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CUET Accountancy 2022 PYQs15 July Shift 2. Free, no login required.

Partnership

past year questions, CUET Accountancy 2022 15 July Shift 2

Dissolution

past year questions, Partnership, CUET Accountancy 2022 15 July Shift 2

Medium

Identify the correct sequence or order of application of assets including any sum contributed by the partners, in case of dissolution of partnership firm to makeup deficiencies of capital.

A. In paying each partner proportionately what is due to him form the firm for advances distinguished from capital

B. In paying to each partner proportionately what is due to him on account of capital

C. In paying the debts of the firm to the third parties

D. The residue, if any, shall be divided among the partners in their profit sharing ratio

Choose the correct answer from the options given below:

Solution

✅ Correct Option: 2

Under Section 48 of the Indian Partnership Act 1932, the order of application of assets on dissolution is: first pay the debts of the firm to third parties (C), then pay each partner ratably what is due as advances/loans (A), then pay each partner ratably what is due on account of capital (B), and finally distribute the residue in the profit sharing ratio (D). Hence the order is C, A, B, D.

Related questions:

2026: 23 May Shift 2

Select the correct sequence of payment of the following from the amount realised by the sale of assets on the dissolution of a partnership firm.

A. Partners' capital

B. Residue (if any)

C. Partner's loan

D. Outside liabilities of the firm

Choose the correct answer from the options given below:

2026: 24 May Shift 1

In case of dissolution, match List-I with List-II.

List-IList-II
(A) Partner's Loan is transferred to(I) Credit side of Partners' Capital Account
(B) External Liabilities (appearing in balance sheet) are transferred to(II) Debit side of Partners' Capital Account
(C) The accumulated profits and reserves are transferred to(III) Bank Account
(D) The accumulated losses are transferred to(IV) Realisation A/c

Choose the correct answer from the options given below:

2025: 16 May Shift 1

Valuation of goodwill is not done in which of the following case?

2026: 19 May Shift 1

Profit & Loss Adjustment A/c is not prepared in which of the following case?

2025: 3 June Shift 1

In case of dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied in the following manner and order:

(A) In paying to each partner proportionately what is due to him on account of capital.

(B) The residue, if any, shall be divided among the partners in their profit sharing ratio.

(C) In paying the debts of the firm to third parties.

(D) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner loan).

Choose the correct answer from the options given below:

2026: 6 June Shift 1

Arrange the following in the correct sequence for the purpose of preparing Realisation account.

(A) Settlement of Unrecorded Assets and Liabilities

(B) Transfer of Assets and Liabilities to Realisation A/c

(C) Transfer of Profit and loss on Realisation

(D) Sale of Assets and Payment of Liabilities

Choose the correct answer from the options given below:

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