Partnership

Dissolution

Medium

Raman and Naman were in partnership sharing profit and losses as 3 : 2. Their partnership firm was dissolved on 31 March 2022. On the date of dissolution, Naman's loan was Rs. 20,000. Naman agreed to take stock (already transferred to Realisation A/c) of Rs. 15,000 at Rs. 18,000 and balance in cash for the settlement of loan. Journal Entry for above transaction is:

Naman's Loan A/c Dr 20,000

To Realisation A/c 18,000

To cash A/c 2,000

Naman's Loan A/c Dr. 20,000

To Realisation A/c 15,000

To cash A/c 5,000

Naman's Loan A/c Dr. 20,000

To Realisation A/c 20,000

Naman's Loan A/c Dr. 20,000

To Realisation A/c 12,000

To cash A/c 8,000

✅ Correct Option: 1

Naman's loan of Rs. 20,000 is settled: stock taken at agreed value Rs. 18,000 (credited to Realisation A/c) and balance Rs. 2,000 paid in cash. Entry: Naman's Loan A/c Dr 20,000 To Realisation A/c 18,000 To Cash A/c 2,000.

2026: 29 May Shift 2

Match the LIST-I with LIST-II

LIST-I		LIST-II
A.	Realisation expenses are incurred and paid by the firm	I.	No Entry
B.	Realisation expenses are paid by a partner on behalf of the firm	II.	Realisation A/c Dr., To Bank A/c
C.	Partner himself pays the realisation expenses	III.	Partner's Capital A/c Dr., To Bank A/c
D.	Partner has agreed to bear the realisation expenses but expenses are incurred and paid by the firm	IV.	Realisation A/c Dr., To Partner's Capital A/c

Choose the correct answer from the options given below:

2025: 3 June Shift 2

At the time of dissolution of a firm, the Bank Loan was Rs. 60,000 which was paid by Bhuvan (a partner) along with one-year interest at 6 %, which journal entry will be passed in the books of the firm :-

2023: 28 May Shift 1

On dissolution of partnership, goodwill account is transferred to :

2026: 21 May Shift 1

Match List-I with List-II

List-I	List-II
(A) At the time of dissolution, unrecorded assets when taken over by a partner are shown in	(I) Debit of Realisation Account
(B) At the time of dissolution, unrecorded liabilities when paid are shown in	(II) Credit of Partners' capital Account
(C) At the time of admission of a partner, General Reserve will be shown in	(III) Debit of Partners' capital Account
(D) At the time of admission of a partner, Debit balance of Profit & Loss A/c will be shown in	(IV) Credit of Realisation Account

Choose the correct answer from the options given below:

2022: 23 Aug Shift 2

On 1st April 2022, A, B and C decided to dissolve their firm On the date of dissolution, Sundry debtors appeared in Balance Sheet at Rs. 6,00,000 and Provision for doubtful debt at Rs. 30,000 Debtors to extent of Rs. 60,000 were bad. In journal entry for realisation of debtors.

2025: 2 June Shift 2

On dissolution of a firm, the amount of loan taken from partner by firm will be transferred to

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