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