will be paid off.
  3. (C)₹ 60,000 will be credited to Realisation Account and will be even paid off. Balance ₹ 40,000 will be distributed amongst partners.
  4. (D)Only ₹ 60,000 will be credited to Realisation Account and will be even paid off

Source: official sample paper from cbseacademic.nic.in (PDF). See it in the full Sample paper 2024-25.

Hints

Open one hint at a time and try again before the next.

Hint 1

How much of the reserve is needed for the claim?

Hint 2

Who owns what is left of a reserve on dissolution?

Step-by-step solution

Each step shows the marks it earns, as an examiner would award them. Checked by an independent re-solve from the question paper.

  1. On dissolution the claim of ₹ 60,000 is a liability: it is credited to Realisation A/c and paid.

  2. The surplus reserve of ₹ 40,000 belongs to the partners and is credited to their capitals. Option (C).

    1 mark

Answer: (C) ₹ 60,000 will be credited to Realisation Account and will be even paid off. Balance ₹ 40,000 will be distributed amongst partners.

Where the marks are

  • Claim through Realisation, surplus to partners (1 mark)

Revise the chapter

Practise this chapterBoard-style questions from Dissolution of Partnership Firm, one at a time, marked against the answer key and marking points.Back to the full paperSample paper 2024-25: every question, by section.

The question is transcribed from the official paper; figures are described in words. The solution, hints and chapter tag are ours. Spotted an error? Write tosupport@questionbuddy.in.