Dissolution Quiz -1

JavaScript isn't enabled in your browser, so this file can't be opened. Enable and reload.

Dissolution Quiz -1

Email *

When an unrecorded asset is sold on dissolution, it is credited *

1 point

Revaluation Account

Realisation Account

Asset Account

All Partners' Capital Accounts

The balances of Current Accounts on Dissolution of a firm are transferred to: *

1 point

Cash Account

Capital Account

Profit and Loss Account

Realisation Account

Generally, which of the following accounts are merged at the time of dissolution? *

1 point

Cash and Bank Accounts

Partner's Capital Accounts and Goodwill Account

Bank and Expenses Accounts

Unrecorded assets and Unrecorded liabilities accounts

When realisation expenses are borne and paid by the firm, then such payment is debited to: *

1 point

Partner's Capital Account

Realisation Account

All Partner's Capital Account

None of the Above

At the end of the process of dissolution, no balance should remain in *

1 point

Cash and Bank Account

Partner's Capital Accounts

Realisation Account

Revaluation Account

Accumulated profits and losses are transferred to which account at the time of dissolution? *

1 point

Partner's Capital Accounts

Realisation Account

Bank Account

All of the above

Which of the following has a priority in case of payment at the time of dissolution? *

1 point

Partner with greater share of profits

Partner who bear realisation expenses

Partner's loan

Partner with lower share of profit

At the time of dissolution, all assets are transferred to Realisation Account at their: *

1 point

Realised value

Market value

Book value

Cost or market price whichever is less

Realisation account is a *

1 point

Personal Account

Real Account

Nominal Account

None of the Above

On dissolution, a partner's loan is *

1 point

transferred to Realisation Account

transferred to Partner's Capital Account

not transferred to Realisation Account

transferred to Profit and Loss Account

Provision for doubtful debts appearing in the books at the time of dissolution of firm is transferred to: *

1 point

Debtors Account

Bad Debts Account

Realisation Account

Partner's Capital Account

Which of the following is not debited to Realisation Account? *

1 point

Liabilities paid

Unrecorded liabilities when paid

Realisation Expenses

Assets when realised

Accumulated losses at the time of dissolution are transferred to: *

1 point

Realisation Account

Partner's Capital Account

Cash Account

None of the Above

On dissolution, Goodwill Account is transferred to *

1 point

Revaluation Account

Realisation Account

Partner's Capital Account

Profit and Loss Account

Profit or Loss on realisation is shared by partners in *

1 point

Capital Ratio

Equal Ratio

Ratio laid down in Garner Vs Murray

Profit sharing ratio

Submit

Clear form

This content is neither created nor endorsed by Google. Report Abuse - Terms of Service - Privacy Policy

Forms