Dissolution of a Partnership Firm

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20 Que, 20 Marks

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1- Payment of credit balance of partner's capital Accounts at the time of dissolution of a firm is made to- *

1 point

Partners

Firm

Wife

None of these

2- Amount realised from sale of assets is recorded in- *

1 point

Debit side of Realisation Account

Credit side of Realisation Account

Liabilities side of Balance Sheet

Assets side of Balance Sheet

3- Realisation Account is- *

1 point

Personal Account

Nominal Account

Real Account

None of these

4- On dissolution of a firm, Partner's Loan A/c is transferred to- *

1 point

Realisation Account

Pattner's Capital A/c

Partner's Current A/c

None of these

5-Expenses on dissolution of a firm are called- *

1 point

Realisation Expense

Legal Expense

Loss Expense

None of these

6- A firm can be voluntarily dissolved by the partners- *

1 point

On majority basis

On 3/4 member's decision

On 1/2 member's decision

None of these

7-On dissolution of a firm, amount realised from an unrecorded asset is credited to- *

1 point

Partners' Capital Accounts

Cash Account

Realisation Account

Revaluation Account

8- Profit /Loss on Realisation Account is distributed among partners- *

1 point

In profit Sharing Ratio

In Capital Ratio

Equally

None of these

9- Which of the following is correct profit or loss in case the amount received from the sale of assets is Rs. 50,000, total assets is Rs. 60,000, total liabilities Rs. 20,000 and realisation expenses Rs. 2,000- *

1 point

Rs.12,000 Loss

Rs.32,000 Profit

Rs.30,000 Loss

Rs.12,000 Profit

10- What will be the total assets (except Cash) of the firm from the following? If Creditor Rs.15,000, Partner's Loan Rs.10,000. Partner's Capital Rs.40,000 and Cash in Hand Rs.5,000. *

1 point

Rs.60,000

Rs.65,000

Rs.70,000

Rs.55,000

11- If the total assets are Rs.3,25,000 and the total outside liabilities Rs.45,000 then the amount of all partners capital will be- *

1 point

Rs.3,70,000

Rs.2,80,000

Rs.3,00,000

None of these

12- Insolvency of a partner leads to which type of dissolution? *

1 point

Dissolution by court

Compulsory Dissolution

Dissolution by Incidence

None of these

13- On firm's dissolution, which one of the following account should be prepared at the last? *

1 point

Realisation Account

Partner's Capital Accounts

Cash Account

Partner's Loan Accounts

14- On dissolution of a firm, realisation account is debited with- *

1 point

All assets to be realised

All outside liabilities of the firm

Cash received on sale of assets

Any asset taken over by one of the partners

15- On dissolution of a firm, out of the proceeds received from the sale of assets.....will be paid first of all- *

1 point

Partner's capital

Partner's Loan to firm

Partner's Additional Capital

Outside creditors

16- In the event of dissolution of a partnership firm, the provision for doubtful debts is transferred to- *

1 point

Realisation Account

Partner's Capital Account

Sundry debtors Account

None of the above

17- On dissolution, if a partner undertakes to make payment of a liability of the firm.......is debited- *

1 point

Profit & Loss Account

Realisation Account

Partner's Capital Account

Cash Account

18- On dissolution of the firm, amount received from the sale of unrecorded asset is credited to- *

1 point

Partner's Capital Account

Profit & Loss Account

Realisation Account

Cash Account

19- On dissolution of a partnership firm, profit or loss on realisation is distributed among the partners- *

1 point

In capital ratio

In profit sharing ratio

Equally

None of these

20- At the time of firm's dissolution, Balance of General Reserve shown in the Balance Sheet is credited to- *

1 point

Realisation Account

Creditor's Account

Partner's Capital Account

Profit & Loss Account

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