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Class 12 Accountancy
Dissolution Of A Partnership Firm
Quiz 2
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Payment of credit balance of Partners’ Capital Accounts at the time of dissolution of a firm is made to:
0%
Partners
0%
Firm
0%
Wife
0%
None of these
Explanation
Partners
On dissolution of a firm Partner’s Loan A/c is transferred to:
0%
Realisation A/c
0%
Partners’ Capital A/cs
0%
Suspense A/c
0%
None of these
Explanation
None of these
At the time of dissolution of firm book value of assets is recorded in which side of the Realisation Account ?
0%
Debit Side
0%
Credit Side
0%
All of the above
0%
Liabilities Side
Explanation
Debit Side
Realisation expenses are recorded in which side of Realisation A/c:
0%
Liabilities
0%
Assets
0%
Credit
0%
Debit
Explanation
Credit
Realisation Account is a :
0%
Personal A/c
0%
Nominal A/c
0%
Read A/c
0%
None of these
Explanation
Nominal A/c
On dissolution of the firm, Partners’ Capital Accounts are closed through :
0%
Realisation Account
0%
Drawings Account .
0%
Bank Account
0%
Loan Account
Explanation
Bank Account
Unrecorded assets when taken over by a partner are shown in:
0%
Debit side of Realisation A/c
0%
Debit side of Bank A/c
0%
Credit side of Realisation A/c
0%
Credit side of Bank A/c
Explanation
Credit side of Realisation A/c
Expenses on dissolution of firm is called :
0%
Realisation Expenses
0%
Legal Expenses
0%
Loss Expenses
0%
None of these
Explanation
Realisation Expenses
Sundry creditors amounted to ₹ 8,They were paid at a discount of 5 %. Realisation A/c will be debited by :
0%
₹ 8,000
0%
₹ 7,600
0%
₹ 400
0%
₹ 8,400
Explanation
₹ 7,600
Amount realised from sale of assets is recorded in :
0%
Debit side of Realisation Account
0%
Credit side of Realisation Account
0%
Liabilities side of Balance Sheet
0%
Assets side of Balance Sheet
Explanation
Credit side of Realisation Account
A firm can be voluntarily dissolved by the partners :
0%
On Majority basis
0%
On 3/4 Member’s decision
0%
On 1/2 Member’s decision
0%
None of these
Explanation
None of these
On dissolution of a firm, amount realised from an unrecorded asset is credited to:
0%
partners’ Capital Accounts
0%
Cash Account
0%
Realisation Account
0%
Revaluation Account
Explanation
Realisation Account
Profit/loss on Realisation Account is distributed among partners:
0%
In Profit-sharing Ratio
0%
In Capital Ratio
0%
Equally
0%
None of these
Explanation
In Profit-sharing Ratio
Which of the following is correct profit or loss in case the amount received from the sale of assets is ₹ 50,000, total assets is ₹ 60,000, total liabilities ₹ 20,000 and realisation expenses ₹ 2,000 ?
0%
₹ 12,000 Loss
0%
₹ 32,000 Profit
0%
₹ 30,000 Loss
0%
₹ 12,000 Profit
Explanation
₹ 12,000 Loss
What will be the total assets (except cash) of the firm from the following: if Creditor ₹ 15,000, Partner’s loan ₹ 10,000, Partners’ capital ₹ 40,Cash in hand ₹ 5,000
0%
₹ 60,000
0%
₹ 65,000
0%
₹ 70,000
0%
₹ 55,000
Explanation
₹ 65,000
If the total assets are ₹ 3,25,000 and the total outside liabilities ₹ 45,000 then the amount of all partner’s capital will be:
0%
₹ 3,70,000
0%
₹ 2,80,000
0%
₹ 3,00,000
0%
None of these
Explanation
₹ 2,80,000
Insolvency of a partner will come under what type of dissolution of a firm ?
0%
Dissolutiuon by Court
0%
Compulsory Dissolution
0%
On happening of certain contingencies
0%
None of these
Explanation
On happening of certain contingencies
On firm’s dissolution, which one of the following account should be prepared at the last ?
0%
Realisation Account
0%
Partner’s Capital Accounts
0%
Cash/Bank Account
0%
Partner’s Loan Account
Explanation
Cash/Bank Account
On dissolution of a firm, realisation account is debited with:
0%
All assets to be realised
0%
All outside liabilities of the firm
0%
Cash received on sale of assets
0%
Any assets taken over by one of the partners
Explanation
All assets to be realised
On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all:
0%
Partner’s Capitals
0%
Partner’s Loan to Firm
0%
Partner’s additional capital
0%
Outside Creditors
Explanation
Outside Creditors
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